Private jets return to Asia
By CNN Correspondent Phil O'Sullivan
SINGAPORE (CNN) -- The private jet business is seeing signs of take-off in 2004.
While the 1997 Asian financial crisis decimated demand for private business travel, business is again on the upturn as more and more people look to save time and gain greater security.
A flight in a private jet is the ultimate in aviation luxury. No crowded check-in and you can take-off and land when you wish.
Business people, especially in Asia, are again recognizing the benefits of travel by private jet.
Raytheon makes a range of private business jets and the company's vice-president for aircraft sales in Asia says 2004 already has a much better feel about it.
"We're predicting some better times ahead," he says.
The private jet industry is one of those business barometers.
The companies manufacturing the jets are often the very last to feel the effects of an upturn but they're also the first to know when things are getting tough.
Private jet sales around the world are still shrinking but chartering operations are beginning to see good growth.
Operators like Bombardier Aerospace say they are seeing a 35 percent increase in their charter business so far this year. They're also adding two extra planes to their fleet of ten.
"There's very definite positive signs that business aircraft are gaining acceptance again and coming back into some serious contention," says Bombardier's Asia Pacific regional vice-president, David Dixon.
The manufacturers also say that while people are chartering, they get used to the experience and are more likely candidates to one day buy their own private jet.
Private jet travel is also getting a boost as more and more countries reduce landing fees and lower barriers to flights through their airspace.
The aircraft themselves are also getting faster, can travel further and passengers are looked after in more comfort.
The aircraft manufacturers are promoting their products as a fast, secure, mobile office.
Security
Business has been helped by increased security concerns since the attacks in the United States on September 11, 2001.
For Asian business leaders, a private jet can also get them to airports in remote locations where their business interests might be located.
A chief executive can travel quickly around the region saving crucial time.
Hong Kong's Metrojet charters planes to all around the region for about U.S.$4,000 an hour.
Metrojet's business development manager, Jolie Chung, says her company is in the business of time. The private jet is seen as a time saving tool that helps a company grow.
There is also a lot of room for growth in Asia's private jet market.
The whole region currently has fewer private jets than the greater Los Angeles area.
But China's booming economy is opening a new and growing market for private jet manufacturers.
Raytheons Jonathan Evans says a lot of new aircraft have gone into China in the last few years and even more will be sold there this year.
Unfortunately, for most of us, that economy class seat will be all we're able to afford.
Prices for a private business jet range from about U.S.$20 million dollars down to $5 million. And even a second hand private jet tends to hold its value rather well.
