SINGAPORE : Singapore may be reporting slower economic growth this year, but the nightlife in the Lion City is booming, and it is showing no signs of abating.
New watering holes have popped up across the island, and they are raking in the dough.
It has been six months since The Vault opened its doors to its first customer.
Situated in what was an OCBC bank outlet in the 1930s, the Chinatown newcomer has steadily built on its stash of cash—rich customers.
Godwin Pereira, co—founder of The Vault, said: "Traffic is growing in percentage...Fridays, we are running at about 150 per cent, so that is great. On Wednesdays and Thursdays, those are normally quieter nights.
"But we have been seeing a 30 to 40 per cent increase during the festive season. So that is healthy."
Rival entertainment group Massive Collective is tapping the boom—times too. It co—owns a network of popular clubs including Filter, Mink, Royal Room, Zirca and Playhouse. And it believes it is time to get bigger.
Phil Poon, director and co—owner of Massive Collective, said: "At the moment, we are trying to capture a good slice of the Singapore nightlife market.
"We have expanded to Malaysia, with a new club opened in 2011 called Vertigo. And we have got plans for a couple more in Malaysia as well in 2013.
"We are also exploring other F&B (food and beverage) options in Singapore, to diversify and branch out — to hit a different market to what we currently have."
The group has grown from one club in 2010 to six in just two years.
Mr Poon said: "At the moment, what we have is we have seen steady growth month—on—month for our venues. I wouldn’t be surprised if we see double—digit growth in all our venues across the board."
Michael Ault, principal of the Pangaea Group, has picked Singapore to land his 88th nightclub in a business empire that spans five continents.
"We came to Singapore because the economic growth was there, the MBS opportunity was tremendous. It was something that was a once—in—a—lifetime opportunity. And of course, there is so much disposable wealth and so many visitors that it was a no—brainer for us. Singapore was the right choice," he said.
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