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Ministry of Trade and Industry
2. Speeches

Speech by Minister-in-charge of Trade Relations Grace Fu at Therme Singapore Groundbreaking Ceremony

19 June 2026

Dr Robert Hanea, Founder and CEO of Therme Group,

Mr Mah Bow Tan, Chairman of Therme Group Asia,

Mr Tan Boon Khai, CEO of Therme Group Singapore,

Distinguished Guests,

Ladies and Gentlemen

  1. A very good morning to everyone.

  2. It is a great pleasure to join you today at the groundbreaking ceremony for Therme Singapore.

  3. Let me begin by congratulating Therme Group and your partners on reaching this important milestone.

  4. Dr Hanea and Mr Mah have shared the vision behind Therme Singapore, and I am glad that Singapore will be home to Therme’s first chapter in Asia.

A Growing Global Shift Towards Wellness

  1. Around the world, wellness is becoming an important part of how people live and travel.

  2. The global wellness economy reached USD 6.8 trillion in 2024 and is projected to grow to about USD 9.8 trillion by 2029.

  3. Singapore is responding to this shift. Under our Tourism 2040 strategy, wellness tourism is a key growth area. It supports our broader move towards higher-value, experience-led tourism, and strengthens our position as an urban wellness haven.

  4. Our aim is not just to attract more visitors, but to attract visitors who stay longer, seek high-quality experiences and engage more deeply with what Singapore offers.

Welcoming Therme Singapore

  1. Against this backdrop, it is my pleasure to welcome Therme Group to Singapore.

  2. Therme Group has a strong track record of delivering immersive wellness environments at scale across Europe, that integrate seamlessly into urban settings. Its flagship development in Bucharest is one of Europe's largest wellness destinations.

  3. Therme Singapore will be a significant addition to Singapore’s vibrant attractions landscape.

  4. Its S$1 billion facility will be Singapore’s first dedicated wellness attraction. Spanning four hectares along the Marina South waterfront, it will also be Asia's first large-scale thermal wellness destination.

  5. When Therme Singapore opens in 2030, it is expected to attract around two million visitors a year. Visitors can look forward to a diverse range of experiences, from thermal pools, saunas, steam baths, and water slides to fitness and cultural programming.

  6. Sitting alongside Gardens by the Bay, Marina Bay Sands, Marina Barrage, Marina Bay Cruise Centre and the upcoming Founders' Memorial, Therme Singapore will amplify the vibrancy of the Marina Bay precinct.

  7. It will also broaden the range of lifestyle experiences within the city and enhance Singapore’s overall liveability.

Strengthening Singapore’s Position in Asia

  1. At the same time, Therme Singapore will strengthen Singapore’s position as a hub for tourism, wellness and urban innovation in Asia.

  2. Asia is a fast-growing tourism destination, and is projected to lead the world in travel and tourism growth over the next decade. In Southeast Asia alone, international arrivals are projected to grow at 8.7% annually, reaching 201 million arrivals by 2030. This is driven by rising affluence among travellers globally and growing demand from within the region, fuelled by an expanding middle class and young population.

  3. Singapore is well placed to capture this opportunity. By developing distinctive, high-quality attractions and continually refreshing our tourism experiences, we can strengthen our appeal to the growing pool of travellers. Projects like Therme Singapore contribute to this effort.

Anchoring Therme Group’s Regional Presence in Singapore and Creating Good Jobs for Singaporeans

  1. I am pleased to also share that Therme Group will establish its regional headquarters in Singapore. This reflects strong confidence in our economy and ecosystem.

  2. From here, Therme Group will oversee its pipeline of projects across Asia, drawing on our connectivity, talent and financial capabilities.

  3. Therme’s investment will create meaningful career opportunities for Singaporeans across engineering, operations, hospitality and wellness services.

  4. I am also encouraged by Therme Singapore's collaborations with the Institute of Technical Education and Republic Polytechnic. These partnerships will provide structured training, industry exposure and clear pathways into emerging roles within the wellness sector.

Conclusion

  1. Today’s groundbreaking reflects how Singapore continues to renew and adapt. We are responding to changing preferences, creating new opportunities, and strengthening our position as a global city that remains competitive and relevant.

  2. Therme Singapore is part of this effort, and I look forward to seeing the project come to life.

  3. Once again, congratulations to Therme Group and your partners.

  4. Thank you.


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