Singapore has best living in Asia: Survey

Alicia Wong, Today Online 10 Jun 08;

The Urban Redevelopment Authority’s (URA) new Leisure Plan could be a panacea. “Singapore could further improve its standing by enhancing its socio-cultural environment, recreation options, and natural environment. (The URA’s plan) aims to address precisely some of these issues.”

SINGAPORE has improved when it comes quality of living, but would this be enough to offset the rising cost of living for expatriates?

This year, Singapore emerged tops in Asia, excluding New Zealand and Australia, for quality of living and climbed two notches higher globally to 32nd, according to Mercer’s annual quality of living rankings.

Singapore also topped Asia for personal safety, followed by cities in Japan and Hong Kong. Covering 215 countries, the survey acts as a guide for governments and companies placing employees on international assignments.

However, in a survey last year, the same firm also noted Singapore’s rise from the 17th to the 14th most expensive city in the world for expatriates, due to rising housing and transportation demands.

This could remain a problem, :Mercer’s managing director of Asean Su-Yen Wong told Today, citing the lack of specific expatriate housing in the long term and shortage of international school vacancies as causes for concern.

But, beyond rising costs, Singapore’s only issues with respect to quality of living would be the hot and humid climate, and socio-cultural environment, she said.

The Urban Redevelopment Authority’s (URA) new Leisure Plan could be a panacea. “Singapore could further improve its standing by enhancing its socio-cultural environment, recreation options, and natural environment. (The URA’s plan) aims to address precisely some of these issues.”

The plan aims to ensure that “even as we continue to grow, we can still enjoy a very good quality of life”, URA chief executive Cheong Koon Hean had said last month.

Singapore’s improvement this year shows her :strength, relative to other cities, in quality of living in terms of political and social environment, medical and health considerations, public services and transportation, and housing.

Mercer is also monitoring the: rise in dengue fever cases and Chikungunya fever here, as expatriates have started to consider these infectious diseases as an issue for expatriation, added Ms Wong. But “it is still not an alarming situation and globally, Singapore is still seen as extremely enticing city for international assignments”.

Singapore ranked 2nd in Asia, 4th in the world as key centre of commerce
Channel NewsAsia 9 Jun 08;

SINGAPORE: Singapore ranks second in Asia after Tokyo as a key centre of commerce, according to a study by MasterCard Worldwide Research.

The study ranks the top 75 centres of commerce by comparing how they perform critical functions that connect markets around the world.

Globally, Singapore takes fourth spot ahead of Hong Kong which is sixth in this year's index.

According to the study, Singapore shines as a financial hub for its ease in doing business, economic stability, as well as legal and political framework.

Phillip Overmyer, Chief Executive, Singapore International Chamber of Commerce, said: "The things that we consistently hear are that people want quality and stability in business decisions from the government. They want predictability and stability and those are the kinds of things that are rated in this study and show Singapore with very high rankings."

But analysts said the city-state must not be complacent as ratings for Tokyo, Singapore and Hong Kong are very close to one another. They added that ASEAN integration may help Singapore break into the top three.

Manu Bhaskaran, CEO, Centennial Group, Member of Research Panel, said: "If the ASEAN region were to enjoy a sharp acceleration in economic growth over the next few years, then the sheer volume of activity that will be generated, will gravitate towards Singapore and that would help us move up the rankings."

The study also showed Asia and Eastern Europe's growing importance in the business world, with eight Asian cities in the top 25 list.

And experts said ongoing urbanisation means that economic activity will be increasingly city-oriented. As a result, cities in Asia will make a play for a greater share of such activity.

Shanghai jumped eight notches to number 24 from its 32nd spot a year ago.

London was number one in the global ranking, followed by New York, Tokyo, Singapore and Chicago. - CNA/vm

Singapore is easiest city in the world to do business
It is also top in region for economic stability and legal/political framework: Survey
Michelle Tay, Straits Times 10 Jun 08;

SINGAPORE has leapfrogged rival Hong Kong in a ranking of the most influential commercial centres around the world.

The Republic is now the second most influential centre in Asia, just behind Tokyo, according to the survey, which is said to be used by multinationals to help guide investment decisions.

Singapore sits in fourth spot globally in the MasterCard Worldwide Centres of Commerce Index, up two places from last year. Hong Kong fell from fifth to sixth.

Although the Republic trails London, New York and Tokyo, it beat them in terms of a key criterion used to compile the ranking - the ease of doing business.

In last year's inaugural ranking, Singapore came in fourth in this area, which covers a range of factors, including quality of life, investor protection, health and safety, and corporate tax levels.

Mr Mark Ellwood, the managing director of recruitment firm Robert Walters Singapore, attributed the high score to how easy it is to set up a business and to hire foreign talent here.

Mrs Mildred Tan, the managing director of Ernst & Young Associates, said: 'Singapore is very pro-business, and institutions gravitate towards environments that are open and welcoming.'

She called the ranking a 'positive reinforcement' for firms considering doing business in the Republic.

'When it comes to relocation, they will look at various things, from tax incentives to telecommunications infrastructure. The study will be another indicator for them whether to start here, to remain here, or to grow here.'

Singapore was also top in the Asia-Pacific for two of the other six criteria used in the ranking: economic stability and the legal/political framework.

The ranking of 75 cities is drawn up by a panel of academics and other experts.

It serves as 'a road map for corporations to identify and evaluate investment and market opportunities in a world where cities, instead of countries, have become the primary economic players', said Dr Yuwa Hedrick-Wong, MasterCard Worldwide's economic adviser.

He said Asia 'is experiencing a renaissance in terms of economic growth and social development'.

Eight Asian cities feature in the top 25 this year, up from five last year. 'The growth performance of China and India has shifted the economic centre of gravity towards Asia,' said Dr Hedrick-Wong.

Mr Manu Bhaskaran, the head of economic research at the Centennial Group and one of the eight members of the Worldwide Centres of Commerce research panel, said that given time, Singapore could overtake Tokyo as the top Asian centre of commerce.

'Tokyo has not opened up the way the US, Europe, Dubai and Singapore have,' he said, adding that Singapore's absolute score of 66.16 points was not far behind that of Tokyo (66.6).

The other four criteria used in the ranking are volume and connectivity of financial flow, reputation as a business centre, knowledge creation and information flow, and liveability.

One of Singapore's biggest challenges appears to be its place in the bottom half of the 75 cities in terms of liveability.

While Vancouver in Canada emerged as the world's most liveable city, Singapore ranked 40th - or fifth in the Asia-Pacific.

MasterCard said a relative lack of personal freedom dragged its score down.

As was the case last year, the top three places in the study went to London, New York and Tokyo, in that order.

First-timers in the top 25 include Shanghai and Amsterdam.

Mr Bhaskaran said the Chinese city could rise further, as it was 'sitting on top' of what is probably the most dynamic economy for the next 20 to 30 years.

Singapore leapfrogs HK as a financial centre
Survey ranks it fourth worldwide but expert says it can't stand still
Joyce Hooi, Business Times 10 Jun 08;

(SINGAPORE) Singapore climbed to fourth place on MasterCard's Worldwide Centers of Commerce Index this year, leapfrogging Chicago and Hong Kong along the way. It is now the number two city in Asia in this ranking of financial centres - with only Tokyo ahead of it.

'The Centers of Commerce Index is a roadmap for corporations to identify and evaluate investment and market opportunities in a world where cities, instead of countries, have become the primary economic players,' said Yuwa Hedrick-Wong, MasterCard Worldwide's economic adviser in Asia-Pacific.

The index surveyed 75 cities using seven key indicators of varying weightages that evaluated a city's legal and political framework, economic stability, ease of doing business, financial flow, business centre, knowledge creation and information flow, and livability.

Singapore's ranking was driven by its strong showing in relation to the ease of doing business and its legal and political framework indicators, in which it ranked first and second overall, respectively.

Manu Bhaskaran, a member of the panel behind the index, attributed Singapore's strength in these areas to prudent government leadership in facilitating commerce,

'The government has made the right decisions in cutting taxes, bringing in talent and focusing on integrated resorts,' said Mr Bhaskaran at the briefing on the index yesterday.

He is, however, quick to caution against complacency. 'Singapore tends to do well in the 'process areas' which are related to bureaucracy. But other people can learn this formula and mimic it,' he said.

Instead, Singapore would do well to shore up its competence in the knowledge creation and liveability areas, he said.

It is currently ranked 40th for liveability - an indicator measuring elements like personal freedom and quality of life. 'To generate more knowledge creation, Singapore should keep adding more universities and encouraging foreign talent,' said Mr Bhaskaran.

Singapore also has its work cut out if it wants to break into the top three, which is illustrated by the fact that the top three positions have been retained this year by London, New York and Tokyo.

'London and New York possess critical mass, having amassed a concentration of analysts, investment banks and the support services that accompany them. Critical mass is something that we lack, especially in the financial flows area,' said Mr Bhaskaran.

The key to overcoming this limitation is cross-border integration and higher levels of economic growth within the Asean region, he revealed. 'Singapore has to be the capital city in the economic sense in Asean, in order for it to be in the top two,' he said.