Terence Wong, CFA
CEO and Executive Director
Albert Teo, CEO of Amara, says tough times coming for hoteliers
Jan 31, 2020
In an unprecedented move, Singapore just announced that it will shut its borders to visitors from China due to the coronavirus. The impact will be big as China has in recent years become our largest market, accounting for almost 20% of total tourist receipts.
Hotels will feel the heat almost immediately. Albert Teo, CEO of Amara, was prepared to fight the battle when I visited him on the second day of CNY. The day before that, a case of coronavirus was confirmed in Village Hotel Sentosa, which was situated right next to Amara Sanctuary. He knew that it was only the beginning.
The stock market will continue to be challenged as the worst has yet to come. Keep your powder dry and prepare to pick up bargains in the not-so-distant future. Like SARS, investors who go against the tide will be well-rewarded.