Mr. Soo Kok Leng

Chairman, Mount Faber Leisure Group

Your Excellencies

Distinguished Guests

Ladies and Gentlemen

Introduction

1.                I am delighted to join you at Mount Faber this evening to celebrate the opening of The Jewel Box.

Competition in a Dynamic Tourism Landscape

2.                Earlier this year, the Singapore Tourism Board announced targets to double visitor arrivals to 17 million and triple tourism receipts to $30 billion by 2015. From January to September this year, visitor arrivals grew 8.3% to 6.58 million. Over the first eight months of the year, tourism receipts also expanded by a healthy 12% to S$7.18 billion. In addition, we have experienced remarkable growth in visitor arrivals from China, India, Russia and the Middle East over the past few years.

3.                Singapore must also continue to position itself as the natural focal point for the fast growing Meetings, Incentive Travel, Conventions and Exhibitions market, or the MICE market in short. We will continue to market our quality education and healthcare services.

4.                While the dynamic tourism landscape poses new challenges, it also offers exciting opportunities ahead. The World Tourism Organisation has projected that global tourist arrivals will grow at 4 per cent per annum over the next decade, with the growth in Asia exceeding 6 per cent. Singapore intends to be part of this action. The government will support this drive with a $2-billion Tourism Development Fund. The Fund is a signal of the government�s commitment to propel the tourism industry to greater heights. The Fund will also encourage the private sector to make new investments in the industry.

5.                Our competitive strategy is not just about introducing new tourism products, attractions or events. Equally important is the commitment to continually refresh, rejuvenate and upgrade existing offerings to ensure that they remain relevant to the evolving needs and expectations of visitors.

Mount Faber � The Jewel Box

6.                The restoration and rebranding of the 31-year-old Mount Faber Cable Car Station is an excellent example. Set amidst the lush greenery of Mount Faber, The Jewel Box, aptly named for the beautiful fa�ade, has been and will continue to be a distinct landmark on Mount Faber. The Jewel Box has also been repositioned as an upscale tourist and lifestyle destination with meeting facilities to attract the international MICE market, especially those seeking to hold events in scenic and tranquil surroundings.

7.                An exciting series of events has been lined up at Mount Faber, beginning tonight with the light-up of what could be the world�s tallest artificial Christmas tree, pending confirmation from the Guinness World Records. Standing at 61 metres tall, this Christmas tree has been designed creatively out of the disused transmission tower next to The Jewel Box. This series of events is part of Mount Faber Leisure Group�s $8-million redevelopment plan, which I am confident will enhance Mount Faber�s standing as one of Singapore�s tourism icons.

�Sentosa-HarbourFront-Mount Faber� Precinct

8.                At the ground-breaking ceremony of The Jewel Box earlier this year, I announced the plan to repackage �Sentosa-HarbourFront-Mount Faber� as a, single tourist precinct that will leverage on the natural linkages and complementary features of Mount Faber, Sentosa and HarbourFront.

9.                I am happy to note that this plan is making good progress. �Vivo City�, a mega entertainment-and-retail complex at HarbourFront, is slated for completion next year. Sentosa�s $8-billion 10-year Masterplan is also well underway.

10.           The development of the Integrated Resort (IR) on Sentosa will further enhance the attractiveness of the precinct. The Sentosa IR, positioned as a family-friendly resort, will be a premier anchor attraction upon its completion in four to five years� time. The resulting increase in visitor traffic will create substantial economic spin-offs to businesses in the precinct. As announced earlier this month, the Request For Proposals for the Sentosa IR will be launched in the first quarter of 2006. We expect this to accelerate the development of the �Sentosa-HarbourFront-Mount Faber� precinct.

11.           The opening of The Jewel Box today will lead the way in creating more buzz in the precinct. It will add substantially to what the precinct has to offer in terms of distinctive lifestyle attractions.

Conclusion

12.           In conclusion, I would like to congratulate the Mount Faber Leisure Group on the opening of The Jewel Box this evening. The management of the Mount Faber Leisure Group has demonstrated great vision and leadership in remaking the existing cable car station, in anticipation of changing visitors� needs. I am confident that visitors to The Jewel Box will be enthralled by its sparkling range of leisure and entertainment options.

13.           I wish The Jewel Box every success in this exciting journey ahead. Thank you.