Singapore on the Upswing
The country’s tourism sees record-breaking growth.
Singapore is on a two-year record-breaking streak for tourist arrivals, increasing year on year by 6.2 percent to 17.4 million arrivals as of 2018. Natalie Poh, senior manager of Southeast Asia business development at RCI, breaks down why and what potential the island city-state holds for timeshare.
“Singapore, as a country, was not widely known to the world,” Poh says. “Many people did not know where Singapore was until the historic Trump-Kim summit, and it was then that Singapore started to gain international attention as a tourism destination for its safety, which was then further enhanced by the launch of the Crazy Rich Asians book-turned-movie.” According to Google data, organic search interest in Singapore increased by more than three times in the U.S. during the Crazy Rich Asians movie release, and there was a 100 percent spike in searches on travel-planning site Orbitz. Other factors, according to Poh, include strong Asia-Pacific travel demand; increased flights to and from Singapore; a variety of high-profile events; and marketing efforts and collaborations organized by the Singapore Tourism Board.
With such growth in Singapore’s tourism, the island city-state is in high demand among timeshare owners, and this demand creates a strong value proposition for the Singapore market. “Singapore has always been known as the business hub in Asia for its favorable geographic location, and tourism dollars today are key to international commerce,” Poh says. Singapore natives also have an interest in timeshare. “Singaporeans seek novel travel experiences and good deals, so when it comes to timeshare, Singaporeans are attracted to buying future holidays at value prices.”
It’s worth noting that timeshare development has not been picking up momentum due to Singapore’s strict legal regulations concerning timeshare operations, Poh says. “Aside from Singapore, there is still immense opportunity in Asia for the vacation ownership business, which has yet to be tapped.” That said, all hope is not lost. “Timeshare remains to be a lucrative business, and developers who wish to enter into this industry must consider the initial capital investment and long-term commitment to the business.”
Photo credit: iStockphoto
