Singapore moves up to the sixth position in the Global Resilient Cities Index

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SINGAPORE is making significant progress towards becoming the sixth-most resilient city of the world. It was ranked 12th in 2021.
Savills Real Estate, an international real estate consultancy firm, has recently published its annual global index which measures the resilience of over 490 cities across the globe.
New York was crowned the winner of the year’s top prize once again.
Tokyo, London, Seoul, and Los Angeles followed.
The Resilient Cities Index published on Monday (March 25) measures resilience in cities, by examining their ability support residents and workers’ success and well-being, despite economic, technological, social and environmental shifts.
Savills says that both investors as well as occupants find these cities appealing.
Four main areas were considered when this analysis was conducted: economic strength, technology and knowledge-based economy; corporate governance (ESG); real estate investment; and environmental, social and ethical issues.
Savills reports that Singapore has seen a surge in the number of residents moving to Singapore to work and reside.
The rents for prime residences in New York increased by a significant amount between 2021-2023. This is because New York began recording population net flows instead of outflows.
Savills reports that despite global economic slowdowns and uncertainty, the volume of real estate investments remained constant. Singapore’s tech scene is active, which bodes well for its future.
Venture capital investment increased from US$8.2billion in 2021 to US$9.4billion by 2023, despite a general decline of volume across its major regions.
Alan Cheong of Savills Singapore’s Executive Director for Research and Consultancy predicts that Singapore’s position will improve over the next decade.
McAllister stated that urban resilience is one of the key themes in the Urban Redevelopment Authority Master Plan for 2025.
Jeremy Lake of Savills Singapore, Managing Director for Investment Sales and Capital Markets, said that 2024 may see a rise in the number of investment deals in Singapore due to buyers and sellers returning to the market.
Singapore’s political stability, safe-haven status and resilient economy should continue to attract investor interest.” He suggested.
Savills has noted that, in general, there is a strong link between the fundamentals of economics and the resilience of cities. Savills found that real estate investors are still focused on the larger cities with a broad and deep economic base, which have the highest investment potential.
Savills predicts that these cities will experience a growth next year, as the funding environment improves and real estate investments volumes increase. Savills says that climate change, and other ESG concerns, are playing a greater role in shaping agendas. This means economic growth is being challenged at any price.
With Singapore’s political stability, safe-haven status and resilient economy, Lentor Hills Residences will attract investor interest.
Source: https://www.businesstimes.com.sg/property/singapore-climbs-sixth-place-global-resilient-cities-index
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