SINGAPORE: A Remarkable Recovery

In a remarkable recovery since the COVID-19 pandemic, the private jet market in Singapore has surged, now surpassing pre-pandemic levels. Industry experts attribute this growth to Singapore's reputation as a premier business hub, drawing affluent individuals and corporate clientele seeking faster, flexible travel options.

Surge in Departures

According to exclusive data from New York-based Alton Aviation Consultancy, private jet departures from Changi and Seletar airports have increased by approximately 30% compared to 2019, reflecting robust demand. Furthermore, the number of private jets stationed in Singapore climbed from 66 at the end of 2022 to 74 by the end of 2023, positioning the city-state well ahead of regional competitors: Malaysia has 45, Indonesia 56, and Thailand 41 jets based as of the same period.

Expert Confirmation

Alud Davies, the director of media and publications at Asian Sky Group, confirmed the accuracy of these figures, stating that their research team diligently tracks aircraft movements to provide a clear picture of local aviation activity.

Chartered Services

Private jets can either be owned outright or chartered through various companies for business, medical, or leisure purposes. Five charter firms reported increased demand for their services, prompting some to expand their fleets in response to client needs. Air Charter Service’s Singapore branch revealed a significant uptick in flights, noting a staggering 35% increase in flights in and out of Singapore in 2024 compared to 2021. The company also expanded its charter aircraft availability by over 40%, providing clients with a broader range of options.

Substantial Increases in Activity

Moreover, other firms like TAG Aviation Asia and VistaJet experienced substantial increases in flight activity, with TAG noting a more than 50% rise in departures and landings from 2022 to 2023. Amber Aviation reported an astonishing 77% surge, underlining the burgeoning demand for private jet services in the region.

Upcoming Expo

In conjunction with this rapid growth, Singapore will host its inaugural Business Aviation Asia Forum and Expo in March 2024 at the Changi Exhibition Centre. This event will spotlight the increase in business and private aviation across Asia Pacific, which is now the third-largest market globally.

Attractiveness of Singapore

But why is Singapore so attractive for private aviation? Its geographical and economic positioning offers unparalleled advantages to the business aviation sector in Southeast Asia. The region has seen unparalleled investment in aviation infrastructure over the past decade, and Singapore’s sophisticated facilities meet the demands of ultrahigh-net-worth individuals—those with at least $30 million in assets.

Growth in Wealth

Reports by real estate consultancy Knight Frank predict that the number of such individuals in Singapore will grow from 4,498 in 2022 to about 5,300 by 2027. Air Charter Service highlighted factors like favorable tax conditions, premier educational institutions, and low crime rates as contributing to Singapore's allure for wealthy expatriates.

Challenges Ahead

However, challenges loom for private jet owners. Fees at Seletar Airport have reached up to S$1,100 (approximately US$800) per takeoff for private or business aircraft, which raises concerns among operators. Additionally, limited operational hours and airspace restrictions pose practical hurdles that need addressing. Between 10 pm and 7 am, flights are generally prohibited, resulting in operational constraints for owners and potential delays.

Outlook for Business Aviation

Despite these challenges, a private jet owner noted their belief in the future of business aviation in Singapore, citing the wealth within the economy and a demand for private travel as indicators that this sector will continue to flourish. With more investments and advances on the horizon, the private jet market in Singapore seems poised for a bright future.

Conclusion

Is this the dawn of a new era in luxury travel? As the skies open up above Singapore, only time will tell!