SINGAPORE (EDGEPROP) - Singapore surged to sixth place in Savills' latest Resilient Cities Index, a leap from its 12th position in the 2021 ranking. Released on March 26, the comprehensive index evaluates 490 cities across four pivotal domains: economic prowess, knowledge economy and technology, ESG (environmental, social and governance), and real estate investment.

Savills evaluates these areas to gauge a city's ability to bolster the prosperity and satisfaction of its inhabitants and workforce amidst economic, social, environmental, and technological shifts. This allure resonates with investors and occupiers, especially as investment and business expansion criteria now encompass a broader spectrum of factors, notably ESG considerations.

New York retained its top ranking this year, followed by Tokyo, which climbed up three spots to take the second-highest ranking. Overall, North American cities dominate the index’s ranking for a consecutive year, with San Francisco, Boston, Toronto, Chicago and Atlanta also making the top 20. Apart from Tokyo and Singapore, Seoul is the only Asian city to make the top 20, rising from sixth place in 2021 to fourth place this year.

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According to Savills, Singapore’s leap in ranking is driven by the influx of people choosing to live and work in the city and the country’s stable real estate investment volumes amid broader economic uncertainty and a global slowdown.

The competitive tech scene in Singapore has also contributed to its good stead for the future. Venture capital investments in the city have increased from $8.2 billion in 2021 to $9.4 billion in 2023 despite an overall worldwide fall in venture capital volumes.

Alan Cheong, executive director of research and consultancy at Savills Singapore, expects Singapore’s ranking to further improve in the coming decade, particularly with the coming Urban Redevelopment Authority’s Master Plan 2025, which includes urban resilience as one of its four key themes.

Jeremy Lake, Savills Singapore’s managing director of investment sales and capital markets, predicts a higher volume of investment deals this year as buyers and sellers return to the market. He adds: “Activity is expected across most asset classes, with Singapore’s safe haven status, political stability, and resilient economy attracting more investor interest.”