It offset the growth seen in the group's other markets.
The outlook is lukewarm for City Developments Limited's hospitality segment, as its Singapore market continued to badger declining revenue per available room (RevPAR).
According to UOB KayHian, Singapore RevPAR saw a 10.8% decline. It badgered strong RevPAR growth seen in Australia at 24.1%, New York at 19.9%, and London at 17.1%.
The brokerage firm said this could be attributed the dismal performance in Singapore to the confluence of supply-side pressure on room rates and lower corporate demand.
"We expect Singapore operations to continue seeing weak corporate demand coupled with supply indigestion (+5.9% expansion in room supply expected for 2017)," UOB KayHian said.
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