Singapore’s Changi Airport in 2024 narrowly missed equaling the record number of passenger traffic seen in 2019, welcoming some 67.7 million passengers, or 99.1 percent of the pre-COVID level.
But projections now are for low single-digit growth, according to analysts heard by The Straits Times.
The Merlion city has been steadily improving on the momentum gained by being an early jurisdiction to open up after the pandemic, steadily increasing the routes and airlines which it offers.
As of this month, there are 100 airlines operating over 7,400 flights per week, with Singapore linked to 163 cities spread across 49 countries and jurisdictions.
The current aim is to increase to over 200 city links by the mid-2030s.
But Singapore isn’t the only one trying to get its piece of the traveler pie.
According to the Center for Aviation, there are some 170 construction projects at airports in Asia-Pacific, with investment totaling $217 billion. A further 90 new airport projects are scheduled in the region, worth $121 billion.
One analyst cited by the publication is expecting a growth rate of 3 to 5 percent at Changi Airport this year, as low-cost carriers expand, investments boost air travel capacity and travel demand rises.
Another analyst lowers this estimate to 1 to 2 percent in annual growth, due to geopolitical tensions and a possible economic slowdown due to US trade policies.
Yet another analyst expects January’s Changi passenger traffic to reach 6 million in January, a 10 percent yearly increase, despite predicting low single-digit growth for the rest of 2025.
Changi is currently looking at SG$3 billion ($2.22 billion) in upgrades to its four current terminals over the next six years to ensure capacity can meet demand, banking on technology to improve efficiency. With a new terminal (Terminal 5), Changi is expected to boost its yearly passengers from 90 million to 140 million, however this will only be possible in the mid-2030s, following its completion and ramp-up.
Meanwhile, Hong Kong is boosting its capacity to up to 120 million passengers annually, drawing largely from the mainland China crowd. Meanwhile, Incheon Airport saw some 70.7 million passengers in 2024, surpassing 2019 levels. Incheon can now handle 106 million passengers annually.
Compared to other regional airports, however, Singapore does offer a tourism and retail segment which is unique. With its impressive waterfall, rainforest and shopping options, the Jewel Changi Airport saw record footfall of over 80 million people in 2024, its highest ever since its 2019 opening. This was a 10 percent yearly increase.
Overseas traveler footfall rose by 35 percent yearly, with the top five markets being China, Taiwan, Malaysia, Australia and the Philippines.
Mall retail sales per square foot during the year grew by 6 percent yearly, despite a soft retail climate.
The retail complex is a joint venture between Changi Airport Group and CapitaLand Development. The SG$1.7 billion ($1.26 billion) retail complex has more than 260 retail stores and F&B outlets.
