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SINGAPORE improved its resilience from 12th to 6th by 2021.
Savills has released its annual Global Index, which measures the resilience and resiliency of 490 cities worldwide.

New York won the top spot once again in this year’s poll.

Tokyo, London Seoul and Los Angeles ranked next.

The Resilient Cities Index (released on Monday, Mar 25) measures cities’ resilience by assessing their ability to support the well-being of residents and workers despite economics, social, environmental and technological shifts.

Savills stated that these cities are appealing to both investors, and to occupants.

Four key areas were analysed: economic power, knowledge economy and technologies, environmental social and corporate governance and real estate investment.

Savills claims that Singapore’s rapid growth is due to the influx of residents who choose to live and work in Singapore.

Between 2021-2023 the prime residential rents rose significantly as New York shifted from recording outflows and population movements to net inflows.

Savills reported that real estate investment volume remained consistent despite economic uncertainty. Singapore benefits from a vibrant tech scene, which is a positive sign for the future.

Venture capital investment grew from US$8.2B in 2021 up to US$9.4B by 2023.

Alan Cheong, Executive director of Research and Consultancy for Savills Singapore says that Singapore will be able to continue improving in the coming decade.

McAllister says that one of the main themes of Urban Redevelopment Authority Master Plan 2020 is urban resilience.

Jeremy Lake, Savills Singapore’s Managing Director of Investment Sales and Capital Markets said that the return of buyers and seller to the Singaporean market could lead to an increase in investment transactions in 2024.

Singapore’s stable economy, political stability and safe-haven reputation should encourage more investment. He said.

Savills observed that the relationship between economic fundamentals, and city resilience was strong. Savills says that investors in real estate are still focusing on cities with large economic bases and a strong economy. This is where they see the most investment potential.

Savills says that the real estate market could rebound next year in these cities as the funding climate improves. “However with climate change and ESG taking a larger part in shaping our agendas, economic growth without regard to cost is becoming more challenging.”

With Singapore’s stable economy, political stability and safe-haven reputation, The LakeGarden Residences will encourage more investment from investors.

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