The prospect of interest rate hikes by the Fed used to spark panic among investors. This was due to the widely-held view that a receding tide of liquidity would spark a selloff in Asian assets that had been pumped up by years of ultra-loose monetary policy in developed economies.

Now, it seems that growth is not only recovering in the US but across much of the world. And, higher US interest rates are not likely to be a catalyst for a disorderly rout in Asian markets but a natural complement to accelerating growth and inflation.

“A ‘synchronised’ global recovery appears to be underway,” says Chua Hak Bin, an economist at Maybank Kim Eng.

One way that investors can ride the pickup in corporate capital spending in Singapore is through the city state’s well-managed stock of commercial property, much of which is held under locally listed real estate investment trusts and …