Record highs for Singapore’s tourism sector in 2017

According to the Singapore Tourism Board’s (STB) tourism sector performance released on 12 February, Singapore hit record highs in both visitor arrivals and tourism receipts in 2017. International visitor arrivals increased by 6.2% to reach 17.4 million visitors, with 13 of the top 15 source markets showing growth. Notable uplifts were observed in Indian and Chinese visitors, recording a year-on-year (y-o-y) growth of 16% and 13%, respectively. As a result, for the first time, China overtook Indonesia as the top source market, accounting for 16.6% of total visitors. Chinese visitors also remained the top spenders in Singapore for the third consecutive year, growing strongly at 10% from 2016. Overall, tourism receipts also hiked by 3.9% to S$26.8 billion, largely due to the robust growth in tourism receipts across most of the top ten source markets. Going forward, STB forecasts international visitor arrivals to be in the range of 17.6 to 18.1 million and tourism receipts to be in the range of S$27.1 to S$27.6 billion in 2018.

2,497-key Skye by Travelodge to debut in Vietnam

Travelodge Hotels (“Travelodge”) has announced the signing of Skye by Travelodge Arena Nha Trang (“Skye by Travelodge”) in Vietnam. Slated to open in 2020, the 2,497-room property will be Travelodge’s debut in the country and first hotel of the Skye by Travelodge brand, an upper-midscale chain designed for its Asia portfolio. Accessible by plane via Vietnam’s fourth largest airport, Cam Ranh International, the hotel will be located on the pristine Long Beach. Skye by Travelodge will provide all-day dining outlets, a gym, and a large swimming pool. Additional facilities, as part of a mixed-use development, will comprise a beach club, performing arena, retail shops, and further restaurant outlets. Upon opening of the Skye by Travelodge in Vietnam, Travelodge will be present in four Asian countries including Hong Kong, Thailand, and Indonesia.

Tribe Hotel Group acquires 60 Langridge Street, Collingwood site for its flagship property

Australia-based Tribe Hotel Group (“Tribe”) has acquired a 1,056 square-metre site on 60 Langridge Street, Collingwood from Australia-based developer Peregrine Projects (“Peregrine”) for an undisclosed sum. The site is part of Peregrine’s larger landholding of 3,000 square metres acquired last year, which is planned to be developed into new commercial and office buildings. As the first step in a five-year redevelopment plan, Tribe has earmarked the site for its ten-storey mid-rise flagship property. Tribe’s signature design and shared spaces is expected to align with Collingwood’s vibrant commercial precinct and with easy links to Melbourne’s CBD, will cater to both business and leisure travellers alike. Tribe, known for their pre-fabricated rooms and modular design, opened its first property, Tribe Perth, in June 2017. Further expansions plans are underway in Hobart and Adelaide alongside a move to international destinations.

Incheon International Airport officially opens Terminal 2

South Korea’s main international gateway, Incheon International Airport, has officially opened its second terminal just in time for the Winter Olympics. Incheon Airport Terminal 2, with an annual capacity of 18 million passengers, will be expected to cater to an anticipated 300,000 visitors next month as the Winter Olympics takes place. The Games will be hosted in Pyeongchang from February 9 to February 25 and visitors will be able to travel directly from the airport via a high-speed railway. Since the inception of Incheon airport in March 2001, the new terminal, which was constructed over a period of nine years with an estimated cost of 4.9 trillion won, represents the airport’s first major expansion. Last year, Incheon airport, as one of world’s 20 busiest airports, welcomed a total of 62 million passengers and 2.9 million tonnes of cargo.

Absolute Share Price Performance, as on 16 February 2018