Singapore Rises To Become Fourth Most Expensive Location For Business Travel In Asia Pacific
- Written by iexpatriate.com
Singapore has risen one place from fifth position in last year’s regional rankings.
“Costs associated with accommodation for business travellers have risen in Singapore in the past year and are amongst the highest out of the locations we surveyed in the region,” said Lee Quane, Regional Director – Asia for ECA International. “Although rates for four-star hotel accommodation are still approximately 16 per cent lower than comparable accommodation in the most expensive location, Tokyo.”
The total cost of a typical business trip to Singapore, excluding travel to and from the city, is USD 472 per day on average.
“Costs commonly incurred during the course of business trips include accommodation, transport, meals and day-to-day necessities,” advised Quane. “Looking at four-star hotel accommodation, Tokyo, Hong Kong and Seoul all have higher rates than Singapore. We have seen that the total costs incurred by a business traveller in the region are highest in Tokyo.”
Singapore’s regional rival, Hong Kong, has secured second position in this year’s regional rankings. While the cost of a typical meal out and incidental expenditure is more expensive in Singapore, higher costs associated with hotel accommodation in the SAR (13 per cent higher) contribute to its ranking as the second-most expensive location in Asia Pacific to undertake a business trip.
The cheapest location in the Asia Pacific region for business travel is Johor Bahru. Kuala Lumpur is the only capital city ranked within the top-ten cheapest locations for business travel in Asia. “Hotel accommodation rates have been depressed in the past 12 months owing to the impact of the fall in oil and gas prices on the Malaysian economy and subsequent reduction in business travel to and within the country,” said Quane. “This has been further accentuated by the continued depreciation of MYR versus USD to leave business-travel costs in Malaysia low in comparison to elsewhere in the region.”
Shanghai has fallen in this year’s regional rankings to 15th position. The Chinese yuan has depreciated against the US dollar over the past year contributing to Shanghai’s cheaper rates in USD terms. Beijing follows in 25th position with rates seven per cent lower than Shanghai, largely due to average four-star hotel rates in Shanghai being significantly higher than in Beijing. However, hotel rates in Shanghai are still 32 per cent cheaper than Hong Kong’s.
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