Forbes: Asian millionaires are increasing their hotel investments in Singapore
At least ten billionaires, including Pansy Ho of Hong Kong and Sukanto Tanoto of Indonesia, are investing more than S$6 billion (US$4.4 billion or RM20.57 billion) in the development of additional hotels and the expansion of their businesses throughout the city state.
According to a report published on Wednesday by Forbes Asia, Singapore's main shopping district, Orchard Road, will house several of the city-state's newest hotels as part of a revitalization plan for the surrounding area.
According to the report, UOL Group is already hard at work converting the site of the Faber House building on Orchard Road into a 19-story hotel with 200 rooms for its visitors.
And that project started just as UOL opened another hotel a few blocks away.
According to Forbes, the Pan Pacific...