Singapore hotel rates soar as F1, MICE events drive tourism demand
Some hotel rooms are going for more than seven times their usual rates, amid a packed calendar of over 40 business conferences and gatherings around the Formula 1 period.
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SINGAPORE: Hotel rates have surged as Singapore heads into one of its busiest periods of the year, with the Formula 1 Singapore Grand Prix coinciding with a packed calendar of business events.
Checks by CNA found some rooms going for more than seven times their usual price.
Booking platform Trip.com said hotel reservations in Singapore from Friday to Sunday (Oct 9 to 11) – when the Grand Prix will be held – grew by more than 80 per cent compared with the same period last year.
Back-to-back race weekends in the region are also prompting some fans to extend their trips, the platform added.
The Sepang International Circuit in Malaysia hosted the Bahrain Grand Prix from Oct 2 to 4, a week before the Singapore Grand Prix.
More than 40 meetings, incentives, conferences and exhibitions (MICE) events are also clustered around the F1 period this year, according to the Singapore Tourism Board (STB), up from about 25 to 30 in each of the previous two years.
They include crypto conference TOKEN2049, the Global-Asia Family Office Summit and Milken Institute Asia Summit, bringing business leaders and investors to Singapore alongside international motorsport fans.
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F1, BUSINESS EVENTS DRIVE HOTEL DEMAND
At Carlton Hotel Singapore on Bras Basah Road, occupancy was running at between 95 and 98 per cent from Tuesday through Sunday, compared with about 82 to 85 per cent during a typical October week.
General manager Niall Cowan said the hotel had filled up earlier this October than in previous years, as business events brought guests in ahead of the race weekend.
“For us, of course it means full rooms, but not only our rooms – our restaurants, bars, banqueting spaces are all very busy,” he said.
STB executive director for exhibitions and conferences Poh Chi Chuan said the calendar of events creates a “gravitational pull” when the city is busy and the target audience is already flying in.
“So planners are building on that momentum,” he said.
Some organisers are scheduling their events to coincide with the influx of business leaders.
DBS, for example, will hold its Asia Future Forward Conference on Oct 12, a day after the Grand Prix.
Managing director and group head of DBS Group Research Timothy Wong said the timing is deliberate.
“We actually wanted to take advantage of the fact that there would be key people coming into town,” he said.
Mr Poh added that some organisers are incorporating activities around the Grand Prix into their programmes, including networking and social events.
STB is also working with event planners to give MICE visitors opportunities to experience attractions and other events while they are in Singapore.
“We hope that they can stay, spend, and also extend their trip, and really experience Singapore and have that genuine connection to the city,” Mr Poh said.
MICE tourism receipts reached S$2.3 billion (US$1.8 billion) in 2025. STB is targeting S$4.5 billion in receipts from the sector by 2040.
HAZE COULD CHANGE VISITOR BEHAVIOUR
But one potential dampener on the busy period is the haze.
Singapore’s 24-hour Pollutant Standards Index has crossed into the unhealthy range multiple times this week.
Professor Abhishek Bhati, pro vice-chancellor and professor in tourism at the University of Newcastle in Singapore, said the most significant impact could be a change in visitor behaviour.
“People may spend more time indoors, more in terms of shopping malls, museums, restaurants, rather than being out and about,” he said.
“Some of the outdoor sightseeing and, of course, the waterfront activity – and as you appreciate the F1 circuit is around (Marina Bay), that will see a reduced patronage certainly.”
The haze could also affect one of the Singapore Grand Prix’s most recognisable features – views of the city skyline during the night race.
Prof Bhati said reduced visibility could affect views from drones and helicopters, as well as how the cityscape appears to television audiences.
While visitor spending could shift from outdoor activities to enclosed ones, the economic value would not necessarily be lost, he said.
“When it comes to international tourists and visitors, they would have planned their trips several months ago, if not weeks,” Prof Bhati noted.
“Haze or not, unless it’s a very difficult situation, they will continue to come and enjoy the F1 race here in Singapore.”
BENEFITS BEYOND HOTELS
Hotels are not the only businesses benefiting from the influx of visitors.
Asia travel and tourism analyst Gary Bowerman said visitors attending such events spend on food and beverage, museums, tours and attractions.
Speaking on CNA’s Singapore Tonight, he said major events, many of which are booked four or five years in advance, also help hotels plan ahead.
The uplift from the current cluster would be concentrated over a relatively short period, however. Mr Bowerman said activity typically eases in November before picking up again in December.
The concentration of global business leaders could also have longer-term effects beyond tourism.
DBS’ Mr Wong said major events give business leaders with existing operations in Singapore another reason to visit, while those without a presence could consider establishing one.
“For those that don’t have anything set up, they may think about setting something up in this region, or in Singapore to really anchor the region.
“So then it could lead to someone setting up an office or family office. And so it creates that very positive effect.”
COMPETING FOR MICE EVENTS
Singapore also faces competition from other destinations seeking a share of the high-value business events market.
Mr Bowerman identified Bangkok, Kuala Lumpur and Hanoi, as well as Bali and Phu Quoc, among destinations vying for MICE events as the sector grows in Asia.
STB’s Mr Poh said Singapore’s value proposition includes its creativity, innovation, stability, safety and accessibility, but the country also needs to keep refreshing its attractions and experiences to remain competitive.
The tourism board is exploring whether the clustering seen around F1 can be replicated around other major events.
Mr Poh described F1 as a “very successful case study”.
“We are trying to look at other examples in different parts of the calendar to see how we can continue to amp up our attractiveness,” he said.
Source: CNA/mp(oc)
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