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Singapore: Singapore will sell more land for hotels and open a new international cruise terminal to cater to larger ships in 2010 as tourists increase, the government said.
The city-state expects tourist arrivals this year to rise almost five per cent to a record 10.8 million, and will need to ease the squeeze on the hotel industry, S. Iswaran, minister of state for trade and industry, said late yesterday.
"The main thing is really to diversify the economy," said Vishnu Varathan, an economist with Forecast Singapore.
"In the short-term there may not be a sizeable positive impact but it's a long-term strategy that will increase the resilience of Singapore's economy. We are getting more heavily weighted on services," he said.
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