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SINGAPORE : Singapore's furniture export sales are expected to grow by 10 per cent this year, from the S$4.7 billion achieved last year.
The Singapore Furniture Industries Council told Channel NewsAsia this is due to a pickup in the global economy and the progress made by the local industry.
An upcoming furniture showroom will help further boost Singapore's reputation in the sector.
Hotels like the Ritz Carlton are users of renowned premium furniture brands like B&B Italia and Giorgetti.
Fourteen such upmarket brands will be showcased at the new Asian Hub showroom by luxury furniture retailer, Space.
The showroom, believed to be the first of its kind in Asia, will be located at Bencoolen Street. It will occupy an area of 4,000 square metres or about the size of a football field.
The S$50 million multiplex shows the company's confidence for growth in the high-end furniture market.
Syddal Wee, general manager (Asia), Space Furniture, said: "Singapore has got one of the largest growing percentage of millionaires and it's reflected also in the fact that property prices are high. So we think there's still room for growth.
"Although we're selling to customers from 9-10 countries, they represent a good 10-15 per cent. So that's where the optimism is - we think the percentage can grow. We think we can double that.
"The other growth add-on is that developers are now making the decision to proceed with the purchase of the contract wardrobes that we supply."
The showroom will be opened in the fourth quarter of next year. Aside from selling premium furniture brands, Space also hopes the showroom will become a gallery of sorts to encourage an appreciation for designs.
The Singapore Furniture Industries Council has welcomed the news of the new showroom.
Andrew Ng, president, Singapore Furniture Industries Council, said: "We want ourselves to be the Milan of Asia. So with all these pocketed decision done by the business, with the effort carried out by the industries council and the support of our government agency, I think it is a good result book for us.
"It also allows us to tell ourselves that we're moving along a very good and correct direction because it's in pairing with the business thought and the business decision that the industry is going forward in design, in quality, in high value-add branding.
"Getting these brands and flagship store in, you can allow our own consumer, our industry, our students, the regional players to have a sense of what is available, what is this international renowned brand design.
"And with that, we can come here and get a feel of it. And with that, we can inspire a lot of spin-off movement, whether in business or education."
Industry players believe the furniture sector will become more recognised as being the best in Asia.
- CNA/al
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