Tag Archives: china

Revenues from Sightseeing, Entertainment and Gaming recorded largest on-year increase in Q1, bringing in S$1.6 billion

http://www.channelnewsasia.com/news/singapore/tourists-to-singapore/1274628.html?cid=FBSG

Tourism receipts for the first three months of 2014 grew 5 per cent on-year to S$6 billion, according to the latest Tourism Sector Performance report by the Singapore Tourism Board (STB).

Growth in tourism receipts was driven by Sightseeing, Entertainment and Gaming (SEG), which recorded a 19 per cent year-on-year growth to rake in S$1.6 billion in revenue, the STB said in the report released on Monday (July 21). Both integrated resorts reported an increase in their overall gaming revenues.

SEG was followed by Other TR Components – which include expenditure on airfares, port taxes, local transportation, medical, business, education and transit visitors – that generated S$1.4 billion in revenue, it added.

Declines in spending on Shopping, which saw a 6 per cent drop, and Food and Beverage, which dipped 1 per cent, were seen in the quarter though. STB said.

LAW IMPACTS CHINA TOURISTS NUMBERS

In terms of international visitor arrivals for the first quarter, the agency said the figure held steady at 3.9 million. Visitor arrivals in the three months were mainly impacted by the 14 per cent decline in arrivals from China “due to the continuing impact of the tourism law that was introduced on Oct 1, 2013”, it said.

The law stipulates, among other things, that tours sold in China for domestic and overseas travel clearly list itineraries, duration and details of transport, hotels and meals.

Excluding visitors from China, visitor arrivals grew 2.8 per cent on-year, with South Korea (17 per cent) and Vietnam (13 per cent) showing strong growth, according to the report. Indonesia continued to top the visitor arrivals list at 749,000 in the first three month.

Despite the drop in visitor numbers, China was still the top tourism receipt-generating markets in the first quarter with S$800 million spent by Chinese tourists. The figure excludes expenditure on the Sightseeing, Entertainment and Gaming component due to “commercial sensitivity” of the information, STB said.

Indonesia and India made up the top three, with the former contributing S$658 million and the latter S$284 million, according to the report. Indonesia’s tourism receipts fell 12 per cent on-year because it was impacted by a drop in per capita spend, while India’s 3 per cent dip on-year was primarily driven down by a fall in arrivals and per capita spend of leisure visitors.

STB also said gazetted hotel room revenue showed a strong 12 per cent growth to hit S$800 million in the first quarter. This was aided by a rise in Average Room Rate, which stood at S$261 in the first three months, a 2.7 per cent hike year-on-year.

However, Average Occupancy Rate stood at 86 per cent, a 0.4-percentage-point decline over the same period last year, the report stated.

Developers negotiate price cuts in Singapore and China

http://www.property-report.com/developers-negotiate-price-cuts-in-singapore-and-china-35219

Ying Yi Chua for The Wall Street Journal

Chinese and Singaporean developers are contemplating bigger price cuts in an effort to attract more homebuyers as domestic residential markets start to cool down.

In China, where home sales reached a recording-setting USD1.31 trillion last year, there is an increasing concern from developers to meet sales targets as many companies only achieved less than 30 percent of their sales projections to date, according to Reuters.

“The market is very weak now, price cuts and promotions are very normal,” Simon Fung, chief financial officer of Greentown China, told Reuters. Fung’s company last week distributed cash coupons to existing clients who are looking to buy a new home.

A number of China-based developers have also started offering free renovation or free parking space packages to lure new investors in a move that is expected to continue throughout the third quarter.

The secondary home market in Hong Kong, which reported a sluggish first quarter in the luxury residential segment, was also slow-moving last week, The Hong Kong Standard reported. Several developers slashed prices over the weekend to attract more buyers, including Sino Land, which drew some 15,000 enquiring buyers in its Mayfair by the Sea I development, where units are being sold at about 20 percent lower than market rates.

In Singapore, where sales of luxury condominiums dropped by more than 60 percent in Q1 2014, year-on-year, based on data provided by property consultancy DTZ, some developers are still undecided if they would be willing to offer discounts or special promotions.

“Buyers are becoming more discerning with their purchases and are quite price-sensitive,” Chua Yang Liang, head of research at JLL Singapore, told The Wall Street Journal. A spokesperson at CapitaLand declined to comment on specific price changes in its Zaha Hadid Architects-designed d’Leedon development, whilst GuocoLand announced that there had been no price cuts in its Soo K. Chan-designed Leedon Residence property at this time.

Meanwhile, one high-end developer, Ho Bee Land, reportedly decided to rent out some units in its Sentosa development rather than pursue selling them in order to maximise profit in this investment climate, CIMB Bank analyst Tan Xuan was quoted in Singapore Business Review last April.

– See more at: http://www.property-report.com/developers-negotiate-price-cuts-in-singapore-and-china-35219#sthash.r3qmzHJO.dpuf

Ying Yi Chua for The Wall Street Journal

Chinese and Singaporean developers are contemplating bigger price cuts in an effort to attract more homebuyers as domestic residential markets start to cool down.

In China, where home sales reached a recording-setting USD1.31 trillion last year, there is an increasing concern from developers to meet sales targets as many companies only achieved less than 30 percent of their sales projections to date, according to Reuters.

“The market is very weak now, price cuts and promotions are very normal,” Simon Fung, chief financial officer of Greentown China, told Reuters. Fung’s company last week distributed cash coupons to existing clients who are looking to buy a new home.

A number of China-based developers have also started offering free renovation or free parking space packages to lure new investors in a move that is expected to continue throughout the third quarter.

The secondary home market in Hong Kong, which reported a sluggish first quarter in the luxury residential segment, was also slow-moving last week, The Hong Kong Standard reported. Several developers slashed prices over the weekend to attract more buyers, including Sino Land, which drew some 15,000 enquiring buyers in its Mayfair by the Sea I development, where units are being sold at about 20 percent lower than market rates.

In Singapore, where sales of luxury condominiums dropped by more than 60 percent in Q1 2014, year-on-year, based on data provided by property consultancy DTZ, some developers are still undecided if they would be willing to offer discounts or special promotions.

“Buyers are becoming more discerning with their purchases and are quite price-sensitive,” Chua Yang Liang, head of research at JLL Singapore, told The Wall Street Journal. A spokesperson at CapitaLand declined to comment on specific price changes in its Zaha Hadid Architects-designed d’Leedon development, whilst GuocoLand announced that there had been no price cuts in its Soo K. Chan-designed Leedon Residence property at this time.

Meanwhile, one high-end developer, Ho Bee Land, reportedly decided to rent out some units in its Sentosa development rather than pursue selling them in order to maximise profit in this investment climate, CIMB Bank analyst Tan Xuan was quoted in Singapore Business Review last April.

– See more at: http://www.property-report.com/developers-negotiate-price-cuts-in-singapore-and-china-35219#sthash.r3qmzHJO.dpuf

Ying Yi Chua for The Wall Street Journal

Chinese and Singaporean developers are contemplating bigger price cuts in an effort to attract more homebuyers as domestic residential markets start to cool down.

In China, where home sales reached a recording-setting USD1.31 trillion last year, there is an increasing concern from developers to meet sales targets as many companies only achieved less than 30 percent of their sales projections to date, according to Reuters.

“The market is very weak now, price cuts and promotions are very normal,” Simon Fung, chief financial officer of Greentown China, told Reuters. Fung’s company last week distributed cash coupons to existing clients who are looking to buy a new home.

A number of China-based developers have also started offering free renovation or free parking space packages to lure new investors in a move that is expected to continue throughout the third quarter.

The secondary home market in Hong Kong, which reported a sluggish first quarter in the luxury residential segment, was also slow-moving last week, The Hong Kong Standard reported. Several developers slashed prices over the weekend to attract more buyers, including Sino Land, which drew some 15,000 enquiring buyers in its Mayfair by the Sea I development, where units are being sold at about 20 percent lower than market rates.

In Singapore, where sales of luxury condominiums dropped by more than 60 percent in Q1 2014, year-on-year, based on data provided by property consultancy DTZ, some developers are still undecided if they would be willing to offer discounts or special promotions.

“Buyers are becoming more discerning with their purchases and are quite price-sensitive,” Chua Yang Liang, head of research at JLL Singapore, told The Wall Street Journal. A spokesperson at CapitaLand declined to comment on specific price changes in its Zaha Hadid Architects-designed d’Leedon development, whilst GuocoLand announced that there had been no price cuts in its Soo K. Chan-designed Leedon Residence property at this time.

Meanwhile, one high-end developer, Ho Bee Land, reportedly decided to rent out some units in its Sentosa development rather than pursue selling them in order to maximise profit in this investment climate, CIMB Bank analyst Tan Xuan was quoted in Singapore Business Review last April.

– See more at: http://www.property-report.com/developers-negotiate-price-cuts-in-singapore-and-china-35219#sthash.r3qmzHJO.dpuf