SINGAPORE (July 21): CGS-CIMB analysts Eing Kar Mei and Lock Mun Yee have lowered their industry revenue per available room (RevPAR) growth forecast for Singapore REITs (S-REITs) to 40-50% from 60-70%.

This is due to a weaker-than-expected recovery in tourist arrivals for 2H20. The analysts say their previous forecasts assumed an average of 80% recovery in tourist arrivals, but they now assume a recovery of 30% of last year’s arrivals.

“Singaporeans are unlikely to be able to travel for leisure this year. This could indicate that Singapore may not open its borders fully to foreign leisure travellers in the near term,” they write in a note dated July 20.

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