IE Singapore sees opportunities in the fast-growing markets of the Asia-Pacific and the Gulf
DESPITE the global economic slump, Singapore’s hospitality players do not seem to have let up in their aggressive expansion overseas, especially in Asia. They continue to be driven by new opportunities opened up by the recession, and new ways to meet the demand of travellers with tighter budgets. And International Enterprise (IE) Singapore, which has been pushing them to go global, is still egging them on.
‘Even in times of economic downturn we see opportunities in the fast-growing markets of the Asia-Pacific and the Gulf,’ says Tham Poh Cheong, director of IE’s infrastructure, environmental and engineering services divisions. ‘We are working with Singapore-based hospitality companies to facilitate their overseas expansion by unearthing these opportunities and providing market access.’
Among the help offered by IE: sharpening the competitive edge of Singapore companies, paving the way for them to break into emerging markets fast, and providing leads to grow their presence in mature markets.
Players such as Pan Pacific Hotels Group, Frasers Hospitality and CTC Holidays report launching new hotels or service apartments as well as signing new management deals in the past year. Where investments in hotels and service apartments were once unattractive because of high property prices, the picture has changed amid the recession. Continue reading
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