Story highlights More than twice as many universities from India made the list this year, compared to last

Experts say Malaysia showing the most promise for emerging nations

(CNN) Asia's best colleges were announced Thursday and for the second year in a row, Singapore has emerged top of the table.

The National University of Singapore (NUS) was announced as the best college in Asia in the Times Higher Education supplement, beating out stiff competition from China, which otherwise dominated the top three.

Phil Baty, the editor of the Times Higher Education Rankings, said the university had established itself as a role model for the continent, adding that in his view "Asian universities can legitimately challenge the traditional Western elites of the US and the UK."

The influential London-based guide to further education assesses universities on 13 performance indicators, including research performance and teaching environment.

Peking University came in second and Tsinghua University third -- both are located in the Chinese capital Beijing.

Read More