Like several other countries in a post-pandemic world, Singapore is shifting from chasing visitor numbers to courting high-value travelers, aiming to nearly double tourism receipts by 2040. With a focus on business events, luxury cruising, wellness, and blockbuster entertainment, Malaysia’s southern neighbour is redefining what it means to be a global destination.

Singapore is an enigma in many ways, particularly in comparison to its Southeast Asian neighbours. One puzzle is exactly how a fairly small tropical island with no notable beaches and infamously high prices manages to not only perform incredibly well when it comes to global tourism, but seeks to push its already-impressive tourism receipts even higher.

Singapore’s “Tourism 2040” strategy, publicly announced last month, is a bold pivot from traditional tourism metrics. Instead of maximizing tourist arrivals, the city-state is targeting a significant increase in tourism revenue—from S$29.8 billion in 2024 to between S$47 billion and S$50 billion by 2040. This approach emphasizes attracting high-spending visitors, particularly in the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector.

INFRASTRUCTURE: BUILDING FOR THE FUTURE

Grace Fu, Singapore’s Minister for Sustainability and the Environment, highlighted the value of MICE travelers at the Tourism Industry Conference 2025. “On average, a MICE visitor spends twice as much as a leisure visitor,” she noted. The Singapore Tourism Board (STB) aims to triple MICE tourism receipts by 2040, recognizing the sector’s potential to deepen connections with priority industries and enhance Singapore’s status as a premier MICE destination.

To support this goal, Singapore is developing a new MICE hub in the downtown area, designed to host large-scale events like the upcoming Herbalife Extravaganza 2026, expected to draw 25,000 attendees.

Changi Airport, already a global aviation leader and a tourism destination in its own right, is undergoing a significant expansion with the construction of Terminal 5. Slated to open in the mid-2030s, T5 will increase the airport’s capacity from 90 million to 140 million passengers annually. This expansion is crucial for accommodating the anticipated growth in transit and transfer passengers, who currently make up a third of Changi’s traffic.

The new terminal is part of the larger Changi East development, which includes a three-runway system and additional support facilities, ensuring that Singapore remains a key aviation hub in the Asia-Pacific region.

ATTRACTIONS, LEISURE, AND A BIGGER FOCUS ON LUXURY CRUISING

While business travelers are a focal point, Singapore continues to invest in attractions that appeal to leisure visitors. The Singapore Oceanarium, set to open on July 23, 2025, is a prime example. This revamped facility is three times larger than its predecessor, featuring 22 themed zones that take visitors on an immersive journey through marine habitats.

Looking ahead, the city-state plans to introduce the Porsche Experience Center and a new Science Centre by 2027, further diversifying its array of world-class attractions.

Singapore is also strengthening its position as a leading cruise hub in Asia. The Marina Bay Cruise Centre is undergoing a S$40 million upgrade to increase its capacity from 6,800 to 11,700 passengers. Enhancements include additional lounge facilities and improved check-in areas, enabling the terminal to accommodate larger cruise ships and dual ship calls.

In December 2025, Disney Cruise Line will launch its first Southeast Asia-based ship, the Disney Adventure, from Singapore. This vessel will offer themed experiences featuring Disney, Pixar, and Marvel characters, catering to families and fans across the region.

WELLNESS AND DESTINATION ENTERTAINMENT: GROWING TOURISM SEGMENTS

Singapore is capitalizing on the global wellness trend by promoting itself as a “city in nature.” The STB is developing wellness tourism offerings that focus on longevity and holistic health, appealing to travelers seeking rejuvenation and well-being. Initiatives include wellness hotels and programs designed to enhance resilience and purpose.

The country’s emphasis on health and sustainability has earned it recognition as one of the world’s “Blue Zones,” regions known for high life expectancy and well-being.

Singapore’s strategic location and infrastructure continue to make it an ideal venue for major entertainment events. The city-state will host the NBA Rising Stars Invitational from June 25 to 29, 2025, featuring youth teams from around the world.

Additionally, Singapore continues to attract top-tier concerts and performances, with shows by artists like Lady Gaga and Elton John, further enhancing its appeal as a vibrant cultural destination. Malaysians will no doubt remember the huge economic benefits Singapore realized by hosting multiple concert dates in 2024 for both Taylor Swift and Coldplay. Indeed, many Malaysian fans made the trip to Singapore to see their favourite artists.

Singapore’s Tourism 2040 strategy represents a comprehensive approach to redefining the country’s tourism landscape. By focusing on high-value segments such as MICE, luxury cruising, wellness, and entertainment, Singapore aims to increase tourism receipts significantly while maintaining a sustainable and diversified visitor base. With substantial investments in infrastructure and attractions, the city-state is well-positioned to achieve its ambitious goals and set new standards in global tourism.

Will Singapore’s ambitious tourism plan succeed? Time will tell.

For more information:

• Singapore Tourism Board: https://www.stb.gov.sg
• Changi Airport Terminal 5 Development: https://www.changiairport.com/en/corporate/about-us/future-developments.html
• Singapore Oceanarium Opening: https://www.rwsentosa.com/en/attractions/singapore-oceanarium
• Disney Adventure Cruise Details: https://www.disney.sg/cruise
• NBA Rising Stars Invitational: https://www.nba.com