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Singapore Tourism Report Q1 2010
Business Monitor International, Jan 2010, Pages: 47
The Singapore Tourism Report provides industry professionals and strategists, corporate analysts, tourism associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Singapore's tourism industry.
Short-Term Outlook Negative
Singapore’s tourism industry experienced a difficult H109 Visitor arrivals were down by 11.5%, to just 4.51mn in January-June. The Singapore Tourist Board (STB) attributed the poor performance primarily to the global economic crisis, but arrivals from North Asia were also reduced due to the effects of the H1N1 virus (swine flu) pandemic.
From the halfway point of the year, tourist arrivals resumed an upwards trend. In December 2009, the STB said visitor arrivals stood at 8.71mn for January-November. Strong increases were recorded in arrivals from Indonesia, Malaysia and China over October and November. That said, we believe the most likely outcome for the year as a whole is a slight fall in arrivals from 2008’s 10.12mn arrivals, mainly as a result of the very poor first half.
…But The Longer-Term Prognosis Remains Positive
Although 2009 was difficult for the Singaporean tourism industry, there are reasons to be positive about the medium-to-long term as the global economy recovers. In particular, the opening of the two integrated resorts, at Marina Bay and Sentosa, in 2010 should help the island attract new tourists. Also in 2010, Singapore will host the first Youth Olympics and open the International Cruise Terminal.
Tiger Airways Announces IPO
In January 2010, Singapore’s Tiger Airways unveiled its long awaited initial public offering (IPO) of stock in the company. The airline hopes to raise SGD273mn via the IPO, which it will use to fund aircraft purchases and pay down debt.
Some media reports said Tiger Airways had initially hoped to raise more money via the IPO, but an uncertain outlook for global investment markets and the challenging outlook for the airline industry may have both played a part in the downsizing of the offer.
Integrated Resorts
Opening Soon Four of the new hotels at the Sentosa integrated resort – Maxims Tower, Hotel Michael, Festive Hotel and the Hard Rock Hotel Singapore –start phased opening in late January 2010. The other two hotels at the resort are the Equarius Hotel and Spa Villas. Bookings for the hotels opened in H209. Other attractions at Sentosa will include a Universal Studios theme park, a casino and the world’s largest oceanarium. BMI believes Sentosa and other new resorts will do much to significantly boost Singapore’s tourism industry from 2010 onwards. We expect to report on the opening of the resort and its prospects in Q210.
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