![]() ![]() While we like Singapore as a city, the real estate market is facing challenges. ![]() We spotted a 'pizza ATM' during our recent visit. It is possible to see hints of how innovation is replacing the low-skill economy on the streets of Singapore. British manufacturer Dyson, for example, has recently announced Singapore as the location for its £330m R&D centre. The scheme is already starting to attract R&D (research and development) investment from high-profile companies. It means landlords aren’t reliant on one sector for tenants, keeping occupancy rates high. Economic diversification is attractive to us as property investors. Last year the government announced plans to invest $19bn into science and technology over the next five years. Traditionally a shipping port with an economy based on low-skilled workers, the country is now also trying to establish itself as a world centre of excellence for technology and research. The Index of Economic Freedom ranked Singapore as the second freest economy in the world in 2016 while the Corruption Perceptions Index 2015 ranked the country eighth.Īdvanced infrastructure and an educated workforce have also played a part. A perfect base for Western businesses has been created, with low taxation and a strong culture of anti-corruption often cited as the key ingredients. The ports sit on 200 shipping lanes with links to 600 other ports in the world.īut Singapore’s success is about more than geography. ![]() Its container ports in the south-west of the main island are the busiest in the world. It is a global transportation hub with an extensive network of trade agreements in Asia, especially for sea and air cargo. Singapore’s success is due in part to its enviable location. The country also enjoys the third highest income per person in the world, the largest concentration of millionaires and one of the lowest unemployment rates – at 2.1%* – among developed countries. Today, based on gross domestic product (GDP) per capita, adjusted to reflect true purchasing power, Singapore is level-pegging with America. ![]() In 1965, the newly created city state’s wealth was just a third of that enjoyed by the US. In just half a century, the fortunes of Singapore have been transformed beyond recognition. Challenges to the office, retail and industrial property markets Tight low-skill labour immigration policies One of the easiest cities to conduct business in the world ![]()
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