In a year when everything from stocks and bonds to cryptocurrencies have tumbled, an investment in Singapore’s most elite golf club stands out.

The cost for an expatriate to join the 36-hole Sentosa Golf Club overlooking the Singapore Strait has more than doubled since the end of 2019 to S$840,000 (US$618,147), brokerage Singolf Services said.

For citizens and permanent residents, the membership price has surged to as much as S$500,000.

It is another way the city-state is defying gravity in a world upended by the global stocks implosion, strict COVID-19 restrictions in China and Russia’s war in Ukraine. Prime real estate has never been more expensive, luxury-car sales are higher than ever and country clubs are thriving.

The manicured and almost crime-free financial hub has long attracted wealth from countries with more complicated prospects, led by rich Chinese settling in the city-state.

Few venues exemplify the trend better than the championship course some rank top in Asia-Pacific.

Set on a lush island south of Singapore’s rump, the facility is nestled between the Resorts World casino, Universal Studios, a marina that attracts ocean-going yachts from as far as the Caribbean and native jungle pocked by battlements ruined…