Singapore has come a long way from its humble beginnings as a fishing port to become a modern, flourishing metropolis. In the past 10 years alone, the city state has transformed itself into a booming economy at the heart of Southeast Asia.
With practically no natural resources of its own, Singapore has strived hard to carve a niche for itself as a service economy, with the banking and tourism sectors forming the crux of its push ahead into modernisation.
Singapore's leaders knew from an early stage that they needed solid infrastructure, such as a world-class airport and top-class port facilities, to attract international business and businessmen to the city. In Changi Airport, it achieved that with a facility that always lands on the top of various travel organisations' rankings. Likewise, its port handles more containers than Hong Kong's and even Shanghai's.
In the past couple of years, Singapore has pushed the tourism card and its attractions got a tremendous boost with the opening of international-class serviced apartments and the integrated resorts of Marina Bay Sands and Resorts World Sentosa. The resorts have helped to boost visitor arrivals to the island state and the benefits have trickled down to a range of businesses and industries, particularly the serviced apartment sector.
According to Singapore Tourism Board figures, tourist receipts last year reached US$18 billion, an 18 per cent increase from the previous year. More than 13 million tourists visited Singapore, a rise of 13 per cent, with many visitors lured by the two integrated resorts.
One of the biggest names in serviced residences, Frasers Hospitality, has a strong presence in Singapore and has also benefited from the city's rise as a haven for visitors, whether they are on business, with their families as tourists or attending major events such as the annual Formula One Grand Prix.