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Hospitality assets continue to heat up

Hotel occupancy rates trend higher as tourism arrivals break new heights

View of Marina Bay area from South Beach Residence. Barring an economic crisis, the immediate to mid-term outlook for the hospitality market is favourable.
View of Marina Bay area from South Beach Residence. Barring an economic crisis, the immediate to mid-term outlook for the hospitality market is favourable.ST PHOTO: BENJAMIN SEETOR

Tourism arrivals continued to break new heights, reaching 18.5 million visitors last year, growing 6.4 per cent year on year from 2017, while total tourism receipts rose 1 per cent to $27.1 billion.

China, Indonesia, India, Malaysia and Australia were Singapore's top five international visitor markets last year and contributed to about 55 per cent of total international visitor arrivals.

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A version of this article appeared in the print edition of The Sunday Times on December 15, 2019, with the headline 'Hospitality assets continue to heat up'. Subscribe