SINGAPORE: In Singapore news today, here’s one more thing that Singaporeans can be proud of: the Little Red Dot has climbed six spots to rank sixth on the Savills Resilient Cities Index. In 2021, Singapore was ranked twelfth the last time the index was published.
Sixth-place Singapore is now the second-fastest climbing city in the top ten, bested only by Toronto. The Canadian city made a big leap from 26th in 2021 to 10th this year.
Savills attributes Singapore’s big leap upward on the list to the number of people who have chosen to make it their home.
It also noted that “prime residential rents increased significantly—by 42 per cent between 2021 and 2023—as the city shifted from recording net outflows of people to net inflows.”
Savills also mentioned that real estate investment volumes have remained stable, something the index calls no mean feat given broader economic uncertainty and a global slowdown.
Singapore has gained high points for its competitive tech scene, which especially bodes well for the future, noting that despite an overall decline in venture capital (VC) volumes across the globe, in Singapore, VC investment grew from US$8.2 billion (S$11.02 billion) in 2021 to UD$9.4 billion (S$12.64 billion) last year.
“A resilient city supports the well-being and success of its residents and workers against the backdrop of economic, social, environmental, and technological change.
They are attractive to investors and occupiers, particularly as investment and business expansion criteria encompass a wider range of factors, including ESG (Environmental, Social, and Governance),” the index reads.
Savills, a London-based international property services company that tracks resilience in 490 cities worldwide, published the index on Monday (March 25).
New York again took the top spot, followed by Tokyo, which climbed three spots.
London slipped from second to third; Seoul jumped two places to clinch the fourth spot; and Los Angeles fell two spots to rank fifth this year.
“In 2021, world cities were still feeling the effects of the pandemic, including Covid restrictions, but we were just beginning to see a broader return to the city.
The backdrop to the latest index is a challenging economic environment, limited real estate transactions, but global travel and migration back in full flow and ESG factors more important than ever,” noted Mr Paul Tostevin, the head of Savills World Research and co-lead on the Impacts programme.
“As a result, it’s clear that this year, mature, established cities in developed economies with security of title and good governance dominate the top of the rankings.” /TISG
Read also: Singapore leads Asia in attracting foreign investments: Report