The private and business jet market in Singapore is growing – Seletar Airport has just opened a dedicated business aviation facility, and as many as 29 new private jets could be delivered to the city-state in the next six years.
The market for business aviation market in Singapore is set to grow with the increase in aircraft financing in the region, which will continue to drive sales by accessing untapped clients who currently have limited financing options, Shearwater Aero Capital said in a press release.
The U.S.-based global corporate aviation finance specialist said that with as many as 29 new private jets costing a total of $1 billion could be delivered to Singapore by 2025.
Singapore currently has around 52 business jets, 41 of which are classified as «heavy» or large. Four of the jets are medium-sized, and seven are classified as «light,» according to the firm's analysis of «Bombardier Business Aircraft Market Forecast 2016 – 2025» and JetNet data.
Attractive Aviation Market
«Singapore is a very attractive market for business aviation finance companies like ours. It has larger, more expensive aircraft than other countries, and like the rest of Asia, it is waking up to the benefits of using financing to purchase business aircraft as opposed to just paying cash,» Chris Miller, managing partner, Shearwater Aero Capital, said.
The firm provides asset-based financing options to help clients purchase new or pre-owned business aircraft by securing the aircraft as collateral and managing the asset to preserve its value. The company has provided loans on aircraft around the world worth over $100 million since its launch in 2014.
Seletar Airport Hub
Earlier this week, Seletar Airport opened a dedicated facility for travelers on private jets to cater to the growing numbers of private and business travelers entering and leaving Singapore. The Business Aviation Center has a private drop-off area, lounge, dedicated immigration security screening as well as other personalized services.
Since opening its passenger terminal in November 2018, Seletar Airport has handled more than 4,000 flights, of which close to 70 percent are attributed to business aviation, «Channel News Asia» reported.
