Singapore is now the fourth most expensive location in Asia-Pacific for business travel, rising one spot from last year's regional ranking by global mobility solutions provider ECA International, although the average cost of a business trip to the Lion City is still eight per cent cheaper than Hong Kong.
The total cost of a typical business trip to Singapore, excluding travel to and from the city, is US$472 per day on average, according to ECA’s annual Daily Rates study, which considers average costs for four-star hotel accommodation, meals and drinks, laundry, transport and incidentals.
“Costs associated with accommodation for business travellers have risen in Singapore in the past year... although rates for four-star hotel accommodation are still approximately 16 per cent lower than comparable accommodation in the most expensive location, Tokyo,” said Lee Quane, regional director – Asia for ECA International.
While a typical meal out and incidentals amount to higher expenses in Singapore than in Hong Kong, this is offset by higher costs associated with hotel accommodation in Hong Kong (13 per cent higher) in the second spot. Seoul is ranked third most expensive in the region after Tokyo and Hong Kong respectively.
When leaving out hotel costs, however, Singapore falls to seventh in the regional ranking. Tokyo remains the most expensive, followed by Seoul, Yokohama, Sydney and Hong Kong.
Source: ECA International
Shanghai, where hotel rates are 32 per cent lower than in Hong Kong, fell to 15th position. Beijing follows in 25th position with rates seven per cent lower than in Shanghai, largely due to cheaper hotel rates.
Meanwhile, ECA found Johor Bahru in Malaysia to be the cheapest business travel location in Asia-Pacific, while Kuala Lumpur is the only capital city ranked within the ten cheapest locations.
“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,” added Quane.
“This has been further accentuated by the continued depreciation of the Malaysian ringgit versus the US dollar to (keep) business-travel costs in Malaysia low in comparison to elsewhere in the region.”