Singapore has been named the "best-value city for foreign business" by Bloomberg this week, after a new report revealed the Southeast Asian city-state offers businesses the best property-rental value compared to other major business hubs around the world.
The report, put together by global real estate company Savills, involved calculating total costs to set up a business in 10 major cities, dividing that number by the per-capita gross domestic product of each city or country, and then comparing each location on a "value for money" scale.
Of the 10 cities measured, Singapore had the best -- and lowest -- score (16.1), while Mumbai had the worst (74.7). Sydney and Moscow also fared well.
“The value of real estate is higher where more corporate revenue can be generated,” Yolande Barnes, director of Savills world research, said in a news release. “It is worth paying more to accommodate an executive team in Singapore with its high GDP than in the low GDP Mumbai.”
For years, Singapore has been recognized as a great place to do business. According to Singapore's Economic Development Board website, the island nation has, for 16 consecutive years, ranked second in the world as the city with the "best investment potential." It is also said to be the world's easiest place to do business, as well as Asia's "most network-ready" and "most transparent" country.