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
[SINGAPORE] The manager of Suntec Real Estate Investment Trus t (Reit) expects near-term pressure on booking momentum at its Suntec Singapore Convention and Exhibition Centre, as global uncertainty prompts corporates to hold back on bookings.
Though there have been no immediate cancellations or postponements, the manager 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”.
At its annual general meeting (AGM) last Thursday (Apr 16), the manager also explained that the global uncertainty could also have longer-term knock-on effects, including higher costs for event organisers and international delegates, potentially weighing on demand for meeting, incentives, conventions and exhibition (Mice).
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