Hotel Development– Full, Partial or Ignore?
Should Developer Go for Full Hotel Development or Just Add as a Component in All-In-One Build?
Tourists Are Coming Back and The Numbers Are Growing…
Singapore Tourism Board (STB) Has Serious Plans To Make the Numbers Even Bigger
An estimated 12 million to 14 million foreign visitors are anticipated in Singapore in 2023, with a complete tourism recovery anticipated by 2024, according to the Singapore Tourism Board (STB)
The projection, however, is dependent on a number of assumptions, including the absence of any new Covid-19 variants of concern, China’s continued reopening, and the sustained expansion of international aircraft capabilities.
They also revealed that 6.3 million foreign tourists’ arrival in the year 2022 and the numbers are still a fraction of pre-Covid-19 tourism performance figures.
The highest record so far was in 2019 where visitor arrivals hit 19.1 million and $27.7 billion was made through tourism.
A $110 million investment, part of the $500 million the government has put aside to support the sector and ramp up business and leisure events during 2023 and 2024, will enhance the tourism industry’s recovery in 2023.
According to STB, development will also be fuelled by leisure events and meetings, incentives, conferences, and exhibits (Mice).
As tourists return, room rates rise, many Hotel owners have already made their moves. Many brand-new hotels in Singapore are popping up everywhere.
Mandarin Orchard Singapore at 333 reopened early in 2022 as Hilton Singapore Orchard, the original Hilton Singapore at 581 Orchard Road is now Voco Orchard Singapore, a new brand of IHG Hotels & Resorts.
At the location of the old Grand Park Orchard, 270 Orchard Road, Accor’s Pullman Singapore Orchard debuted on December 1; in contrast, Far East Hotel, a local hospitality management firm, debuted its Vibe Hotel Singapore Orchard on November 3.
In the next two years, another 9 or so brand-new hotels are expected to complete. This includes The Singapore Edition, Artyzen Singapore, and The Standard, Singapore.
Following two years of pandemic restrictions that damaged business, hotel owners are scrambling to meet demand now that tourists and business travellers are returning to Singapore.