Singapore is becoming Southeast Asia's main hub for luxury, finance, and yachting
SINGAPORE: Singapore is quickly becoming the main hub for luxury experiences and financial conferences in Southeast Asia, according to a report by private aviation group Vista . This was supported by three-digit growth in Vista's flight traffic during major event periods in the city-state.
Notably, during Taylor Swift's Eras Tour stop in Singapore, flight traffic jumped by 362% compared to the country's daily average flight traffic last year. Meanwhile, the Singapore Grand Prix drove a 168% surge in daily average flight traffic. The Formula 1 event coincided with other financial events, including the Milken Institute Asia Summit and the Global Trade Review Congress.
The Singapore Yachting Festival also brought 46% higher business jet traffic compared to the daily average for the year.
Sanlorenzo Asia Pacific's Ewa Stachurska noted that Singapore is emerging as a premier yachting hub with eight boat clubs and marinas and 4000 boats and yachts.
The private jet marketplace of Vista saw a doubled flight traffic year-on-year in Singapore.
Knight Frank's Christine Li added: 'Confidence in Singapore's prime assets is underscored by the significant UHNWI (ultra-high-net-worth individuals) commercial property transactions for 2024/2025. This blend of strategic diversification, expectations for long-term asset appreciation, and sustained high-value investment activity solidifies Singapore's position as a premier destination for sophisticated capital.' /TISG
Read also: Hospitality and tourism job interest in Singapore jumps 130% as industry rebounds after pandemic: Indeed
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