London pips HK as priciest city to rent homes, offices

[SINGAPORE] London has become the world's most expensive city for companies to locate employees, overtaking Hong Kong, which had previously topped the list for an unbroken five-year period, according to property consulting group Savills.

Singapore is in sixth position in the latest ranking of 12 global cities as at June 2014 - unchanged from the December 2008 list.

Savills compares the cost of renting living and working space for a group of employees in the financial sector and the creative industry, stated in US dollar terms.