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More FIX on the NET @ FIX University Cultural Campus
Singapore's aviation industry is set to benefit from an increasing demand for luxury jets, fuelled by the growing number of tycoons in the region.
And analysts said the role of Seletar Airport, as a secondary airport, is also set to grow in importance.
Industry players at the Singapore Airshow said the Asian market for luxury jets is set to soar, as the number of high net-worth individuals in Malaysia, Indonesia, and particularly China, increases.
Analysts say Asian tycoons are increasingly drawn to private jets compared to commercial flights. And that it is more than just a status symbol, but a practical and economical choice.
Christophe Degoumois, vice president, Sales, Bombardier, said: "What they are buying is not just about having a luxury cabin size, like purchasing a luxury car, or buying a luxury yacht. They are buying time and efficiency with it."
As such, Singapore, being an important financial and tourist centre, will contribute to the growth of the market, as more individuals and companies opt for private jets for both work and play.
Ernest J Edwards, president of Embraer Executive Jets, said: "We believe there is market here in Singapore; it is the centre of this region, both from the financial and business perspective."
"Singapore has a lot of potential. Many high net-worth individuals enjoy the use of business jets, not only for luxury and leisure but also to run their businesses. Singapore offers a lot for the businessman... (such as) casinos, (and) all kinds of infrastructure," said Mr Degoumois.
Jeff Miller, vice president of communications at Gulfstream, said: "Singapore is growing, Asia is growing, our market is growing all over this region. So if you just consider 10 years ago, we had 27 aircraft in Asia, today we have 175 business jets operating in Asia, 18 of them here in Singapore."
The expected increase in traffic of private jets, is also set to contribute to the growth of Seletar Airport and Singapore's overall economy.
Shukor Yusof, aviation analyst at Standard & Poor's, said: "You are going to see more private jets coming here, you need maintenance, you need workers and so on.
"Seletar Airport will in the near future become very important, (because) these people want to come in quietly without any fuss, and these planes around us are the kind of assets that they will be buying to help them facilitate their business."
Analysts said some 30 private jets fly in and out of Singapore's Seletar and Changi airports every month.
And analysts said the role of Seletar Airport, as a secondary airport, is also set to grow in importance.
Industry players at the Singapore Airshow said the Asian market for luxury jets is set to soar, as the number of high net-worth individuals in Malaysia, Indonesia, and particularly China, increases.
Analysts say Asian tycoons are increasingly drawn to private jets compared to commercial flights. And that it is more than just a status symbol, but a practical and economical choice.
Christophe Degoumois, vice president, Sales, Bombardier, said: "What they are buying is not just about having a luxury cabin size, like purchasing a luxury car, or buying a luxury yacht. They are buying time and efficiency with it."
As such, Singapore, being an important financial and tourist centre, will contribute to the growth of the market, as more individuals and companies opt for private jets for both work and play.
Ernest J Edwards, president of Embraer Executive Jets, said: "We believe there is market here in Singapore; it is the centre of this region, both from the financial and business perspective."
"Singapore has a lot of potential. Many high net-worth individuals enjoy the use of business jets, not only for luxury and leisure but also to run their businesses. Singapore offers a lot for the businessman... (such as) casinos, (and) all kinds of infrastructure," said Mr Degoumois.
Jeff Miller, vice president of communications at Gulfstream, said: "Singapore is growing, Asia is growing, our market is growing all over this region. So if you just consider 10 years ago, we had 27 aircraft in Asia, today we have 175 business jets operating in Asia, 18 of them here in Singapore."
The expected increase in traffic of private jets, is also set to contribute to the growth of Seletar Airport and Singapore's overall economy.
Shukor Yusof, aviation analyst at Standard & Poor's, said: "You are going to see more private jets coming here, you need maintenance, you need workers and so on.
"Seletar Airport will in the near future become very important, (because) these people want to come in quietly without any fuss, and these planes around us are the kind of assets that they will be buying to help them facilitate their business."
Analysts said some 30 private jets fly in and out of Singapore's Seletar and Changi airports every month.
