, Singapore

UOL's Singapore hotel occupancy slashed to half in Q1

RevPaR also crashed to $140 from $230 in Q4 2019.

UOL saw the occupancy rate of its hotels and serviced apartments in Singapore fall to 50% in Q1 from 85% in Q4 2019, according to its quarterly business updates.

Hotel portfolio’s occupancy rate in Oceania likewise crashed from 84% to 72% over the same period, whilst occupancy of its hotels in China, Vietnam, Malaysia and Myanmar slid to 41% from 69%.

In addition, the revenue per room (RevPaR) of its SIngaporean hotels hit $140 from $230 in Q4 2019.

So far, Singapore hotels and serviced suites have been supporting the government’s efforts by housing returnees serving the Stay Home Notice, foreign workers and healthcare workers. Four of five of its Australian hotels are also supporting the local government’s efforts in housing their returnees. Meanwhile, the group’s hotels in China have re-opened and there have been indications that demand is slowly picking up, UOL says.

UOL’s other properties showed minimal changes in terms of occupancy. Its office portfolio in Singapore dipped to 95.2% in Q1 from 95.6% in the previous quarter. The retail properties’ occupancy rate remained unchanged at 95.2%, despite a 12.4% slip in shopper footfall in Q1.

Some initiatives UOL took for cost management includes a salary reduction of up to 18% for managers and above since 1 April, deferment of non-essential capital expenditure, reducing operating expenses across all asset classes and value-engineering for project development and asset enhancement initiatives. 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.