Suntec Reit flags near-term pressure on convention business as bookings slow in wake of Iran war
Wait-and-see stance and cautious spending slow bookings, but pipeline remains steady with no cancellations for Suntec and other operators
Add BT as a preferred source
[SINGAPORE] Convention operators in Singapore are seeing near-term pressure on booking momentum, as global uncertainty prompts corporates to hold back on event commitments.
Though there have been no immediate cancellations or postponements, the manager of Suntec Real Estate Investment Trust (Reit) told The Business Times that bookings are slower to firm up, with more organisers adopting a “wait-and-see” approach when confirming events and a more “conservative stance on spending”.
Likewise, Constellar commercial vice-president Ng Sim Lim noted greater caution among organisers, though they are generally going ahead with events rather than cancelling them “while factoring in potential variability in delegate turnout”.
TRENDING NOW
DBS completes US$1 billion significant risk transfer deal, a first for Singapore bank
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Singapore private housing is ‘decoupling’ from HDB market as buyer pools diverge: NUS survey
Not in education, employment or training: Why more Hong Kong youths are opting out of work
