35 Annual Report 2025 Operational Updates In 2025, international visitor arrivals to Singapore increased 2.3% YoY to 16.9 million, with China, Indonesia and Malaysia as the top source markets. The growth was supported by enhanced tourism offerings and a robust calendar of leisure, MICE and entertainment events. Tourism receipts for the first nine months of 2025 hit a record high of S$23.9 billion, marking a 6.5% increase YoY2. The Singapore hotel industry maintained stable performance in 2025, with occupancy increasing slightly from 81.4% to 81.9%. Average room rates and RevPAR moderated slightly by 1% and 0.4% respectively2. The RevPAU of CLAS’ properties under MCMGI and management contracts increased 1% YoY in FY 2025. Performance in the first half of the year was softer, reflecting the absence of large-scale concerts, such as those by Taylor Swift and Coldplay, and biennial events like the Singapore Airshow. Demand strengthened in the second half of 2025, supported by conferences and events such as the F1 Grand Prix and Blackpink concert. On a same-store basis, excluding Citadines Mount Sophia Singapore which was divested in March 2024, RevPAU remained stable YoY. lyf Funan Singapore, operating under a master lease, began contributing to CLAS’ income following its acquisition on 31 December 2024. Looking ahead to 2026, Singapore’s international visitor arrivals are expected to trend higher. The Singapore Tourism Board forecasts arrivals of 17 million to 18 million, with tourism receipts estimated at S$31.0 billion to S$32.5 billion. These projections adopt a prudent stance amid ongoing global economic uncertainty and geopolitical developments that may influence travel demand. Singapore’s tourism sector will continue to be underpinned by new and enhanced attractions, sustained investments in infrastructure and experiences, and a strong line-up of events, reinforcing its position as a leading global tourism destination. Hotels/Serviced Residences Gross Rental Income (S$’000) Revenue Per Available Unit (S$) FY 2025 FY 2024 FY 2025 FY 2024 Property under Master Lease lyf Funan Singapore1 11,357 - - - Property under MCMGI Ascott Orchard Singapore 27,130 26,536 338 329 Properties under Management Contract Citadines Mount Sophia Property Singapore2 - 741 - 107 lyf one-north Singapore 12,974 14,354 110 121 1 The acquisition of the property was completed on 31 December 2024; hence there was no gross rental income for FY 2024. 2 The divestment of the property was completed on 1 March 2024; hence the gross rental income and RevPAU stated for FY 2024 are for 1 January 2024 to 29 February 2024. Hotel Hotel Revenue (S$’000) Revenue per Available Unit (S$) FY 2025 FY 2024 FY 2025 FY 2024 Property under MCMGI The Robertson House by The Crest Collection 25,321 23,874 155 149 2 Source: Singapore Tourism Board (2026).
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