Business trips to Singapore now cost less than before, but barely so

Business trips to Singapore now cost less than before, but barely so

By: 
Michelle Zhu
17/04/19, 10:38 pm

SINGAPORE (April 17): A typical business trip to Singapore now costs an average of US$468 ($633) per day, down slightly from the daily average of US$479 in 2018.

Based on the latest Daily Rates research findings published by ECA International, this pushes Singapore down by a notch to fourth place this year in the Asia rankings for the region’s most expensive locations for business travel.

The city state’s previous third Asia ranking has now been taken over by Seoul (US$477), Korea, which follows Tokyo (US$494), Japan, and Hong Kong at the number one spot with an average of US$515 per day.

The cheapest location in ECA’s rankings was Johor Bahru in Malaysia, where a business trip would cost just US$184 per day, out of which hotel costs accounted for just US$83.

According to ECA International, Singapore’s slight drop in average daily business travel costs is largely due to a lower hotel room costs, which have declined to an average of US$249 per night as opposed to US$256 the year before.

In comparison, Hong Kong – Asia’s most expensive business travel destination for 2019 on ECA’s Daily Rates rankings – has average daily hotel costs of US$286.

Lee Quane, Regional Director – Asia at ECA International, however notes that demand for hotels has nonetheless remains about the same as Singapore continues to be popular destination for international business, in his view.  

“Despite this small decrease in the average price, the demand remained at about the same level. Singapore continues to be popular for international business, as illustrated by the fact that Singapore remains in the top five most expensive Asian locations,” says Quane.

“In recent years, we have seen Hong Kong pull away slightly from other expensive locations such as Tokyo, Seoul and Singapore. This year has been no different, with Hong Kong now costing 4% more than Tokyo and 8% more than Seoul – two locations that are in second and third places respectively,” he adds.

All cities on the Asian top 10 list notably have yet to make it to the top ten global rankings for ECA’s most expensive locations.

Worldwide, the top 10 list was mainly dominated by cities in the US and Switzerland, with New York coming out top at No.1 with an average daily price of US$799, and Bern making the No.10 mark with an average price of US$576.

Interestingly, ECA International says Chinese cities would have been much higher placed in the global rankings notwithstanding hotel costs from the total prices, as hotel costs in China are comparatively cheaper than many other locations across the world.

Shanghai would have jumped to 89th place from 117th place this year, while Beijing would have been included in the global top 100 list if not for hotel prices.

US sanctions on Huawei could backfire

SINGAPORE (May 27): It was only to have been expected. After nearly a year of pressure that failed to stop Huawei Technologies Co’s expansion -- especially in the rollout of the next generation 5G wireless network globally -- in its tracks, US President Donald Trump signed an executive order effectively barring American firms from doing business with the Chinese telecommunications equipment company. The inclusion of Huawei on the US Department of Commerce’s Bureau of Industry and Security’s (BIS) Entity List means that companies would need to apply for a waiver to supply goods with 25....
Read More >>

Annica chairman Ong quits just as $33 mil goes missing at his law firm JLC

SINGAPORE (May 27): Jeffrey Ong, managing partner of law firm JLC Advisors, may have given instructions to pay out a sum of $33.2 million held in escrow by his firm for a client, Allied Technologies. According to Allied’s statement filed with Singapore Exchange on May 23, the payment may have been “unauthorised”, citing a letter it received from JLC on May 22. Allied’s statement did not specify who the payment was made to. Ong also abruptly resigned as non-executive chairman of Annica Holdings on May 20. In a May 22 filing with SGX, Annica CEO Sandra Liz Hon Ai Ling said Ong resigne....
Read More >>

SGX RegCo sees targeted approach in enforcement, more powerful market discipline

SINGAPORE (May 27): Tan Boon Gin, CEO of stock exchange regulator Singapore Exchange Regulation, says the market can expect a stronger regulatory presence. “You will see a series of enforcement cases coming up quite soon,” he tells The Edge Singapore. Tan’s assertion comes amid significant changes in the market as sentiment remains lacklustre and investors’ expectations change. The local stock market has gone through significant upheaval, not least because of the penny stock crash in 2013 that wiped out some $8 billion in value from the market. The event dented investor sentiment, a....
Read More >>