Singapore climbs up to sixth place on global resilient city index
penrose floor plansMeanwhile, real estate investment volumes remained stable. Savills said that the feat was not easy, especially in light of the economic uncertainty and global slowdown. Singapore also benefits from a competitive technology scene.
The amount of venture capital investments grew from US$8.2billion in the year 2021 to US$9.4billion in the year 2023 despite a decline in global volumes.
Alan Cheong of Savills Singapore believes that Singapore’s ranking is likely to continue improving in the next decade.
Singapore moved up six places from 2021 to become the sixth-most resilient city. Savills annual global Index, which tracks the resilience levels of 490 different cities in the world, has revealed this. New York has claimed the top position for the 2nd time in a line. Tokyo, London Seoul, and Los Angeles followed.
Published on Monday (25 Mar), the Resilient cities Index measures a city’s ability to support well-being and success for its residents, workers and businesses in the face economic, socio, environmental, and technological change.
Savills says that this is what makes these cities so attractive to investors.
Four main areas were investigated: a cities’ economic strength; knowledge economy; technology; corporate governance; and environmental, social, and ethical issues.
Savills noted that Singapore’s climb was due to an influx in people choosing the city as a place to live and do business.
Prime residential rents increased by an impressive 42 per cent between the years 2021 and 2023. This was due to the fact that the city had shifted its focus from “recording outflows new people” towards “net inflows”.
He said this was due to the Urban Redevelopment Authority Master Plan, 2025. This plan includes urban resilient as one of its main themes.
Jeremy Lake (Savills Singapore’s managing Director of Investment Sales and Capital Markets) said the city-state would likely see a larger volume of deals in 2024 due to buyers and vendors returning to the market.
Singapore’s stable economy, political stability and safe-haven reputation will continue to draw investors.
Savills said that in general there was a strong correlation with the resilience and economic fundamentals of cities. In turn, “real estate investors continue their focus on larger cities,” especially those that have a wide and deep economic base, the report said.
Savills predicted that in these cities, the inflection will occur in the coming year when funding environments improve. Real estate investment volume is expected to begin to recover. The impact of climate and other ESG are increasingly on the agenda. Economic growth is being challenged at the expense everything else.”
