Hotel room rates for the Singapore Grand Prix shoot up to $880

Compared to 2022, room rates have risen by 27%.

The Singapore Grand Prix has pushed up hotel room rates in Singapore.

Data from FCM Consulting showed that business travellers who pre-booked three to six months before visiting Singapore during the racing event paid an average of $800 for their hotel rooms.

The 2023 average hotel home rates represent a 27% uptick from last year when travellers only paid $693 for hotel rooms on average during Grand Prix season.

The high prices of accommodation and airfare due to the Singapore Grand Prix, however, “have not impacted the number of business travellers visiting Singapore,” said FCM Consulting.

“Hotel room rates in Singapore have skyrocketed since early this year but that has not deterred Singapore’s Hotel Occupancy levels. Q1-2023 was an average of 87% but Q2-2023 is at 122%, ” Scott Reddie, Chief Business Officer, FCM Asia.

“This reflects the demand for business travellers coming to Singapore for both meetings and events albeit Singapore being the third most expensive city to stay in Asia,” Reddie added.

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