Singapore - Leading Financial Center of Asia-Pacific
Singapore is a global hub for education, entertainment, finance, healthcare, human capital, innovation, logistics, manufacturing, technology, tourism, trade, and transport. The country ranks highly in numerous international rankings, and has been recognized as the most "technology-ready" nation (WEF), top International-meetings city (UIA), city with "best investment potential" (BERI), world's smartest city, world's safest country, second-most competitive country, third-largest foreign exchange market, third-largest financial center, third-largest oil refining and trading center, fifth-most innovative country, and the second-busiest container port.
The Economist has ranked Singapore as the most expensive city to live in, since 2013. It is identified as a tax haven. Singapore is the only country in Asia with an AAA sovereign rating from all major rating agencies, and one of 11 worldwide.
Singapore's Property Market's Excelling Performance
Singapore has maintained a steady economy and within the past 9 years (from 2010 to 2018) its GDP has been kept in the range of 2.2%, with the highest in 2010 at a 15.2% increase. The government increased its expected GDP from 3.0 to 3.5% in 2018 after it had previous reached a 3.6% increase in 2017. It is expected that its GDP will perform at 2.5% and 2.7% in 2019 and 2020, respectively. By 2020, its GDP per person will reach USD 10.05, ranking 4th globally.
As an international hub with a matured economy and development, high-quality education system and a continual inflow of professionals, Singapore is one of the most popular destinations for investors, who have helped to stimulate Singapore’s property market. Since 2009, the government has launched multiple policies to control the property market and in 2018 released higher stamp duties and tightened mortgages to compensate for the rising property value. Organizations expect Singapore’s property market to increase from 2% to 3% from 2019 to 2020 due to a rapidly growing household income.
A Rising Digital Economy
The Singaporean government launched The Digital Masterplan to create a digital-based economy in artificial intelligence, logistics network, blockchain and modern technology to improve government services besides intelligent services for the nation and business firms. The Punggol Digital District is one of the heavily focused projects to completely transform Singapore's digital economy.
The newly developed Digital Masterplan will step by step stimulate Singapore’s economic development and is expected to generate a 10 billion USD contribution to Singapore’s total GDP. According to IDC’s market analysis, from 2017 to 2021, the digital economy will contribute to a 0.6% increase to Sinagpore’s GDP. By 2021, 60% of the nation’s GDP will come from digital products and services, compared to the 10% in 2017.
Modern City Developments and Infrastructures
The Jurong Development is to transform the area into Singapore's second Central Business District (CBD). The goal is to provide 100,000 new jobs in the region to provide maritime, infrastructure and technology sectors besides proving 20,000 homes. To the east is Changi international airport which remains as an important gateway and aviation hub in the East.
To be revealed in 2019, the city has plans to go underground. Singapore has already moved infrastructure and utilities underground including train lines, retail space, walkways, 5-lane highway and air conditioning cooling pipes. The government has also been storing fuel and ammunition underground. Within the master plan, the government hopes to feature underground space for hosting data centres, utility plants, bus depots, a deep tunnel sewage system and water reservoirs.