SG Property Intelligence: Tourist Arrivals Fall for Third Consecutive Month

Research evidence excerpt

SG Property Intelligence: Tourist Arrivals Fall for Third Consecutive Month

J P M O R G A N Asia Pacific Equity Research

17 July 2026

SG Property Intelligence

Tourist Arrivals Fall for Third Consecutive Month

Singapore Hospitality REITs – Tourist Arrivals Fall for Third Consecutive Singapore/ASEAN Property and

Month. Jun-26 tourist arrivals continued to weaken, falling for the third REITs

consecutive month to 1.18m (-4.9% YoY), reflecting higher airfares, curtailed Terence M Khi AC

flight capacity, and weak regional currencies versus the SGD. Visitor days declined (65) 6882-1518

7.8% YoY to 4.26m, as the average length of stay fell to 3.59 days from 3.70 days terence.ml.khi@jpmorgan.com

in Jun-25. 2Q26 and 1H26 visitor days now stand at 13.17m (-8.1% YoY) and Mervin Song, CFA AC

28.13m (-4.1% YoY), respectively. Weak Jun-26 arrivals and visitor days point to (65) 6882-7829

soft Jun-26 RevPAR and an overall weak 2Q26, following the 5.0% YoY decline mervin.song@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

in May-26 RevPAR. This is expected to be partially mitigated by interest cost J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

savings and acquisition contributions in the upcoming 2Q26 hospitality REIT Morgan Broking (Hong Kong) Limited

results (link). With airfares expected to moderate on lower oil prices (link) and a

gradual recovery in flight capacity, balanced against near-term earnings

headwinds, we maintain our Neutral ratings on CDREIT, CLAS, and FEHT. Link

(Source: J.P. Morgan)

Net annual spending leakage from Singapore to JB post RTS Link is estimated

at ~0.4% of Singapore’s 2025 retail and F&B sales, driven by an incremental

S$1.05 bn a year spent by Singaporeans in JB versus an incremental S$756 m a year