singapore tourist demographics

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19 Key Singapore Tourism Statistics in 2023

Discover the remarkable resurgence of Singapore's tourism in 2023. Explore 19 key statistics revealing a thriving industry poised for a bright future.

Shane Duggan

Shane is a full-time software developer and Founder of Lookup SG.

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1. Burger Bar & Grill

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2. Eagle French Cafe

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3. L’ardoise Bistro

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4. Anchor Seafood Market

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As a passionate traveler and someone deeply interested in the world of tourism, I couldn't help but dive into the latest statistics on Singapore's tourism scene for 2023. 

The numbers are not just impressive, they reveal a fascinating story of resilience and recovery in the wake of the pandemic. 

In this blog post, we'll explore the 19 key Singapore tourism statistics for 2023 and uncover the exciting insights they offer.

The top 19 Singapore tourism statistics at a glance

• Singapore's international visitor arrivals (IVA) reached 6.3 million in 2022, exceeding expectations, and visitor numbers are expected to double in 2023, reaching up to 14 million visitors  [source ]
• In the first quarter of 2023, Singapore welcomed more than 2.9 million visitors, which is about two-thirds of pre-Covid-19 numbers  [source ]
• The recovery of the tourism sector continues, and Singapore's tourism industry is on track for a full recovery by 2024  [source ]
• The number of visitors to Singapore who came here stayed longer in 2023, with an average of 3.97 days, up from 3.34 days in 2019  [source ]
• International visitor arrivals to Singapore are expected to hit 12 million to 14 million in 2023, with full tourism recovery expected by 2024  [source ]
• Tourism receipts are also anticipated to climb to $18 billion to $21 billion in 2023  [source ]
• Singapore's top visitor markets comprise of Indonesia, India, and Malaysia  [source ]
• The Singapore Tourism Board (STB) is helping the tourism sector ramp up hiring to support the pace of recovery, and as of September 2022, about 65,000 people, or around 78% of the figures in 2019, were employed in the industry  [source ]
• Singapore's tourism sector saw strong growth in 2022, with 6.3 million international visitors spending between S$13.8 billion and S$14.3 billion, half of 2019's tourism receipts  [source ]
• Singapore's tourism industry is expected to recover to pre-pandemic levels next year  [source ]
• The STB is launching a guide to help attractions digitalize and transform their key business functions such as customer service, sales, and marketing  [source ]
• The STB is also funding TV and film projects that spotlight and market Singapore to global audiences, receiving funding for up to 30% of the costs, including production and marketing expenditures  [source ]
• Singapore's tourism industry is expected to contribute significantly to the country's GDP in 2023  [source ]
• The STB is working to promote Singapore as a leading business and leisure destination for post-pandemic travelers  [source ]
• Singapore's tourism industry is expected to create many job opportunities in 2023  [source ]
• Singapore's tourism industry is expected to continue to grow in 2023, with many events planned throughout the year, such as Art SG, Southeast Asia's largest art fair  [source ]
• Singapore's tourism industry is expected to benefit from the country's high vaccination rate and strict safety measures  [source ]
• Singapore's tourism industry is expected to benefit from the country's reputation as a safe and clean destination  [source ]
• Singapore's tourism industry is expected to benefit from the country's strong digital infrastructure, which allows for easy access to information and booking services  [source ]

Now, let's dive in.

Singapore's Spectacular Arrival Numbers

Singapore has always been a magnet for travelers, but the numbers for 2023 are nothing short of astonishing. 

International visitor arrivals (IVA) reached a staggering 6.3 million in 2022, exceeding all expectations. Even more jaw-dropping is the projection for 2023 - a whopping 14 million visitors! 

It's a clear sign that Singapore's allure remains strong and is drawing in travelers from around the globe.

Post-Pandemic Recovery

In the first quarter of 2023, Singapore welcomed over 2.9 million visitors, a milestone that's about two-thirds of pre-Covid-19 levels. This promising resurgence suggests that the travel industry is on a path to reclaim its pre-pandemic glory. 

With visitor numbers rising steadily, Singapore's tourism sector seems well on its way to a full recovery by 2024.

Longer Stays and Bigger Spending

Here's an interesting shift - visitors to Singapore are staying longer in 2023, with an average of 3.97 days, up from 3.34 days in 2019. This means that travelers are not just passing through but are opting for more immersive experiences. And they're not shy about opening their wallets either. Tourism receipts are anticipated to climb to a substantial $18 billion to $21 billion in 2023. Travelers are not just exploring Singapore; they're contributing significantly to its economy.

Leading Visitor Markets and Job Creation

Singapore's top visitor markets comprise Indonesia, India, and Malaysia. This data reveals the importance of neighboring countries in sustaining Singapore's tourism sector. The Singapore Tourism Board (STB) is playing a pivotal role in this recovery. It's helping the tourism sector boost hiring efforts, with approximately 65,000 people employed in the industry as of September 2022, accounting for nearly 78% of pre-pandemic figures.

The STB's Initiatives

STB's Innovative Initiatives

The STB isn't just sitting back and watching the numbers rise; it's actively driving change. It's launching a guide to aid attractions in digitalizing and transforming their key business functions. This includes enhancing customer service, sales, and marketing efforts. 

Furthermore, the STB is fueling TV and film projects that showcase Singapore to global audiences. By providing funding for up to 30% of production and marketing expenditures, it's amplifying Singapore's visibility on the global stage.

Economic Significance and Growth Prospects

In 2023, Singapore's tourism industry is not just a source of wanderlust; it's also a significant contributor to the country's GDP. The sector's potential for growth is immense, with a range of events planned for the year, including Art SG, Southeast Asia's largest art fair. 

These events are set to attract even more visitors and stimulate the economy.

Factors in Singapore's Favor

Singapore's strong vaccination rate, strict safety measures, reputation as a safe and clean destination, and robust digital infrastructure all work together to benefit its tourism industry. 

These factors provide travelers with confidence and convenience, making Singapore an attractive destination in a post-pandemic world.

In conclusion, the 19 key Singapore tourism statistics for 2023 reveal a promising and resilient sector. The numbers tell a story of recovery, adaptability, and innovation in the face of adversity. 

As travelers, we have much to look forward to as Singapore continues to evolve as a top-notch destination. So, pack your bags and get ready to explore the Lion City – it's a journey filled with excitement and opportunity. 

Singapore is back, and it's more captivating than ever!

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Singapore Tourism Statistics

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Singapore SG: International Tourism: Expenditures: % of Total Imports

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Singapore SG: International Tourism: Expenditures: for Travel Items

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Singapore SG: International Tourism: Number of Arrivals

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Singapore SG: International Tourism: Number of Departures

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Singapore SG: International Tourism: Receipts

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Singapore SG: International Tourism: Receipts: % of Total Exports

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Singapore SG: International Tourism: Receipts: for Travel Items

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Travel & Tourism - Singapore

• Singapore's Travel & Tourism market is expected to prosper in the coming years.
• The revenue of this market is projected to reach US$3,826.00m by 2024.
• Moreover, it is expected to grow annually at a rate of 4.74% between 2024 and 2028.
• By 2028, the market's projected volume is estimated to be US$4,605.00m.
• The largest market in this market is the Package Holidays which are expected to generate US$1,823.00m in 2024.
• The number of users for Package Holidays is projected to reach 4.98m users by 2028.
• It is forecasted that user penetration will increase from 87.5% in 2024 to 99.4% by 2028.
• The average revenue per user (ARPU) is expected to be US$0.72k.
• By 2028, online sales will account for 81% of the total revenue generated in the Travel & Tourism market.
• Lastly, United States is expected to generate the most revenue in comparison to other countries, with US$199bn in 2024.
• Singapore's Travel & Tourism industry has experienced a rise in domestic tourism due to COVID-19 travel restrictions.

Key regions: Malaysia , Europe , Singapore , Vietnam , United States

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

The market consists of five further markets.

• The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
• The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
• The Hotels market includes stays in hotels and professionally run guest houses.
• The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
• The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

For further information on the data displayed, refer to the info button right next to each box.

• Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

out-of-scope

• Business trips
• Other forms of trips (e.g. excursions, etc.)

Travel & Tourism

• Vacation Rentals
• Package Holidays
• Analyst Opinion

Singapore's Travel & Tourism market is experiencing significant growth and development. Customer preferences: Travelers in Singapore are increasingly seeking unique and personalized experiences, moving away from traditional tourist attractions towards more authentic and off-the-beaten-path destinations. This shift in preferences is driven by a desire for cultural immersion and a deeper connection with the local community. Trends in the market: One notable trend in the Singaporean Travel & Tourism market is the rise of sustainable and eco-friendly travel options. With growing concerns about climate change and environmental impact, travelers are showing a preference for green accommodations, carbon-neutral transportation, and responsible tourism practices. This trend is in line with global efforts towards sustainability in the tourism industry. Local special circumstances: Singapore's strategic location in Southeast Asia makes it a hub for regional travel, attracting visitors from neighboring countries for short getaways and business trips. The city-state's efficient transportation infrastructure and world-class amenities contribute to its appeal as a travel destination. Additionally, Singapore's diverse culinary scene and vibrant cultural events offer unique experiences for tourists. Underlying macroeconomic factors: The strong economic growth and stable political environment in Singapore have contributed to the growth of the Travel & Tourism market. Rising disposable incomes and a growing middle class in the region have led to an increase in outbound travel from Singapore. Additionally, government initiatives to promote tourism and improve connectivity have further boosted the industry.

• Methodology

Data coverage:

Modeling approach:

Additional notes:

• Sales Channels
• Travel Behavior
• User Demographics
• Global Comparison
• Key Market Indicators

2022 Singapore Tourism Statistics Revealed Who Visited Singapore the Most

• Written By MJ Afsary,
• This article was first published on January 8, 2023,
• and last updated on 9 months ago
• In the Category Travel Tips

Home » Articles » 2022 Singapore Tourism Statistics Revealed Who Visited Singapore the Most

The tourism industry in Singapore is complicated but very profitable because it is made up of many different economic sectors. Singapore’s tourism industry is one of the most profitable parts of the local economy. It supports 164,000 jobs and makes up 4% of the country’s GDP. So, the numbers say what they need to say.

So, how did Singapore’s tourism business grow? How many people went to this country as tourists in 2022? And what does tourism do to the economy as a whole? To answer these questions, we’ll show you statistics about the tourism industry in Singapore.

General Singapore Tourism Statistics for 2022

Singapore’s borders reopened on April 1, 2022 , as part of the Vaccinated Travel Framework. At the beginning of the year, the city’s tourism board (STB) made a statement about the number of international visitors (IVA). Singapore thinks that between 4 and 6 million people will visit in 2022, as international tourism grows. The results were also good news.

• In 2022, more than 5.37 million people from all over the world went to Singapore. The number of visitors grew by 2,164.9% each year (YoY)
• There were about 906,900 Indonesian tourists
• 4.03 million people stayed overnight in Singapore (million)
• Till the November of 2022, the average length of stay for tourists from other countries was 5.19 days

Foreign nationals apply for the Singapore Visa in 2022

A passport and an entry visa to Singapore are not the same thing. If you have a valid visa for Singapore , you are allowed to travel to Singapore and apply for an entry with SGAC . The Singapore High Commission only accepts business and tourist visas. Also, according to Finance Minister Lawrence Wong, the country is not turning away foreign workers and professionals, but is instead adjusting how they are hired to make sure they work in areas where there aren’t enough workers.

The good news is that with the help of Singapore Visa Online, you can get your Singapore visa online in as few as three to five business days. The Singapore eVisa will save applicants time as they will no longer need to submit a paper application or attend an in-person interview at a consulate or embassy.

International Visitors by Country Arriving in Singapore for 2022

The given information paints a picture of a city with a lot of tourists. From January to November 2022, people from the following countries went to Singapore the most:

• Indonesia: 906.9k
• India: 612.3k
• Malaysia: 495.47k
• Australia: 476.48k
• Philippines: 325.48k
• Vietnam: 285.05k
• The USA: 264.75k
• Thailand: 247.38k
• The UK: 193.68k
• South Korea: 185.69k
• China: 111.18k
• Germany: 1110.06k
• Hong Kong SAR: 102.02k
• Others: 945.18k

International Visitors to Singapore by Month

Now that you know which countries sent the most visitors to Singapore, I’ll break down the yearly totals by season (January through November).

• January 2022 - 57,174 arrivals
• February 2022 - 67,764 arrivals
• March 2022 - 121,207 arrivals
• April 2022 - 295,095 arrivals
• May 2022 - 418,458 arrivals
• June 2022 - 534,733 arrivals
• July 2022 - 726,602 arrivals
• August 2022 - 729,601 arrivals
• September 2022 - 782,080 arrivals
• October 2022 - 816,764 arrivals
• November 2022 - 816,250 arrivals
• December 2022 - 820,155 arrivals

Average Length of Stay in Singapore for International Arrivals

• January 2022: 18.9 days
• February 2022: 16.9 days
• March 2022: 12.5 days
• April 2022: 7.3 days
• May 2022: 6.1 days
• June 2022: 5.7 days
• July 2022: 5.1 days
• August 2022: 4.9 days
• September 2022: 3.4 days
• October 2022: 3.6 days
• November 2022: 4.1 days
• December 2022 - 5.2 days

International Visitor Arrivals By Sex and Age

Creating a good image of the destination can have an effect on tourists. Sex and age are the most important factors of a tourist destination for the number of international visitors. Let’s look at the big picture:

• Female: Total of 2,544,620 female arrivals in Singapore (around 2.5 million female arrivals)
• Male: Total of 2,829,190 male arrivals in Singapore (around 2.8 million arrivals)

By Age Group

• Under 15 Years: 431,351 visitors
• 15-19 Years: 170,420 visitors
• 20-24 Years: 405,960 visitors
• 25-34 Years: 1,390,000 visitors
• 35-44 Years: 1,150,000 visitors
• 45-54 Years: 838,830 visitors
• 55-64 Years: 601,890 visitors
• 65 & Over: 389,960 visitors

Singapore Arrivals by Mode of Transport

About 4.6 million people from outside the country flew on commercial flights in 2022. In that year, when Singapore reopened its borders to the rest of the world, there was a sudden rise in air travel.

• Arrivals via Air: 4,642,610 (Around 4.6 million arrivals)
• Arrivals via Sea: 441,123
• Arrivals via Land: 294,057

Singapore Hotel Statistics for 2022

People who are on the road need a place to sleep. Read on to learn more about the hotel business in 2022. Be careful, though, because the results might surprise you.

I should make it clear that these numbers are only for hotels that are listed in the official gazette.

Average Singapore Hotel Occupancy Rate in 2022

At that time, more rooms were being used, so a higher percentage means that more rooms were being used.

• Jan 2022: 59%
• February 2022: 64%
• March 2022: 60%
• April 2022: 67%
• May 2022: 73%
• June 2022: 78%
• July 2022: 79%
• August 2022: 77%
• September 2022: 83%
• October 2022: 85%
• November 2022: 87%
• December 2022: 92%

Rooms that are being fixed up or that are being used by staff are not included.

• Jan 2022: 962.68K
• February 2022: 883.23K
• March 2022: 1.34M
• April 2022: 1.33M
• May 2022: 1,44M
• June 2022: 1,58M
• July 2022: 1,55M
• August 2022: 1,62M
• September 2022: 1.65M
• October 2022: 1.71M
• November 2022: 1.63M
• December 2022: 1.72M

Singapore Tourism Receipts during the Pandemic

COVID-19 has had a big impact on the growth and development of economies around the world. This is not a secret. This is especially true in the business of travel and tourism. Next, we’ll look at tourism before, during, and after the outbreak:

Tourism Receipts per Major Component for 2019

For 2019, tourism receipts equaled 27.69B (billion) dollars, an 2.77% increase from 2018.

• Shopping: 5.64B (billion)
• Accommodation: 5.53B
• Food and Beverages: 2.5B
• Sightseeing, Entertainment, and Gaming: 6.0B
• Other major components not listed (airfare, port taxes, etc.): 8.03B

Tourism Receipts per Major Component for 2020

For 2020, tourism receipts equaled 4.83B (billion) dollars, an 82.56% decrease from 2020.

• Shopping: 1702.93M (million)
• Accommodation: 1.02B (billion)
• Food and Beverages: 453.67M
• Sightseeing, Entertainment, and Gaming: 951.27M
• Other major components not listed (airfare, port taxes, etc.): 1.7B

Tourism Receipts per Major Component for 2021

For 2021, tourism receipts equaled 1.89B (billion) dollars, a 60.79% decrease from 2020.

• Shopping: 174.42M (million)
• Accommodation: 580.44M
• Food and Beverages: 192.46M
• Sightseeing, Entertainment, and Gaming: 223.26M
• Other major components not listed (airfare, port taxes, etc.): 723.05M

Tourism Receipts per Major Component for the 2022

Looking at the tourism receipts for 2022, we can see an enormous increase from 2021.

• Shopping: 899.36M (million)
• Accommodation: 1.05B
• Food and Beverages: 367.5M
• Sightseeing, Entertainment, and Gaming: 751.56M
• Other major components not listed (airfare, port taxes, etc.): 1.42B

What are Singapore's Traditional Incoming Markets, and How will that Change Post-COVID?

Over the course of 2022, global COVID rules and travel restrictions have been gradually lifted. As a result, we should expect a steady rise in tourism to several major places around the world, including Singapore. The economy, along with everything else, eventually returned to normal. Singapore has been successful for a long time because of its overall Traditional Incoming Market framework.

Singapore’s economy is open and heavily based on trade. It is a key link in the supply chain worldwide. Singapore has mostly open investment strategies and a strong free market economy. At the same time, Singapore’s government takes an active role in managing and keeping the economy growing. It also supports open investment policies and a strong free market economy. The country has some of the strictest laws in the world against corruption, and they are being followed strictly.

There has been a lot of foreign investment in the petrochemical, electronic, pharmaceutical, machinery and equipment, and services sectors of Singapore’s manufacturing sector (financial, trade, and business). By giving companies tax breaks, funding for research and development (R&D), and chances to work with local research institutions, the government is trying to make the country a hub for R&D and innovation around the world.

Singapore’s digital innovation, pharmaceutical manufacturing, environmental sustainability, and cybersecurity sectors are likely to get more foreign investments in the future. Singapore’s government is putting a lot of money into AI, robotics, integrated systems, and protecting the environment in order to make the country a hub for these technologies in Southeast Asia. Also, Singapore has always been a place where research and medical technology are made and developed.

Post COVID-19 Scenario

Even though it’s hard to predict inbound tourism, we can guess how Singapore’s usual inbound markets will change after the covid.

34% of Singapore’s workers are from outside the country, which makes the country very dependent on them. After the first COVID-19 pandemic outbreak was found in dormitories where low-wage immigrant workers in the construction and maritime industries lived, strict quarantine rules almost put an end to the construction industry. The Singaporean government had cut most businesses’ quotas for mid-skilled and low-skilled foreign workers in 2020. This was done to encourage businesses to be more efficient and hire more Singaporeans. After COVID-19, it impacted the overall economic growth of 2022.

The tourism industry was one of the first to feel the effects of the pandemic, since almost all tourism operations around the world had to stop so that the virus could be stopped. But things turned out differently in 2022, when Singapore became a top tourist destination. In 2022, some tourists may even plan a stopover in Singapore just to see the city’s many sights.

Before the epidemic, China was the most important market for Singapore to sell to. China dropped from number one on the list of most visited countries in 2019 to number eleven in 2022. This is because between 2019 and 2022, the number of visitors to China had dropped by 98.2%. Japan used to be sixth, but now it’s not even on the list of top countries that come here. But the strict covid laws were a major reason why Chinese and Japanese international tourism is going down.

There is now no reason to think that tourists from the rest of the industry’s traditional markets will stop coming to Singapore. The number of people coming from these top countries has gone up a lot from one month to the next, and the numbers show that this is likely to keep happening. And based on what we’ve learned, we think that the tourism industry will continue to grow beyond 2022.

Final Words

Based on the information below, we can see that Singapore’s tourism industry started to grow again in 2022, after two long years. STB wants to keep growing Singapore’s tourism industry by coming up with new ideas and products. Tourism is still Singapore’s fastest-growing business because it can create jobs, bring in money from other countries, and help develop many different parts of the country.

There are so many great things to see and photograph in Singapore that you will want to see more. Plan your trip now to make sure that you have a great time.

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Singapore is world’s 4th wealthiest city, overtaking London: Report

SINGAPORE - Singapore has been ranked the fourth wealthiest city in the world, overtaking London, according to Henley & Partners.

According to the investment migration consultant’s 2024 World’s Wealthiest Cities Report, 3,400 high-net-worth individuals (HNWIs) moved to Singapore in 2023 alone.

The Republic – which is widely regarded as the most business-friendly city globally – is now home to 244,800 resident millionaires or individuals with liquid investable wealth of US$1 million (S$1.35 million) or more, 336 centi-millionaires with investable wealth of US$100 million or more, and 30 billionaires with investable wealth of US$1 billion or more.

This follows an impressive 64 per cent increase in millionaires over the past 10 years from 2013 to 2023, with Singapore looking set to unseat Tokyo as Asia’s wealthiest city very soon.

Tokyo, which led the pack as the world’s wealthiest city a decade ago, has suffered a 5 per cent drop in its resident HNWI population over the same 10-year period and now sits in third place with 298,300 millionaires, 267 centi-millionaires and 14 billionaires.

London, the wealthiest city in the world for many years, has continued to tumble down the ranking and now sits in fifth place with 227,000 millionaires, 370 centi-millionaires and 35 billionaires, a decline of 10 per cent over the past decade.

Meanwhile, Hong Kong has fallen four places over the 10-year period to ninth globally, with 143,400 millionaires, 320 centi-millionaires and 35 billionaires.

China has established a notable presence in the latest ranking, with Beijing and its 125,600 millionaires making it into the top 10 for the first time following a 90 per cent growth in its millionaire population over the past decade.

Shanghai, Shenzhen, Guangzhou and Hangzhou have all recorded significant increases in their millionaire populations too.

Mr Andrew Amoils, head of research at global data intelligence firm New World Wealth which worked with Henley on the report, said Shenzhen is the world’s fastest-growing city for the wealthy, with its millionaire population exploding by 140 per cent in the last 10 years. Hangzhou also experienced a huge 125 per cent increase in its wealthy residents, while Guangzhou’s millionaire numbers have grown by 110 per cent over the past decade. 

New York City remained firmly in the top position globally, with wealth held by its residents exceeding US$3 trillion, higher than the total wealth held in most major Group of 20 countries­.

The Big Apple is home to a staggering 349,500 millionaires, 744 centi-millionaires and 60 billionaires.

Hot on its heels in second place is Northern California’s Bay Area, encompassing the city of San Francisco and Silicon Valley. The Bay Area saw its millionaire population grow by a whopping 82 per cent over the past decade, and is now home to 305,700 millionaires, 675 centi-millionaires and 68 billionaires. 

Dr Juerg Steffen, chief executive officer of Henley & Partners, said a key factor driving growth in the world’s wealthiest cities has been the strong performance of financial markets in recent years.

“The S&P 500’s 24 per cent gain last year, along with the Nasdaq’s 43 per cent surge and Bitcoin’s staggering 155 per cent rally, has buoyed the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation,” he said. 

When it comes to the most expensive cities in the world, New York City came in second after Monaco. The average sq m price of a prime 200 sq m to 400 sq m apartment was US$35,500 in Monaco and US$28,400 in New York.

London came in third place with prime real estate averaging US$26,500 per sq m, followed by Hong Kong in fourth place at US$25,800 per sq m.

Singapore was ranked 11th, with its average prime real estate prices significantly lower at US$16,300 per sq m.

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About the Organisation

What industry does your organization fall within, what best describes the key intent of the project that your organisation is seeking funding for, is your organisation a singapore-registered legal entity, is your organisation an association, is the project able to achieve one or more of the following outcome.

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Is the project able to achieve one or more of the following?

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Is the project able to attract foreign visitors and contribute to foreign visitors' spend?

Who will be the main target audience of your project, is your project innovative and/or a new event in singapore with tourism potential, what best describes your project, does the event have proven track records in singapore or overseas, and/or growth in tourism value such as growing foreign visitorship, and/or enhancement of precinct vibrancy etc, does the project have a clear tourism focus (e.g. tourism-related trainings, tourism companies taking on capability development initiatives or technology companies creating technology products and services for the tourism businesses), what best describes your market feasibility study project.

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Please note that projects that have commenced prior to Singapore Tourism Board's offer may not be eligible for grant support. Examples where projects are deemed as having commenced include:

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