SINGAPORE - Singapore Technologies (ST) Aerospace has opened a new facility at Seletar to refurbish private jets.
The 2,700 sq m centre is the firm's second such facility. The first was opened in 2011 in Texas, United States.
The opening of the facility is timely given the region's rising affluence, said Minister of State for Trade and Industry and National Development Dr Koh Poh Koon.
Speaking at the opening ceremony on Thursday (Feb 11), he noted that in 2014, the Asia-Pacific surpassed North America as home to the largest population of high net worth individuals - 4.7 million.
The growth has led to an increased demand for niche capabilities including the refurbishment of cabin interiors for business and corporate jets.
"With the establishment of this centre, ST Aerospace will be able to tap on this demand and offer premium refurbishment and completion services to aircraft owners. This will allow it to better position itself to capture the opportunies in the region."