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Majority of Singaporeans are racing for financial freedom by 60: CIMB survey

By
Gemma Iso
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0
Photo: Freepik/Lifestylememory (for illustration purposes only)

SINGAPORE: According to a CIMB survey that was featured in the latest CNA report, over 66% of Singapore residents intend to become financially independent and be free from money-related worries when they reach the age of 40 to 60. Of this percentage, 52% believe that they need to have more than S$1 million to achieve their goal.

In the said report, CIMB noted that 72% of those polled believe that financial freedom is a doable objective, while 43% of the respondents were confident that they can manage their finances and will be able to realise their goals.

However, many of those surveyed say that the escalating prices and other costs of living, coupled with family responsibilities and low income, are the biggest obstacles to achieving their financial targets.

While having S$1 million to reach financial freedom is a realistic target, it will all depend on the types of obligations that people have, Mr Raymond Tan, head of wealth management and preferred banking at CIMB Singapore, said.

“So, you need to balance this need for protection versus the need to start to grow your investments and take advantage of compound growth starting early, building that savings habit,” Tan further emphasised.

He also added, “It’s a learning process – so you typically start by going into lower-risk, lower-yielding investments and then as you build the experience and the confidence, you can start to move into riskier assets, which offer potentially higher returns.”

Meanwhile, Mr Alvin Tan, Minister of State for Trade and Industry, made it clear that for Singaporeans to remain resilient in these tough times, the country needs to create good jobs for its citizens.

“At the same time, we need to equip our people, particularly our youths, our mid-career (workers) and even our seniors who want to have jobs to make sure that they are upskilled,” he clarified during a conversation with CIMB Singapore CEO Victor Lee.

The CIMB survey, which was conducted last December in partnership with the Nanyang Centre for Marketing and Technology, included over 500 Singapore residents aged 26 to 60.

The survey’s prominent results indicated that people under 30 felt self-assured they would attain their financial autonomy objectives; 60% aimed to be economically autonomous before the age of 40, while 54% expressed confidence in their financial management abilities.

Approximately 40% of those surveyed said they are “often” or “always” feeling apprehensive about their financial future.

Of the 71% respondents who said they had financial plans, only around half have started planning for their retirement.

Cited as barriers to retirement planning were as follows: taking care of other financial commitments, reliance on Central Provident Fund (CPF) savings, and the lack of relevant knowledge.

Singapore bets big on tourism amid global turmoil

By
Gemma Iso
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0
Screengrab from https://www.freepik.com/free-photo/asian-couple-tourist-holding-city-map_4666796.htm#fromView=search&page=1&position=37&uuid=4b28a935-d441-4c7d-a9e6-049165bcf1a8&query=Asian+travelers

SINGAPORE: The world is going through very tough times, what with trade sanctions, geopolitical tensions, and wobbling economies. Still, Singapore strives to make its tourism sector a one-size-fits-all solution to its current difficulties. Tourism is critical to the future of the tiny city-state, and the Singapore Tourism Board (STB) is leading the charge.

During its yearly Tourism Industry Conference (TIC), the STB presented a comprehensive strategy to keep tourism buzzing, even as the economic gales and gusts gather.

Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu said, “We expect a more challenging global environment,” and added, “As countries revise their growth rates downwards, we expect consumer confidence to be adversely affected. We will continue to monitor and assess the impact to the tourism sector.”

A bold target amidst global uncertainties

Despite current political ambiguities and economic complications, the government sets a daring objective – to raise tourism receipts by 1.7 times to S$47 to $50 billion by 2040, and the vehicle for that target growth is MICE (Meetings, Incentives, Conferences, and Exhibitions).

In 2024, Singapore received 16.5 million guests, up 21% from 2023, with receipts striking S$29.8 billion. For 2025, the goal is even more high-powered, that is, 17 to 18.5 million visitors and receipts of up to $30.5 billion.

However, it’s not just about the number of people who come to Singapore but also about who they are and what they spend.

Fu said it would concentrate more on receipts than arrivals. Thus, it would be chasing high growth and quality visitors, like MICE guests, who spend twice as much as leisure visitors.

Melissa Ow, CEO of STB, revealed a schedule of initiatives intended to stimulate, enliven, and lure people and spending:

  • 3-year alliance with Pop Mart to bring adored character Labubu to Singapore’s parks;
  • Teaming up with Klook to explore emerging markets and events;
  • Blockbuster themes and events such as Jurassic World, NBA Rising Stars, Botero Immersive, and the Festival of Football.
  • Return of the World Robot Olympiad International Finals.
  • Lady Gaga’s tour similar that of the Eras Tour, aiming to duplicate the Swift-like impact; some 200,000 fans are projected to come from four sold-out shows at the National Stadium.

Singapore is also preparing to host the following:

  • Passenger Terminal Expo Asia 2026, the first APAC edition of the world’s leading passenger terminal event;
  • SIBOS 2027, bringing in 7,000 global finance leaders.
  • The return of the World Robot Olympiad.

A new suburban MICE centre is also on the drawing board, signalling Singapore’s sustained gamble on business events as economic multipliers.

To propel tourism innovation, STB announced:

  • A stretched-out Kickstart Fund (four years now).
  • A new Hotel Rejuvenation Fund, offering up to 70% support for sustainability upgrades.
  • An increased Experience Step-Up Fund.
  • A renewed $300 million addition into the Tourism Development Fund.

“Through agility, hard work, and innovation, we transformed Singapore into a clean, green, and safe destination with an exemplary airline and an award-winning airport,” said Fu. “Time and again, we’ve overcome the odds.”

After being discovered by a photographer and scouted by a makeup artist, a Thai street cleaner becomes a model

By
Lydia Koh
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0
Photo: Tiktok/Semyon Rezchikov

THAILAND: After being unexpectedly discovered by a Russian photographer, a street cleaner and single mother of two became famous and was called “the most well-known Thai cleaner”, as reported by the South China Morning Post. Later, she started modelling for a well-known cosmetics brand in Thailand. Meen, 28, is the mother of two sons, ages six and 10.

Meen was sweeping the streets in March when she was unexpectedly discovered by Russian photographer Semyon Rezchikov, who happened to be in Bangkok’s Chinatown to get inspired and had seen her. Rezchikov’s photos captured Meen wearing simple working attire with a broom and dustpan. Her naturally tanned skin and relaxed smile caught his attention.

Photo: Instagram/Nongchat

The photographer had a portable printer so he could print out the photo and pass it to her. At first, the cleaner was wary when the foreign man approached her, but she immediately lit up with a big smile when she saw the photo. The cleaner loved the photo so much that she could not stop staring at it.

Thankful for the photo

Meen was appreciative of the photographer, and with a shy smile, she thanked him, saying that the photo was beautiful and so nice. Meen was dubbed “the most well-known Thai cleaner” after the photographer shared the encounter online, and the video quickly became viral, receiving over 4 million views.

According to reports, Meen took on several jobs to support her family before securing her cleaning position about a year ago. At first, Meen planned to work as a cleaner until retirement, but her unexpected viral fame opened doors she had never imagined, like becoming a model. Meen’s story caught the attention of Nong Chat, one of Thailand’s most famous makeup artists, with more than 1.7 million followers on social media. The makeup artist invited Meen to become a model for his brand.

Street cleaner turned model

It was the first time in her life that Meen participated in a professional photoshoot. Nong put a traditional costume on Meen inspired by the Thai horror movie Art of the Devil 2. You might see promotional photos of Meen wearing foundation and eyeshadow on Nong’s social media pages. The social media updates show Meen’s transformation, displaying her appearance before and after becoming a model, emphasizing her background as a former street cleaner.

Online users marvel at how the cleaner “won life’s lottery”. Chinese online viewers commented on her natural supermodel aura. Someone said that she is a natural-born supermodel who is truly stunning with a unique vibe. Another online viewer said her tattoos give off fashion energy. According to another online user, raising two children at 28 is not easy, and they wish Meen all the best.

Wang Leehom explains that the burning piano in his music video was a prop rather than real antique

By
Lydia Koh
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0
Photo: Instgram/Wang Leehom

TAIWAN: The management of Mandopop musician Wang Leehom has responded to recent rumours regarding the piano that appears in the music video for his latest single, according to The Straits Times. On April 10, the 48-year-old unveiled a 30-second teaser prior to the release at midnight on April 11 of the official music video for I’m Alive, where Wang is seen playing a piano that goes up in flames.

On April 11, Wang wrote in English and Chinese, asking if anyone could tell that he re-sang the first line.

He continued by saying that it is somewhat different from the studio single and that he wanted it to be just right for the time being. Wang then asked fans to let him know what they thought and whether it was worth it to burn that piano. The Taiwanese-American released another clip on Instagram on April 11, where he posted photos of the burnt piano and his face, which had signs of burns.

Photo: Instagram/Wang Leehom

The singer shared that his piano had been destroyed and that he was sad, not because of his face but because his piano had been transformed into “glue”. It was a real piano, even though it was damaged.

Based on Wang’s social media post, the burning piano is a metaphor for the trials of fire that strengthen faith. The singer then added that the scar on his face was purely cosmetic. Many online users speculated that the piano was a rare antique worth millions of yuan upon seeing the videos.

Agency denied allegations

On April 12, Wang’s agency denied the allegations on Chinese social media platform, Weibo.

Wang’s agency explained that the piano was not an antique collector’s item but a prop, mass-produced, modern model. It only costs 2,200 yuan (S$400).

A receipt for the prop piano was also supplied by the agency, proving that the item was ready for shipment the following day after the order was placed on Dec 23, 2024. A photo from before and another photo from after the music shoot was shown.

Strictly adhered to safety regulations

The agency said that special effects could not produce the continuous shot from the first flame to the complete destruction of the piano. The entire shooting process strictly adhered to safety regulations. Professional firefighting teams, first responders and isolation facilities were on-site to ensure no injuries and secondary disaster risks.

Wang Leehom, sometimes credited as Leehom Wang, is a Chinese-American singer-songwriter, actor, producer, and film director born on May 17, 1976, in Rochester, New York, USA. The singer-songwriter  is a prominent figure in the Mandopop scene, often referred to as the “King of Chinese Pop.”

“How many can afford?” – Photo of Chan Chun Sing having hearty wanton mee meal sparks cost-of-living concerns

By
Jewel Stolarchuk
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0
Photo: Chan Chun Sing FB

SINGAPORE: Instead of endearing the politician to the masses, a recent photo of Education Minister Chan Chun Sing enjoying a hearty meal at a hawker centre has sparked questions on how many Singaporeans can enjoy such a “luxurious” spread, given the cost-of-living squeeze.

Referring to a recent Straits Times article on how politicians use hawker food to connect with voters and seem in-touch with ordinary Singaporeans, Mr Chan took to Facebook on Saturday (12 Apr) and posted a photo of himself having a “full wanton mee breakfast” at Tanjong Pagar Plaza Market & Food Centre. He added, “We take our food and politics very seriously.”

While some online praised the Minister for how “humble” he seemed, others noted that his meal might have cost more than what they could afford.

One commenter asked, “Frankly speaking, how many ppl can afford to eat such signature dish combo. Mee pok with extra topping and a bowl of signature prawn dumpling. My personal view only.”

Another netizen quipped, “Wa. $18 wonton mee. Kay liao..”

Some even dubbed the meal a “luxury” one. A commenter said, “How many Singaporeans will eat so much food luxury every meal ????”

The reactions to Mr Chan’s post, interestingly, appear to prove the point the Straits Times article was making. Singapore politicians, especially those from the ruling party whose high pay some feel leaves them out-of-touch with the ground, appear to use local hawker fare as a bridging tool to connect with voters and appear relatable.

The article notes that while politicians’ social media posts featuring local meals could help show they are “one of the people,” the impact of these posts depends on how genuine they seem. Overly staged or obviously timed posts—especially around elections—risk being seen as opportunistic or “trying too hard.”

While some commenters indeed questioned the timing of Mr Chan’s post, with an election expected perhaps as soon as next month, the question of affordability that is being aimed at the Minister suggests the make-or-break issue this election season will be the rising cost of living. It is perhaps unlikely that any social media food post, no matter how humble, will distract from this key issue as Singaporeans head to the polls.

Soft launch before GE? – Li Hongyi makes rare media appearance, triggering PAP candidacy rumours

By
Jewel Stolarchuk
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0
YT screencapture

SINGAPORE: A new media appearance Singapore Senior Minister Lee Hsien Loong’s son, Li Hongyi, made last week has triggered speculation as to whether the appearance is a soft launch and whether he will be part of the ruling party’s slate for the 2025 General Election.

Although it is unclear when the election will be held, with the Prime Minister and the secretary-general of the People’s Action Party (PAP) having discretion over the timing of the polls, rumours are rife that the election may take place as soon as early May. Both the PAP and opposition parties have been busy, launching new faces, staking claims to wards, and releasing their manifestos, with 9 May being touted online as a potential date Singaporeans may go to the polls.

Amid the heat of these activities, BRAVE Southeast has published a video interview with Li Hongyi. While the interview revolves around Mr Li’s work as director of Open Government Products at the Government Technology Agency of Singapore (GovTech), the rare media appearance has raised eyebrows online given the timing of its release.

The video has been reposted on online forums and social networking sites, with a number of commenters asking whether Mr Li will be standing for election. One commenter asked, “A split image of his father in looks, speech and mannerism. Standing for the coming election?” Some others noted that Mr Li is rarely interviewed and asked whether it is truly coincidental that the interview was published on 9 Apr, possibly a month before the polls.

Speculation over Mr Li’s potential future involvement in politics has been rife for several years now. SM Lee, in an interview that took place in 2018 while he was Singapore Prime Minister, responded to whether the next generation of Lees would join politics. Noting that it would be unkind of him to “burden” his children since it is “difficult enough” for them to carry his name, Mr Lee said:

“Not sure any of them have shown any interest in coming to politics. They are entitled to, but I don’t think it’s likely they feel the same compulsion that I did – duty that I do. They have their own responsibilities, their careers. I’m sure they’ll make contributions in their own ways. But it would be unkind of me to add more burden on them. It’s difficult enough for them as it is to carry my name.”

In 2017, Mr Li Hongyi himself said that he really has no interest in politics after his paternal uncle and aunt accused his father of grooming him for politics during the explosive Lee family dispute.

His cousin, Lee Hsien Yang’s eldest son Li Shengwu, later called this statement “vague” and told the press: “He only said he has no interest in politics, but my uncle Lee Hsien Loong also once said he wasn’t interested in politics when he was in his 20s. These words can easily be taken back.”

Louis Ng widely recognised as ‘best PAP MP’ amid rumours of political retirement

By
Jewel Stolarchuk
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0
Photo: Louis Ng FB

SINGAPORE: A recent post published by People’s Action Party (PAP) politician Louis Ng has sparked speculation that he might be retiring from politics instead of standing for re-election in the coming 2025 General Election.

Mr Ng has served in Parliament for a decade, since 2015. Sharing a photo of himself on the last day Parliament sat this month, he uploaded a “report card” on Facebook. He noted that in the last 10 years, he has raised a whopping 1,055 Parliamentary Questions, 15 Adjournment Motions, 2 Private Member’s Motions, 2 Private Member’s Bills, 1 Parliamentary Petition and helped shape 269 pieces of legislation through his Bill speeches.

He wrote, “I’m especially glad to have spoken up for single unwed parents, teachers, nurses, junior doctors, social workers, LGBTQ+ community, those facing fertility issues, breastfeeding mothers, abused children, sex workers, migrant workers, refugees, on secondhand smoke, climate change, animal welfare, wildlife crime, parental leave and many more.”

Thanking Singaporeans for giving him such an opportunity to contribute to the country, he added, “It has been an incredible privilege to serve as an MP, speaking up and giving everyone, especially the marginalised a voice in Parliament. It’s a responsibility I have never taken lightly. Thank you for giving me this opportunity to make a difference in the lives of others. I will continue to fight hard to make Singapore a better place for all.”

The tone of Mr Ng’s post has raised concerns that he may be stepping down from politics, as the next election looms. While some have asked whether the release of his “report card” indicates that this was truly the last parliamentary sitting this term and whether the election will take place next month as expected, others have expressed sadness at Mr Ng’s potential exit from politics.

The majority of netizens, on both sides of the political divide, are showering Mr Ng with praise for his hard work and dedication in serving Singaporeans over the years. Many have dubbed him “the best PAP MP,” thanking him for his authenticity and for being a voice for the voiceless.

Prominent academic Walid J Abdullah thanked Mr Ng for his service, in a comment, and called him “One of the best backbenchers in parliamentary history!”

A number of netizens called him a “rare” MP with a heart for the people, while some said he is a “refreshing change” from the usual ruling party politician. Others paid tribute to him and shared anecdotes of how his advocacy in Parliament has had an impact on their lives. A number of individuals said that his potential retirement would constitute a “huge loss” in Parliament.

A voice for the voiceless since 2001

Mr Ng was best known as a passionate animal welfare activist prior to joining politics. While still an undergraduate in 2001, he founded Animal Concerns Research and Education Society (ACRES) and he went on to lead the organisation from a volunteer-run group to one with over 20 full-time staff and over S$1 million in funding in 2014.

He joined politics prior to the 2015 general election, in which he was elected to Parliament as part of the team for Nee Soon GRC led by Law and Home Affairs Minister K Shanmugam. The father of three was re-elected in the 2020 general election.

Carlos Alcaraz wins his first Monte Carlo Masters title, but says it’s ‘not the way I wanted to win’

By
Aiah Bathan
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0
Photo: Instagram.com/Carlos Alcaraz

Carlos Alcaraz made an impressive comeback after dropping the first set and won against Lorenzo Musetti with a final scoreline of 6-1, 6-0 to successfully receive his first Monte Carlo Masters. 

The Spaniard took control of the final two sets as his opponent was hindered by injury and struggled to maintain his previous playing form. 

Despite his win, Alcaraz admitted that Musetti’s injury somewhat dulled the satisfaction of his victory. With this, he remarked in his on-court interview: “It’s not the way I wanted to win a match. Thinking about Lorenzo, he’s been through a really tough week, really long and intense matches. I feel really sorry for him that it ended like this, it’s not easy. Hopefully, it’s nothing serious and he’s going to be 100% really soon.” 

Alcaraz added: “Really happy to have won Monte Carlo for the first time. Difficult win with a lot of difficult situations. I dealt with everything. It’s been a difficult month for me, outside and on the court, but coming here and seeing the hard work paying off makes me really happy. I was struggling stepping on the court and playing tennis. It’s been difficult to focus on the important things and follow the good path again.” 

In a social media post, the athlete shared: “🏆❤️ @rolexmontecarlomasters”

One social media user commented (translated): “Great champion! 💪 But what makes you even greater, is your humility. You saw your opponent collapse because of his injury and you started playing with less aggression, out of consideration for him and that makes you great! 👏 👏 👏 I applaud your achievements and your triumphs and you give me enormous joy every time you win and when you win and in addition, you demonstrate nobility, I’m double happy! I’m your number one fan in Ecuador 👏❤️🇪🇨🇪🇦”

“The trophies suit you best! I love you!❤️❤️❤️” Another netizen wrote.

Highlights of the game 

Alcaraz started strong and broke Musetti’s serve in the first game. The young Spaniard looked so confident and used his drop shots to his advantage. However, Musetti did not back down from the challenge and broke Alcaraz right back. 

Musetti then held serve easily and broke Alcaraz to take a 4-1 lead, and the Spaniard lost his rhythm for a while. Musetti stayed in control and won the next two service games and finished the first set 6-3. 

In the second set, Alcaraz returned to the game and won the first two games quickly. However, Musetti started to struggle with his injury, which led to Alcaraz dominating the set 6-1.  

Musetti was not clearly in his best form by the third set, as he had trouble moving and needed medical assistance. With this, the Spaniard won all six games in the final set, finishing the match 3-6, 6-1, 6-0 to win his first  Monte Carlo Masters.

Rory McIlroy wins the Masters and fulfils career Grand Slam goal

By
Aiah Bathan
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0
Photo: Instagram.com/Rory Mcllroy

On April 13, Rory McIlroy secured his first Masters title and finally completed his career Grand Slam as he defeated Justin Rose with a birdie on the first hole of a sudden playoff, following a thrilling and tense final round. 

In a social media post, Mcllroy expressed: “Dreams do come true.” 

 

View this post on Instagram

 

A post shared by RORY (@rorymcilroy)

Netizens also expressed their excitement and shared their congratulations to Mcllroy. 

One fan commented: “Earned. Hard-fought. Resilient. Deserved. 👏👏🙌”  While another stated: “We couldn’t be happier for you!!! My father and I, along with golf fans everywhere, were crying tears of joy with you when that final putt fell!!!” 

A witty remark also added that McIlroy was a “grand slam-pion.”

In another social media post made by The Masters, it stated: “Rory McIlroy is the sixth player to achieve the career Grand Slam. #themasters”

 

View this post on Instagram

 

A post shared by The Masters (@themasters)

More netizens expressed their admiration with one of them writing: “One of the best pieces of sports I have ever watched. Just epic. Cheering for Rory for his whole career. Just love to see him fulfil his dream!”

Highlights of the match 

Mcllroy previously missed the five-foot par putt on the 18th hole in regulation and it led to a playoff. However, this event did not rattle him; he remained composed and made the most of what he had left to do. As he returned to the same hole, he then delivered an impressive approach shot that landed just two feet away from the pin. 

When his winning putt found the hole, the athlete lifted his arms and let his putter fall behind him, as his emotions took over. 

Mcllroy admitted before slipping on his Green Jacket during the presentation ceremony: “There was a lot of pent-up emotion that just came out on that 18th green… A moment like that makes all the years and all the close calls worth it.” 

Furthermore, Mcllroy expressed: “This is my 17th time here, and I started to wonder if it would ever be my time. I think the last 10 years coming here with the burden of the Grand Slam on my shoulders and trying to achieve that, yeah, I’m sort of wondering what we’re all going to talk about going into next year’s Masters.” 

With this momentous victory, Mcllroy is now the sixth golfer in history to win all four major championships. He joined legends such as Gene Sarazen, Ben Hogan, Gary Player, Jack Nicklaus, and Tiger Woods.

On the other hand, it was another heartbreak for Justin Rose at Augusta. He said: “You can’t skip through a career without a little bit of heartache… It’s not going to happen. If you’re willing to lift the big championships, you have to put yourself on the line. You have to risk feeling this way to get the reverse. It’s all – it nets out.”

Marina Bay Sands hits record S$2.7B in earnings after targeting luxury travellers post-pandemic

By
Mary Alavanza
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0
Marina Bay Sands
Photo: Depositphotos/Cloud7Days

SINGAPORE: Marina Bay Sands (MBS) reported its best performance since opening in 2010, with a record US$2 billion (S$2.7 billion) in earnings before interest, taxes, depreciation, and amortisation (EBITDA) in 2024. MBS chief operating officer Paul Town attributed the result to the company’s post-pandemic strategy aimed at luxury consumers who seek experience-driven stays and are mindful of their environmental footprint in an interview with The Straits Times on April 3.

This came as international tourism picked up sharply. Figures from the Singapore Tourism Board showed a 21% jump in visitor numbers last year, reaching 16.5 million, with most travellers coming from China, Indonesia, and India.

In February, an analysis from the World Travel & Tourism Council (WTTC) revealed that Singapore is expected to welcome 16 million tourists in 2025, outpacing other countries in the region, with tourism projected to contribute nearly S$80 billion to the economy by 2030.

The resort reduced its hotel room count from 2,561 to 1,850, which allowed MBS to introduce more high-end suites and nearly triple its butler team from 60 to 160 to meet growing luxury expectations. By May 2025, it will have 776 suites—up from 205 before the pandemic. Despite some rooms being unavailable due to ongoing refurbishment, the property recorded a 95% occupancy rate last year.

Mr Town said the resort saw strong growth in both gaming and non-gaming areas in 2024. Guests stayed longer; a wider mix of dining, entertainment, and leisure options lifted demand. He said the resort had raised standards not only in core areas like rooms, restaurants, and gaming but also in experiences, including theatre shows and off-site activities such as golf and yacht programmes.

Jesper Palmqvist, Asia-Pacific regional vice president at hotel industry research firm STR, noted that the luxury segment’s growth in the Marina Bay area has been led by MBS, which benefits from upgrades catering to higher-end demand. He added that hotels in the Marina Bay area remain Singapore’s fastest-growing submarket.

The resort now has an average daily room rate of S$950. Entry-level suites start at S$1,300 a night, while the presidential suite can go for as much as S$35,000. During special events, such as Taylor Swift’s concerts in Singapore, packages reached as high as S$50,000 for a three-night stay at the Paiza Signature Suite.

Its most exclusive suites, located on the top floors of Towers 1 and 2, span over 6,000 sq ft and are reserved for VIPs. These include private VIP check-ins, dedicated lifts, butler service, and access to the Paiza Sky Residence.

Mr Town said the upgrades were not just about the physical changes but also about rethinking what today’s luxury travellers want. He noted that modern high-end guests seek more meaningful, personalised stays. He pointed out that wellness and sustainability are becoming key priorities, with guests now appreciating features like smart in-room systems that help reduce energy.

MBS is now drawing more travellers from the region, with a strong recovery in visitor numbers from Indonesia, Malaysia, Thailand, Taiwan, and India, said Mr Town. He also noted that while the Chinese market remains important, Southeast Asia has become a major growth driver for the resort’s luxury segment.

Mr Palmqvist added that the ultra-luxury segment has always shown resilience, even during economic downturns, and “Singapore is no exception,” as it already attracts high-end travellers regularly—a sentiment shared by Mr Town, who said that the resort’s growth trajectory is not a short-term rebound but a sustainable one.

Still, economic risks remain. OCBC Bank chief economist Selena Ling cautioned that future growth in the luxury tourism segment could face pressure if global trade tensions worsen. She warned that a slowdown in business confidence could affect wages and bonuses, which may lead consumers to cut back on travel spending.

OCBC Bank chief economist Selena Ling, who is also the head of treasury research and strategy, cautioned that ongoing trade tensions, including new US tariffs, could weigh on consumer spending if businesses turn cautious and cut back on investments, hiring, or wage growth. However, she said Singapore remains well-placed for long-term tourism growth with more attractions, capacity and connections being developed. /TISG 

Read also: MBS expansion expected to cost about S$6.1B more than the 2019 estimate

Featured image by Depositphotos

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