Can Singapore sustain its unprecedented success after leader's death?

Lee Kuan Yew, 91, who passed away on Monday, was a towering figure for Singapore, presiding over the country's independence from Malaysia in 1965. His leadership turned the quiet port city, without natural resources and deep historic roots, into a thriving metropolis, and his mix of political control and economic pragmatism inspired other Asian regions, even China.

Will this unprecedented economic success be kept after his departure? Investors will be closely watching the tendency.

Experts say his death and the rise of the region's middle class will usher in a wave of change.

Ernie Bower, a Southeast Asia expert at the Center for Strategic and International Studies, considers that the middle class "will inevitably challenge the paternalistic, top-down, and centrally controlled governance models Lee adopted." In many ways, Lee's death could make that change easier, in his opinion.

"Instead of having an undeniable father to say 'yes' or 'no,' Singaporeans will now...make more consensus-based decisions," he said. "Singapore could gradually move to a political regime where competing parties and leaders argue to convince a nation that their ideas are best." 

A change has been ripening quietly in recent years.

In 2011, an opposition party won 6 out of 87 seats in Singapore's parliament. Although, the number is not impressive, experts say it marked the beginning of a change in the political dynamic.

In a relatively short time, the city state has risen to rival Hong Kong as the region's top financial center.

According to the International Monetary Fund, three of the world's biggest banks - HSBC (HSBC), Standard Chartered (SCBFF) and Citibank (C) - account for 23% of Singapore's banking assets. Moreover, Singapore has been growing in importance as an offshore hub for China's currency, the yuan.

After the government implemented a series of measures to cool prices, there have risen concerns that Singapore's notoriously expensive property market may be headed for a crash.

From now on, investors will be eyeing any move that throws into question Singapore's powerful market status.