Singapore climbs to sixth in resilient cities index

Savills said Singapore is projected to improve after the implementation of URA Master Plan 2025.

Singapore has secured a significant leap in Savills' annual Resilient Cities Index, jumping six places from its 2021 ranking to claim the sixth position in 2023. This notable advancement highlights Singapore's resilience amidst global economic, social, and technological changes, positioning it as an attractive hub for investors and occupiers alike.

The latest index, compiled by Savills as part of its 2024 Impacts programme, evaluates 490 cities worldwide across key metrics such as economic strength, knowledge economy, environmental sustainability (ESG), and real estate investment. 

Notably, mature cities in developed economies with robust governance systems have dominated the rankings this year. At the top, New York City shows an unchanged ranking since the 2021 version of the report. This was followed by Tokyo, London, Seoul, and Los Angeles.

Paul Tostevin, Head of Savills World Research and co-lead on the Impacts programme, noted the challenging economic landscape but emphasized the return to global travel and the increasing importance of ESG factors. 

This backdrop has favoured established cities like Singapore, which has seen a surge in residents and workers choosing the city as their preferred destination.

ALSO READ: S'poreans find wealth does not equate to financial resilience: Survey

“In the coming decade, we can expect Singapore’s ranking to further improve when the URA Master Plan 2025, having included Urban Resilience as one of its four key themes, comes into law after public engagement,” Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, said in a release.

The city's competitive tech scene has also played a crucial role, with a notable increase in venture capital investment from $8.2b in 2021 to $9.4b in 2023.

Looking ahead, Jeremy Lake, Managing Director of Investment Sales & Capital Markets at Savills Singapore, anticipates a rise in investment activity as market participants regain confidence. 

“Activity is expected across most asset classes with Singapore’s safe haven status, political stability and resilient economy attracting more investor interest.” Lake added.