Singapore expands tourism infrastructure with $740m 2040 strategy

Government ties cruise and MICE plans to long-term growth at Straits View.

Singapore will invest $740m over the next five years to develop its tourism sector, as part of its Tourism 2040 strategy, with a focus on expanding cruise, meetings, incentives, conferences, and exhibitions (MICE), and hospitality infrastructure.

Minister-in-charge of Trade Relations Grace Fu said at the Tourism Industry Conference 2026 that the government aims to triple MICE tourism receipts by 2040, supported by new and expanded infrastructure centred in the Straits View area.

The Straits View site has been identified as a potential location for a new Downtown MICE Hub near Marina Bay, integrating accommodation, retail, dining, entertainment, and attractions.

The government is also assessing an Integrated Cruise and Ferry Terminal at Straits View, adjacent to Marina Bay Cruise Centre Singapore (MBCCS), as part of the Greater Southern Waterfront development.

The proposed facility may include three cruise berths and up to 10 ferry berths, increasing passenger capacity by about 1.5 times versus MBCCS, and twice that of HarbourFront Passenger Terminal.

Fu said these projects aim to strengthen Singapore’s position as a global hub for people, capital, and trade, whilst expanding capacity for international events and visitor flows.

The MICE cluster will link Raffles City, Suntec City, and Marina Bay Sands within a three-kilometre radius, supported by transport connectivity and new attractions, such as Therme Singapore and the Wetlands by the Bay expansion.

Singapore will also expand partnerships, including a two-year agreement with the Academy of Medicine Singapore to host medical conferences, and the Singapore Hotels Incentives for Business Events (SHINE) initiative, involving 22 hotels covering 25% of national room stock.

Fu said Singapore will host the ASEAN Tourism Forum in January 2027, more than 250 ASEAN meetings during its ASEAN chairmanship, and D23 Asia: The Ultimate Disney Fan Event in 2027.

Tourism performance in 2025 recorded 16.9 million international visitors and $32.8b in tourism receipts, with Mainland China, Indonesia, and Australia as top markets, whilst Germany, the UK, and the US saw double-digit growth.

Fu said Singapore retained its position as Asia-Pacific’s top meeting city for 22 consecutive years, according to International Congress and Convention Association rankings.

Additional funding will be channelled into the Tourism Development Fund, alongside extensions and expansions of the Business Events in Singapore Grant, Market Access Fund, Hotel Rejuvenation Fund, Kickstart Fund, and workforce development programmes under the Training Industry Professionals in Tourism scheme.