Hotel occupancy, room rates at all time high: STB
Revenue per available room hit $165.90 and gazetted hotels here generated total room revenue of $854.4 million, said the Singapore Tourism Board (STB) in a statement.
SINGAPORE'S hotel sector posted outstanding performance this year, with hotel occupancy and room rates at an all time high, said the tourism board on Tuesday.
For the first six months of this year, the average room rate grew by 19.5 per cent to $192, while the average occupancy rate reached 86 per cent.
Revenue per available room hit $165.90 and gazetted hotels here generated total room revenue of $854.4 million, said the Singapore Tourism Board (STB) in a statement.
For the month of June, the average room rate crossed the $200 mark for the first time to reach $210.
Gazetted hotels churned out $164.3 million in room revenue and $181.60 in revenue for each available room.
STB said these are not only historical highs for any single month but also significant double-digit growth in excess of 20 per cent, compared to June last year.
Singapore also received more visitors than ever before in the first half of the year, it noted.
'This is the highest visitor arrivals recorded over the January to June period for the Singapore tourism sector,' said STB.
It added it's confident of meeting its full-year target of 10.2 million visitors with an expected boost during the peak months of July, August and December.
Estimated tourism receipts for the six months reached $6.4 billion, a nine per cent increase, which has a full-year target of $13.6 billion.
'We have also seen record high visitor arrivals for each month this year compared to the same month in previous years,' said Lim Neo Chian, STB'S chief executive and deputy chairman.
Indonesians were the largest group of visitors, with 911,000 arriving between January and June.
China was second with 529,000, followed by India with 386,000, said STB.
Lacking natural attractions, Singapore has embarked on a major campaign to spruce up its tourist appeal.
It has plans for new attractions including two casino resorts, expected to open by 2010.
It is also trying to become an arts and entertainment centre, and will host its first Formula One Grand Prix event later next year. -- AFP
Tuesday, July 24, 2007
More data on rents for HDB flats to be released soon
More data on rents for HDB flats to be released soon
MORE data on rents for Housing Board (HDB) flats will be released soon to add transparency to a market faced with rising prices.
The move comes after recent reports that monthly rents of HDB flats are exceeding $2,000 in some locations.
The information will give a clearer picture of recent price movements in the rental market, and will be similar in nature to figures on average resale prices released last week.
Minister of State for National Development Grace Fu said on Tuesday that this 'objective data' will 'give potential tenants better understanding of the market'.
'The government will continue to make such information more widely available so people can make more informed decisions,' she added.
The HDB is looking into the possibility of breaking down the data by the 26 HDB towns instead of by regions.
Some market players had concerns about the way average resale prices were collated on the HDB's website.
They said the regional grouping made it difficult for buyers or sellers to get a clear picture of how flats similar to their own are faring.
Ms Fu said the government is considering the feedback but will remain 'careful' as it has to assess 'if there's sufficient data to give meaningful comparisons'.
MORE data on rents for Housing Board (HDB) flats will be released soon to add transparency to a market faced with rising prices.
The move comes after recent reports that monthly rents of HDB flats are exceeding $2,000 in some locations.
The information will give a clearer picture of recent price movements in the rental market, and will be similar in nature to figures on average resale prices released last week.
Minister of State for National Development Grace Fu said on Tuesday that this 'objective data' will 'give potential tenants better understanding of the market'.
'The government will continue to make such information more widely available so people can make more informed decisions,' she added.
The HDB is looking into the possibility of breaking down the data by the 26 HDB towns instead of by regions.
Some market players had concerns about the way average resale prices were collated on the HDB's website.
They said the regional grouping made it difficult for buyers or sellers to get a clear picture of how flats similar to their own are faring.
Ms Fu said the government is considering the feedback but will remain 'careful' as it has to assess 'if there's sufficient data to give meaningful comparisons'.
Friday, July 20, 2007
Horizon Towers condominium, a High Court bid by minority owners
IN YET another twist to the controversy over the collective sale of the Horizon Towers condominium, a High Court bid by minority owners for more time to present their case to the Strata Titles Board has failed.
The minority owners, who object to the sale, wanted a judicial review of the board's decision not to postpone a hearing.
They will now have to present their case next week instead of in September as they had wanted.
The $500 million deal for the two blocks at Leonie Hill, which was struck on Feb 12, has to be finalised by Aug 11. If the High Court had ruled in favour of the minority owners, the deal would have been effectively scuttled.
The 99-year leasehold property has been pledged to be sold en bloc to HPL and two others.
The deal was backed by 84 per cent of the owners. This is above the 80 per cent requirement, but it still needs the approval of the Strata Titles Board. Previously, the board set the hearing for September, but later moved it forward.
Through lawyers from Tan Kok Quan Partnership and Harry Elias Partnership, the minority owners sought leave from the High Court for a judicial review of the board's decision to bring the hearing forward.
But according to court documents filed by the purchasers, the deal would have been scuttled if the objectors' request had been granted.
The purchasers, who were represented by Senior Counsel K. Shanmugam, argued that if this happened, the majority owners who consented to the sale would be unlikely to extend the deadline for the en bloc deal.
Both majority and minority owners alike do not want the deal to go ahead at $500 million. This is because a rise in market prices after the agreement was reached means that there is every possibility that they can now sell the property to another buyer at a significantly higher price.
The minority owners argued in their submissions that the board's decision gave them inadequate time to present their case.
But the purchasers countered that the minority owners actually had three months to prepare, citing the lengthy documents the objectors prepared for yesterday's hearing.
The Straits Times understands that during the High Court chamber hearing, the minority owners failed to convince Justice Tan Lee Meng that they had an arguable case which deserved judicial review.
The minority owners, who object to the sale, wanted a judicial review of the board's decision not to postpone a hearing.
They will now have to present their case next week instead of in September as they had wanted.
The $500 million deal for the two blocks at Leonie Hill, which was struck on Feb 12, has to be finalised by Aug 11. If the High Court had ruled in favour of the minority owners, the deal would have been effectively scuttled.
The 99-year leasehold property has been pledged to be sold en bloc to HPL and two others.
The deal was backed by 84 per cent of the owners. This is above the 80 per cent requirement, but it still needs the approval of the Strata Titles Board. Previously, the board set the hearing for September, but later moved it forward.
Through lawyers from Tan Kok Quan Partnership and Harry Elias Partnership, the minority owners sought leave from the High Court for a judicial review of the board's decision to bring the hearing forward.
But according to court documents filed by the purchasers, the deal would have been scuttled if the objectors' request had been granted.
The purchasers, who were represented by Senior Counsel K. Shanmugam, argued that if this happened, the majority owners who consented to the sale would be unlikely to extend the deadline for the en bloc deal.
Both majority and minority owners alike do not want the deal to go ahead at $500 million. This is because a rise in market prices after the agreement was reached means that there is every possibility that they can now sell the property to another buyer at a significantly higher price.
The minority owners argued in their submissions that the board's decision gave them inadequate time to present their case.
But the purchasers countered that the minority owners actually had three months to prepare, citing the lengthy documents the objectors prepared for yesterday's hearing.
The Straits Times understands that during the High Court chamber hearing, the minority owners failed to convince Justice Tan Lee Meng that they had an arguable case which deserved judicial review.
Subscribe to:
Posts (Atom)
