Singapore in Resilient Cities Index: Opportunities for businesses

In Savills’ latest global Resilient Cities Index, Singapore has improved in its ranking and is now the world’s sixth most resilient out of 490 cities. The country has moved up six places since 2021, demonstrating its capacity to support the well-being and success of its people amidst global challenges. Real estate consultancy Savills highlighted some key drivers for this positive change and this article will explore what businesses can take away from it.

Surge in relocation

For starters, more are choosing to live and work in Singapore. Prime residential rents rose by 42% between 2021 and 2023, an increase that Savills attributes to the shift from net outflows to net inflows of people. In fact, data by the National Population and Talent Division showed that the Singapore Citizen (SC) population grew by 1.6%, rising from 3.55 million in June 2022 to 3.61 million in June 2023.  

The Permanent Resident (PR) population saw a larger increase of 3.7%, from 0.52 million to 0.54 million during the same period. This is largely due to the easing of COVID-19 travel restrictions, which allowed more citizens and PRs residing overseas to return to Singapore.  

The Non-Resident (NR) population also expanded by 13.1%, increasing from 1.56 million to 1.77 million, with growth observed in every pass category. As more choose Singapore as their home, this may provide opportunities for businesses in the real estate industry. On a broader scale, this may translate into a larger workforce and a greater consumer base to tap on, providing a dual advantage for businesses operating in Singapore. 

Stability in real estate investment volumes

Savills also points out Singapore’s resilience in its real estate investment market despite global economic uncertainties and slowdowns. This stability may be appealing to international real estate investors looking for reliable yields.  

The country’s success in attracting global capital is also supported by clear governance and rigorous urban planning. Planning by the Housing and Development Board (HDB), Urban Redevelopment Authority (URA), and JTC Corporation has allowed Singapore to optimise land use effectively. This approach, coupled with the government’s transparent communication with the public sector, may continue to maintain the investment environment in Singapore.

Competitive tech scene

Another factor contributing to Singapore’s resilience is its technology sector, which has shown growth in venture capital investment – from SG$8.2 billion in 2021 to SG$9.4 billion in 2023. This influx in funding may assure companies looking to establish or expand their presence in the country. Currently, 80 of the world’s top 100 technology firms have set up operations in Singapore.  

Singapore has also placed high priority on nurturing a strong local tech workforce. For instance, the Infocomm Media Development Authority (IMDA) has placed and trained more than 17,000 Singaporeans in tech fields such as Artificial Intelligence (AI) and Analytics, Software and Applications, 5G, Cloud and Cybersecurity since 2016. The IMDA has also upskilled 231,000 individuals, ensuring the workforce keeps pace with global tech trends and industry demands. This may, in turn, attract further business and investment opportunities, ensuring Singapore remains competitive.

Leveraging Singapore’s resilience for business growth

Having climbed the global Resilient Cities Index rankings from twelfth to sixth place, the business outlook for Singapore remains favourable. Also named Asia’s happiest country for 2021 to 2023, Singapore may not only offer a safe harbour for company operations but also a well-rounded one crucial for attracting and retaining top talent across industries.  

With that, businesses may consider getting in touch with our team to learn more about the opportunities and advantages of company incorporation in Singapore.  

Healy Consultants Group provides a wide range of corporate services across the world. Email or WhatsApp us now to find out more about our services.

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