As Singapore hosts a number of conferences and other events including the Formula 1 Grand PrixHotel room prices have skyrocketed in the island nation, Bloomberg reported.
What happened: Starting on Thursday, top spots will be excavated Marina Bay Sands to the Raffles Hotel were sold out for much of the coming month, many for over $2,000 a night, the report said.
What’s happening: Singapore hosts quite a number of conferences, including the SuperReturn Summit – a premier networking event for private equity and venture capital partners – billing delegates $4,000, and the highly anticipated Formula 1 event from September 30th to October 2nd. The island nation will also host the Milken Institute Asia Summit, Forbes, its Global CEO Conference and several crypto events in September, followed by Gamescom Asia in October.
Singapore would also host big names in entertainment later this year, including Justin Bieber, Maroon Five and Guns N’ Rosescorresponding Bloomberg.
According to that Singapore Tourism Associationthe island state expects between 4 and 6 million visitors in 2022. In the first half of the year, Singapore recorded 1.5 million visitor arrivals, almost 12 times more than a year earlier.
Why it matters: That SuperReturn Summit will attract not only financiers but also start-ups at a time when funds in China, particularly the smaller ones, are struggling to raise capital following Beijing’s crackdown on the country’s internet sectorsays the report.
Sean XiangFounder and CEO of capital of the Hermitage, told Bloomberg it was a bit of an exaggeration but Chinese fund managers had been held back for three years. “This is a conference you can’t miss,” Xiang said.
