Congratulations Singapore + SRS Portfolio Update

Congratulations Singapore!

Singapore has overtaken Hong Kong to become Asia's top financial centre, behind New York and London. It has been quite long coming ever since Hong Kong followed China's strict covid policy. 

Many global fund managers have already set up offices in Singapore, relocating the senior folks from Hong Kong and hiring young local talents. This bodes well for our REIT sectors (retail, office, hospitality) and are pushing up salaries of younger folks as well as the rental market. Many of my friends complained about their younger team members being poached and rental going up by 60-80% when they renewed their leases recently. 

Singapore just hosted Super Returns, a private equity event that was very well attended by global PE fund managers and investors this week. A slate of high-profile events including the Milken Institute Asia Summit, the Forbes Global CEO Conference and the Singapore Grand Prix will help to raise the city's profile next week and that will be followed by another premier PE event, AVCJ Singapore in November.

The ranking of the financial centres is presented below and hopefully Singapore will keep the lead!

Congrats Singapore and kudos to many (including officials) who made it happen behind the scene.

Global Top 20 Financial Centres

I attended some of the events hosted by the fund managers and you can imagine they hosted these events at hotels and restaurants benefiting the hospitality sector. The hotel rates for these two weeks have gone through the roof! Below are night scenery from some of these events.

SRS Portfolio 

SRS Portfolio as of 24 Sep 2022

The SRS portfolio received $684 from AIMS APAC REIT last week and cash balance stands at $118,986.

The stock market also crashed this week, from weak sentiments caused by rate hikes in the US.  The portfolio value stands at $385,786, a slight drop from last week.

That is all for now, happy SRSing!