Singapore holds the reputation of being one of the costliest destinations in Asia, preceded only by Tokyo, Seoul and Hong Kong. The quality of life is good as this chic metropolis offers you the best convenience in entire South-east Asia. Singapore is the preferred choice for the settlers owing to its high-quality infrastructure, health facilities and first-world environs. Whether you intend to stay and study in Singapore or plan to settle down in this cosmopolitan country, it is always prudent to do an intensive research on the cost of living in Singapore.
Before you venture out on living in Singapore, getting to know the lifestyle trends and living standard will certainly prove useful. Cost of living ranging from food and accommodation to transportation and clothing is a common worry for the expatriates. Instead of being perturbed by the thought of costly, frugal living, be better informed about expenses in Singapore and do not leave much to chance. Following are some useful information on various costs that may incur while you put up in Singapore.
Accommodation
The sky-rocketing real estate has been the cause of worry for both the natives and the migrants in Singapore, nonetheless, post-recessive situation has become more buyer friendly. Imbalance of supply and demand has reduced to a good extent giving much relief to the people. If you wish to rent an apartment in the middle of the city, expect to shell out anywhere between S$550 and S$700 depending on facilities and location you choose. While a three-bedroom condo comes for S$2000 – S$4000, the monthly rent of a four-bedroom house with swimming pool can be anywhere between S$10,000 and S$25,000. If you do not wish to spend much on accommodation then rented rooms close to the city center, which may cost you around S$600, is a fair idea.
Fooding
Singapore is very passionate about its cuisine and if you make it a habit to dine out at any of the food courts or hawker centers, it will be a low-key affair. A sumptuous meal at most food courts will cost you S$3 on an average. If you prefer home-cooked meal you need to be calculative about the grocery items you buy. The supermarkets in Singapore can be expensive. Vegetables like cabbage, carrots, horseradish and ginger are available at a more economical rate as also tea, coffee, nuts and red beans are available for a cheap bargain. In a nutshell, you can enjoy a moderate dining experience in this modern city for less than S$300 a month.
Clothing
Costly apparels and high range of accessories may be the major contributors that augment the cost of living in Singapore. Although you find night markets and hawkers selling cheap items, you have to buy in bulk to avail discounts. Even locally made dress items are quite expensive. This fashionable country houses host of apparel stores selling imported and branded clothes with prices tagged in higher range. Since small jewelries are pricey, it is recommended to get them directly from manufacturers in nearby districts. Shopping for clothing and wares could cost you around S$300 a month.
Transportation
Owning a private vehicle is not advisable in Singapore unless you are complacent about your financial status. The monthly cost of a new low-range and mid-range vehicle in Singapore will make your wallet lighter by S$1000 - S$1300. If you do not nurture the idea of owning a private vehicle, you are somewhat wiser than others as the public transport network in Singapore is undoubtedly one of the best in Asia. Your bus fare would range from S$0.71 to S$1.80 per trip depending on the distance you travel, while the train tickets cost from S$1 to S$1.79. A transport rebate of 40 cents per trip (for adults) can be availed if you are an ez-link card holder.
Healthcare
Singapore is not hard on people seeking medical treatment as there are polyclinics at every nook and corner of the country. These state-run medical centers render quality healthcare. The clinics can be spotted in most housing estates and town centers where consultation will cost you anywhere between S$10 and S$20 depending on the type of ailment and treatment given. On an average, your weekly medicine bill can come to S$10, so there is not much to think about budget constraints.
Education
Studying in Singapore is not exactly a costly affair as there are a number of state-run or aided schools. These schools are cheaper than their international counterparts. The annual fee may range between S$3500 and S$15000. When it comes to buying books and stationery, be prepared to shed between S$30 and S$100, depending on the course of studies. The state-sponsored colleges and universities in Singapore are also more economical than the private ones.
Recreation
You get the liberty of indulging in recreational activities in this upward country without straining your budget. Dancing your time away in the nightclubs will cost you around S$25, while a jug of larger beer will come for S$30 - S$40 in most pubs. Watching movies in the mutiplexes is a pretty affordable bargain as tickets are priced at S$8 and S$10 on weekdays and weekends, respectively. You get your favorite hot dogs, nachos and other snacks in the theater for as low as S$6.
Sundry expenses
Apart from the above mentioned expenses, there are still some sundries which you need to take care of every month. Monthly gas, water and electricity bills can collectively come to around S$200 while cell phone bill for an average local user may touch as high as S$150. Charges for wireless Internet ADSL subscription are affordable and hardly exceeding S$70 per month. Other essentials like toiletries, magazines, CDs and cable TV may cost you around S$200 a month.
Cost of living in Singapore: Comparison with other nations
The following table contains figures, which represent a weighted average of the prices of more than 160 items found across the major cities in the world starting from household goods to luxury items.
| Rank |
City Name |
Cost of living Index |
|
| 1 |
Tokyo |
152 |
| 2 |
Osaka Kobe |
145 |
| 3 |
Paris |
132 |
| 4 |
Copenhagen |
124 |
| 5 |
Oslo |
123 |
| 6 |
Zurich |
122 |
| 7 |
Frankfurt |
118 |
| 8 |
Helsinki |
118 |
| 9 |
Geneva |
115 |
| 10 |
Singapore |
112 |
| 11 |
Hong Kong |
110 |
| 12 |
Vienna |
109 |
| 13 |
Dublin |
108 |
| 23 |
New York |
100 |
| 27 |
London |
99 |
|
| *As per the latest survey (March, 2009) of Economist Intelligence Unit |
The healthcare expenses, groceries and accommodation costs are lesser in Singapore than its Asian counterpart Tokyo. If you shift to Singapore from Tokyo, you can assure yourself of shedding lesser bucks for many other sectors apart from the above mentioned segments. Americans will find it hard to cope with the Singaporean costs as New York, the most expensive city of the US ranks lower than Singapore in standard of living with a cost of living index being 100. This Asian city will prove pricier for them.
The expatriates from the European cities like Paris, Copenhagen, Oslo, Zurich and Frankfurt, will find Singapore a better bargain with the cost of living showing a southward trend. The steady decline in pound’s value has made London a cheaper place to live as compared to Singapore. London does not feature even in the list of top 25 expensive cities. Londoners, better prepare to experience a real surge of expenses in Singapore. The Dubliners will also have to bear the higher living expenses in this city.
Having said all these, cost of living in Singapore really depends on how you really live and how you employ your money in various things over a period of time.
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