Singapore REITs - Maybank Research 2024-06-06: Taylor Swift Effect Wears Off; Normalising Growth

Singapore REITs - Taylor Swift Effect Wears Off; Normalising Growth

Singapore REITs - Maybank Research | SGinvestors.ioFrasers Hospitality Trust (SGX:ACV) CAPITALAND ASCOTT TRUST (SGX:HMN) FAR EAST HOSPITALITY TRUST (SGX:Q5T)

Hotel stats slip in April but still up on the year

  • International visitor arrivals in April slowed to 1.36m following the high of 1.48m in March. Consequently, room rates and RevPAR fell 6.6% and 13.6% from March. The performance was down across all the hotel categories from the prior month. Only luxury and upscale categories managed to grow their RevPARs on a y-o-y basis.
  • Notwithstanding the slowdown in April, performance is still up from the prior year. Room rates and RevPAR are up 3.2% and 2.8%, respectively.
  • Year-to-date visitor arrivals stood at 5.71m, +41% y-o-y and we view STB’s 2024 target of 15-to-16m visitor arrivals as achievable.
  • We maintain our view of 2024 RevPAR growth of 3% y-o-y to S$232 (2023 S$226, year-to-date 232) led by occupancy.

April retail sales slow, year-to-date sales flat; F&B holding up

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Krishna Guha Maybank Research | 2024-06-06

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