In Focus: Singapore, Preparing for a Smart Future
By Hok Yean CHEE, Managing Partner at HVS Singapore and Kyu Baek Kim, Analyst at HVS Singapore
The Republic of Singapore is a metropolitan city-state and island country in Southeast Asia with a total land area of 714.3 square kilometres. It is situated at the southern tip of the Malayan Peninsula, between Malaysia and Indonesia. With an economy supported by its growing population of approximately 5.6 million, Singapore rose as an economy in the latter half of the 20th century and today serves as a global commerce, finance, and transportation hub.
In 2017, Singapore's economy outperformed expectations at 3.5%, boosted by robust growth in the manufacturing sector. Bolstered by the uplift in arrivals from Mainland China, Singapore's tourism sector also finished the year on a strong note, up 6.2% year-on-year (y-o-y) in international visitor arrivals (IVA). Singapore's transportation hub, Changi Airport, hit two milestones this year, opening its first high-tech, automated Terminal 4 and welcoming its 60 millionth annual passenger.
Having witnessed a solid tourism performance recovery in 2017, the Singapore Tourism Board (STB) built on its Hotel Industry Transformation Map (ITM) launched in 2016. Among the new initiatives is a roadmap for hotels to evolve into "Smart Hotels" through the "Smart Hotel Technology Roadmap". This will serve as a framework for hotel operators and owners to enhance their hotels by adopting technology.
Read the full report at HVS.com
Hok Yean CHEE
Hok Yean CHEE is the Managing Partner of HVS Singapore. She has 30 years of experience in more than 30 markets across 19 countries in Asia Pacific, providing real estate investment advisory services for a wide spectrum of property assets. Her forte lies in providing investment advisory on hotels and serviced apartments including brokerage, strategic analyses, operator search, market feasibility studies, valuations and litigation support.More from Hok Yean CHEE
Kyu Baek Kim
Kyu Baek Kim is an Analyst with HVS Singapore. He has recently graduated with a Master of Science degree in Global Hospitality Business from École hôtelière de Lausanne. Since joining, he has assisted in numerous valuation and feasibility assignments across regional markets that include Malaysia, Indonesia, and Singapore.More from Kyu Baek Kim