SINGAPORE: More money is flowing into Singapore from some of Asia’s wealthiest. These high-net-worth individuals are boosting their investments in hotels amid a surge in travel after years of pandemic restrictions, reports Forbes.
Among the billionaires who are bringing in big bucks are Sukanto Tanoto from Indonesia and Pansy Ho from Hong Kong. Forbes added that there are at least 10 billionaires bringing in over S$6 million into Singapore.
Mr Tanoto is the owner of the Royal Golden Eagle group of companies, which has assets of over US$30 billion (S$41 billion) and employs 60,000 people all over the world. His Pacific Eagle Real Estate opened the 304-room Mondrian Duxton Singapore a few months ago. The company’s first hotel in Singapore cost S$400 million.
“It was designed by L.A.’s Robbyn Carter of Studio Carter with a ‘70s Hollywood–themed rooftop and pool, shophouse-inspired contemporary architecture, hand-drawn murals and a restaurant by Dario Cecchini, whom Anthony Bourdain once called the world’s greatest butcher. The vibe of the entire place is lively, social and stylish, especially at the hotel’s bar,” The Hollywood Reporter wrote about the hotel in July.
Forbes quotes Mondrian Duxton’s general manager, Robert C. Hauck, as saying, “We have to compete regionally with other cities, but right now Singapore feels like the centre of the world.”
Hong Kong-Canadian billionaire businesswoman Pansy Ho, the daughter of Macau-based tycoon Stanley Ho, is the managing director of a number of firms that her father founded. Her net worth is estimated at US$3.8 billion (S$5.2 billion), and she is reportedly the second wealthiest woman in Hong Kong.
In a few months, Shun Tak Holdings, which is owned by Ms Ho, will open the 142-room Artyzen Singapore, which is located near Orchard Road and the Botanic Gardens.
Another luxe property soon to open is the Raffles Sentosa Resort & Spa, from billionaire Asok Kumar Hiranandani’s Royal Group.
“The second Raffles in Singapore will be an all-villa resort set in over 100,000 square metres of sprawling tropical gardens with views over the South China Sea,” the Raffles’ site says.
The resort will have 62 villas, each with its private pool and terrace, as well as restaurants, a fitness centre, ballroom that can fit as many as 400 people.
The influx of investments to build more hotels in Singapore comes as tourism is enjoying quite a comeback. As many as 14 million tourists are expected to arrive in 2023, and their spending could reach up to S$21 billion.
And the more tourists, the more expensive hotel rates go. Forbes quotes travel management firm FCM Consulting as saying that average hotel room rates were 27 per cent higher this month than they were last year, and now are at S$880 a night.
This boost was largely driven by Formula One Singapore Grand Prix. Some hotel rooms at Marina Bay Sands cost S$2000 per night during F1 weekend, up from their regular rate of S$800.