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SINGAPORE took significant steps to move up the rankings from 12th in 2020 to sixth place.
Savills is a real-estate consultancy that recently released their annual index, measuring the resilience 490 global cities.

New York has once again topped the rankings this year.

Tokyo, London Seoul, and Los Angeles came next.

The Resilient Cities Index that was released on March 25 measures resilience by looking at cities’ ability to support their residents’ and employees’ well-being.

Savills notes that these cities appeal to both occupiers and investors.

This analysis examined four main areas: economics, knowledge and technology, corporate governance (ESG), environmental, social, and corporate governance.

Savills states that the rise of Singapore is largely due to an influx residents choosing to move to Singapore and live or work there.

As New York moved from recording outflows in population to a net inflow of people, the rents on prime residential units increased dramatically between 2021-2023.

Savills says that despite economic insecurity and a global slowdown, the real estate market remained steady. Singapore benefits also from a thriving tech scene which bodes very well for the future.

Venture capital increased from US$8.2Billion in 2020 to US$9.4Billion by 2030 despite the overall volume declining across all its major regional areas.

Alan Cheong (Executive Director, Research and Consultancy Savills Singapore) predicts Singapore’s status will improve even further in the coming decade.

McAllister explained that McAllister’s Urban Redevelopment Authority Master Plan, 2025, includes urban resilience among its key themes.

Jeremy Lake is the Managing Directors of Investment Sales and Capital Markets at Savills Singapore. He believes that in 2024, there will be an increase in Singapore investment deals due to buyers and suppliers returning to market.

Singapore’s safety-haven designation, political stability and resilient economic should draw more investor interest.” He suggested.

Savills reported that in general there was a strong connection between economic fundamentals as well as the resilience of urban areas. Savills findings show that real estate investment is focused on large cities with broad economic bases. They are the ones that offer the greatest potential for growth.

Savills believes that real estate investment will rebound and the funding environment will improve in these cities next year. “However, as climate change and ESG are taking more of a part in defining agendas than before, economic development at any cost will be increasingly challenged.”

With Singapore’s safety-haven designation, political stability and resilient economic, Tembusu Grand should draw more investor interest.

Source: https://www.businesstimes.com.sg/property/singapore-climbs-sixth-place-global-resilient-cities-index