![]() ![]() "If you diversify into unfamiliar territory, it could mean a lot more work," he said. "If you diversify in the right thing, the returns will help you sustain the business. There are two sides to the coin, said Dr Michael Chiam, a Ngee Ann Polytechnic senior lecturer in tourism. To stay afloat in a highly competitive, quickly evolving industry, some travel agencies turn to diversifying their businesses.īut one misstep and the move could work against the travel agencies instead. ![]() Turning to gambling to relieve his stress in the past three years contributed to his financial woes, he said. The Asia-Euro boss conceded that the bulk of his financial woes came from a series of failed property investments.Īfter making money from a local property that he invested in, Mr Tay put his money into 14 other apartments and landed properties in Singapore, Malaysia and Thailand.Ī series of property cooling measures were introduced, causing prices to plunge and the losses incurred forced Mr Tay to close down his travel agency. "I will face the consequences of my actions," he told Wanbao. While he is not sure how the case will pan out, Mr Tay, who has chalked up a $2 million debt, said he is mentally prepared for the worst. On Monday, Mr Tay and his wife were interrogated by the Commercial Affairs Department for six hours, according to evening daily Lianhe Wanbao. Some agencies, meanwhile, look at diversification as a solution, but as in Mr Tay's case, it can backfire. "These are new start-ups who are trying their luck venturing into new territory without weighing the costs and failing to foresee stiff competition." Singapore Polytechnic's tourism and resort management senior lecturer, Mr Conrad De Souza, said: "Each year, a couple of hundreds of new travel agents enter the market and another couple of hundreds close down.
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