The National University of Singapore (NUS) has pipped two Hong Kong rivals to finish No. 1 for the first time in a ranking of Asian universities.
"NUS completes its remarkable ascent to the top of the table, having placed 10th when the rankings were first compiled in 2009," said London-based education and career consultancy Quacquarelli Symonds (QS), which released the results this morning.
It was rated tops in Asia by a survey of over 8,000 graduate employers, and also makes the top five for academic reputation and research citations.
Nanyang Technological University (NTU) also moved up in the ranking, rising three places to seventh, its highest-ever position.
Korea Advanced Institute of Science and Technology was placed second, while University of Hong Kong and Seoul National University were third and fourth.
The Hong Kong University of Science and Technology fell from first to fifth, the first time a Hong Kong institution has failed to top the table since 2009.
In sixth place was The Chinese University of Hong Kong.
Mr Ben Sowter, QS head of research, said the results confirm Singapore and South Korea as the region's new major players.
Universities from these countries and those from Hong Kong and China have grown to command respect in global rankings in the last decade, he added.
As English-speaking and major global transit hubs, Singapore and Hong Kong enjoy some natural competitive advantages.
"However, NUS taking the top spot this year has also been the product of its undeniable evolution to world-class with cutting edge education and research augmented by pragmatic and consistent leadership, strong institutional branding and exceptional financial management."