Singapore still the best destination for Asia's ultra-rich

It is the most preferred destination for setting up shop.

The Attitudes Survey released by Knight Frank revealed that Singapore remains to be at the top of the list in terms of where the Asian ultra high net worth individuals want to invest.

Looking at the top 10 overseas destinations, Singapore comes top for Asian UHNWIs looking to invest in commercial property, moderately ahead of the UK and the US.

Meanwhile, Singapore ranked second in terms of the overseas destination for residential property investments.

Knight Frank Singapore Director & Head of Consultancy and Research Alice Tan said that even with the smaller community of UHNWIs in Singapore compared to other key Asian gateway cities, the city-state continues to appeal especially to the Asian community to live, work and set up shop, standing out as a magnet in the region for talent, investment and business.

"The moderated property prices from the effect of property cooling measures have enhanced the value proposition of Singapore property, and demand for property is gradually returning with improved transaction volume over the past year in 2016. As competition heats up and pace of property market changes accelerates in the region, the wealthy community is on an active hunt for safe havens to preserve their investments," she said.

She furthered, "Singapore will continue to remain attractive to investors in the midst of market uncertainty, supported by active urban development plans and the government’s proactive initiatives to ensure Singapore continues to remain relevant at the global stage.”