Singapore heads to Dubai to lure investors

Visitors coming to Singapore now will see a city in transformation. Taking shape are the two Integrated Resorts - The Marina Bay Sands™ and Resorts World at Sentosa. There's also the overall development of the Marina Bay area, and the new International Cruise Terminal being built at Marina South.

And that's just the tip of the development iceberg that is changing the shape of Singapore's cityscape day by day.

But for Singapore to meet its Tourism 2015 objectives of achieving 17 million visitor arrivals and S$30 billion in tourism receipts by 2015, more investments are needed - which is why the Singapore Tourism Board (STB) and the Urban Redevelopment Authority (URA) are leading a delegation to Cityscape Dubai, the world's largest real estate trade show, this month.

In 2007, the trade show, which the STB also took part in, attracted over 51,000 participants from 136 countries and over 800 exhibitors showcased their projects.  

Showcasing Singapore to the world

The Singapore Pavilion at Cityscape Dubai 2008 will highlight the synergy and success of the unique private-public partnership approach in Singapore. The overall messaging is one of Singapore as a global city with attractive development opportunities, great business partners, and in general an excellent place to invest, to do business, visit and live in. 

In particular, more investment is needed in the hospitality sector.

The STB estimates that by 2010, visitor arrivals are expected to surge some 13 to 14 million. The average number of visitors in Singapore at any one time is expected to increase from the current 90,000 to 140,000, a 55% increase.

An estimated 12,000 hotel rooms need to be added to the current room inventory of 38,000 rooms, in order for the industry to meet the projected demand by visitors.

As such, the STB has been working closely with the URA to identify more sites for hotel development, which will not only add numbers but also colour and character to Singapore's hotelscape.

Recently, a committed bid of S$51 million (US$35 million) for a newly-launched hotel site in Kallang, a fledgling tourism hotspot just outside the city, stirred investors' interest.

The success of hotel developments in Chinatown, as well as complementary hotels for the necklace of attractions in the Marina Bay precinct, have also spurred the launch of hotel sites in the area.

One redevelopment project being eyed, is the establishment of a hotel at the iconic Capitol Building and its adjoining buildings within the City Hall civic district. These buildings have been selected for conservation for their historical and architectural significance. Built in the 1930s, the 1.45 hectare site once housed Singapore's premier picture place, and when redeveloped, will add more buzz to the area through new entertainment, retail and hotel facilities.

Investors are also awaiting the launch of a 3 hectare site earmarked for a waterfront resort development amidst lush greenery in Bukit Chermin, a stone's throw away from Singapore's southern waterfront.

Comprising colonial black and white bungalows on a hilly terrain, the site's close proximity to leisure and recreational offerings makes it a prime and convenient location for innovative accommodation options.