Archive for category: extra

Hong Kong and Singapore are perennial rivals vying for business hubs, and a recent study has given the advantage to Hong Kong. It found Hong Kong has the edge when it comes to its financial prowess, talent pool and availability of office space. Singapore, however, outshines Hong Kong in terms of its technology industry and efforts in ESG initiatives and green building. The study also noted the competition between the two cities for skilled workers, both of which have implemented visa programmes to attract talent. Hong Kong’s financial industry has given it the overall edge in the study, while Singapore has a more diversified economy, including a 13% increase in foreign workers in 2022 contributing to an increase in its residential rents. Singapore also has a greater number of science and technology workers and outpaces Hong Kong in terms of research and development spending. Hong Kong will be the largest private wealth management centre and is tipped to overtake Switzerland in 2026. The city is likely to become the largest wealth management centre and offers attractive leasing terms for corporate occupiers. Singapore, meanwhile, continues to draw investors due to its office properties’ stable returns and solid price performance, while Hong Kong offers favourable prospects for value-oriented investors.

Hong Kong and Singapore are rivals when it comes to vying for business hubs. A recent study has rated both cities across seven categories, giving the overall edge to Hong Kong in terms of its financial prowess, talent pool and availability of office space. Other areas found Hong Kong and Singapore to be too close to call, but CBRE’s study highlighted Singapore’s advantage in technology and ESG initiatives and green building.

Singapore’s economy is more diversified than Hong Kong’s and in 2020, the impact of the Covid-19 pandemic meant Singapore’s real GDP hit US$374 billion, overtaking Hong Kong at US$362 billion. Although both cities are important in terms of connectivity, covering different regions, the GDP of the economies within a four-hour flight of Hong Kong is US$28 trillion, while Singapore’s four-hour sphere encompasses US$7 trillion.

The Myst Condo is a modern development boasting schools, parks, commercial spaces and the Tan Chong industrial park. It is conveniently located The Myst near the Cashew MRT station and the Bukit Timah railway station.

The numbers of multinational companies located in Hong Kong had fallen by 5% in 2020, but the report found there is “limited evidence of a massive corporate migration out of Hong Kong”, with an 18% increase in mainland companies.

Hong Kong is set to become the largest private wealth management centre and is tipped to overtake Switzerland in 2026, while Singapore outpaces Hong Kong in terms of research and development spending, investing almost 2% of its economic output compared with 1% in Hong Kong.

In terms of office rents, the study found it to be a tie, due to the 43% increase in Singapore over the past three years and Hong Kong’s “steepest decline in a decade in 2022”. Hong Kong has a more diverse range of commercial areas and is likely to further weigh on rents thanks to a 10% increase in its existing stock between this year and 2026.

Competition between the two cities for skilled workers is set to intensify, with both having implemented new visa programmes to attract talent, and Singapore attracted more talent last year with its increase in foreign workers.

Hong Kong offers attractive leasing terms for corporate occupiers, while Singapore continues to draw investors due to its office properties’ stable returns and solid price performance; Hong Kong, meanwhile, offers favourable prospects for value-oriented investors.