{"id":4608,"date":"2019-12-12T17:35:54","date_gmt":"2019-12-12T10:35:54","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=4608"},"modified":"2021-06-04T14:47:24","modified_gmt":"2021-06-04T07:47:24","slug":"tourism-growth-in-singapore-leads-to-major-hotel-investments","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/tourism-growth-in-singapore-leads-to-major-hotel-investments\/","title":{"rendered":"Singapore\u2019s tourism growth leads to major hotel investments"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A record-breaking transaction volume, which is reportedly the highest in the past decade<\/span><\/p>\n<figure id=\"attachment_4609\" aria-describedby=\"caption-attachment-4609\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-4609\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/12\/shutterstock_601213424.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/12\/shutterstock_601213424.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/12\/shutterstock_601213424-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/12\/shutterstock_601213424-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-4609\" class=\"wp-caption-text\">Tourists with Singapore in the background. PatrickFoto\/Shutterstock<\/figcaption><\/figure>\n<p>Hotel transactions in Singapore amassed USD5.7 billion as of November, at least five times more than a year before and the highest in the past decade, reported <a href=\"https:\/\/www.straitstimes.com\/business\/property\/tourists-surging-to-singapore-help-push-hotel-deals-to-record\" target=\"_blank\" rel=\"noopener noreferrer\">The Straits Times<\/a>, citing data from Colliers International.<\/p>\n<p>Moreover, the Singapore Tourism Board revealed that the city-state welcomed an all-time high of five million visitors in the third quarter, with Mainland Chinese tourists leading the pack. With such numbers, the arrivals for the entire year accumulated to about 15.8 million.<\/p>\n<p>According to Govinda Singh, executive director of valuation and consultancy services at Colliers, Singapore was able to profit from the political unrest that still plagues Hong Kong.<\/p>\n<p>He said that the launch of Jewel Changi Airport, a new entertainment complex that is home to the world\u2019s tallest indoor waterfall; the re-opening of Raffles Hotel, an iconic colonial-style luxury property; and the business opportunities introduced by the F1 Singapore Grand Prix helped with the growth of the tourism industry.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/sph-reit-management-singapore-acquires-australian-mall\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: Singaporean property investment trust acquires Australian mall for $460 million<\/strong><\/a><\/p>\n<p>Tricia Song, head of research for Singapore at Colliers, said that the real estate investment trust mergers propelled the transaction volumes further.<\/p>\n<p>The biggest deal of the year was for Mandarin Orchard worth USD1.2 billion, following the merging of OUE Hospitality Trust and OUE Commercial Reit, who are also responsible for the year\u2019s third-biggest investment of USD486 million for the Crowne Plaza hotel at Changi Airport.<\/p>\n<p>Christine Li, head of research for Singapore and Southeast Asia at Cushman &amp; Wakefield, said that despite the economic situation of the city-state, the hospitality sector is looking quite favourable for the near- to mid-term outlook.<\/p>\n<p>She also said that the upcoming exhibitions and events in 2020 will serve as another bumper year for Singapore.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A record-breaking transaction volume, which is reportedly the highest in the past decade<\/p>\n","protected":false},"author":9,"featured_media":20400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[114,110,322],"class_list":["post-4608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","tag-hospitality","tag-singapore","tag-tourism","news_country-singapore","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Singapore\u2019s tourism growth leads to major hotel investments | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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