Business

S'pore No. 9 for property investment

Singapore has shot up 12 places in a league table that ranks cities on opportunities for property investment.

The index, launched last August, looks at factors such as retail sales, household income, adult population size and gross domestic product to determine how economically vibrant a city is.

Singapore was placed at nine, up from 21 last December, by asset manager Schroders, which compiles the index of 161 cities.

Los Angeles took the top spot, with London second.

Schroders said university rankings, which were taken into account for the first time, were the main reason behind changes in the cities' positions.

Mr Hugo Machin, co-head of global real estate securities at Schroders, said: "Universities are critical in powering city economies. Innovation and education provide a better trained, more productive workforce. Knowledge based hubs are growing in economic strength, with a positive knock-on to real estate markets in those locations."

The new methodology gave a boost to cities in the United States, which filled 16 of the index's top 30 slots.

- THE STRAITS TIMES

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