1.1Rationale for the Study
The MICE industry in Singapore has been enjoying a healthy growth despite the economic and political turmoil in its neighbouring countries in recent years. Suntec Singapore International Convention & Exhibition Centre has contributed to the MICE growth and enjoyed the fruits of Singapore's success as a MICE destination.
Suntec Singapore International Convention & Exhibition Centre (Suntec Singapore) was launched in August 1996. Built at a cost of $650 million, it is part of a mixed development in the area. The Convention Centre is part of Suntec City Development which comprises of the convention centre, five office towers and Suntec City Mall. Together, the area is known as Suntec City. The entire Suntec City development was built at a cost of $1.3 billion and is privately owned by 11 Hong Kong shareholders.
Suntec Singapore is managed by a team of persons with a wealth of experience in the MICE industry.
The management comprises of nationals from U.S.A., Holland, Canada, Hong Kong and Singaporeans.
The company was known in the industry as SICEC or Singapore International Convention & Exhibition Centre, until it went through a re-branding exercise in October 2001. It was officially renamed Suntec Singapore International Convention & Exhibition Centre or Suntec Singapore in short. The rationale for the rebranding was simple. There were too many pronounciations for its acronym SICEC and that created confusion in the market. With the name change, the company hopes to align itself with the corporate branding Suntec City Development and at the same time, create an easy-to-recall name.
Being a convention centre for multi-purposes, the business that Suntec Singapore conducts is also multi-faceted. Its main sources of income come from Food & Beverage outlets, Exhibitions, Conventions & Conferences, Meetings & Seminars as well as Banqueting.