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Property consultancy Savills has revealed in its latest World Cities Review that while accommodation costs in Singapore are high, the city provides the most returns for businesses.
In the report, Hong Kong came in tops out of 10 cities in terms of headline costs while Singapore came in sixth at USD1.005 million per annum.
Despite ranking relatively high on the real estate expense chart, Savills considered Singapore to be the most value-for-money city for businesses to “set up shop” in because of its high GDP.
Said Savills world research director Yolande Barnes, “it is worth paying more to accommodate an executive team in Singapore with its high GDP than in the low GDP Mumbai”.
