Cost of living in Singapore: Some tidbits

[Lizza]

Singapore is one of the most cosmopolitan, modern and convenient countries in Asia. It's also one of the most expensive; it's ranked #14 in Mercer Human Resource Consulting's 2007 Cost of Living Survey. Here are some useful things to know about living in Singapore for expats.

Apartment/House Rental Rates

Average rental prices for a three-bedroom condominium/apartment in Singapore go for SG$2,500-SG$5,000 (USD1829-USD3658). Rental rates have increased - by 45% in 2007 - but it's been said that if you are on good terms with the property owner, your HDB renewal rates will increase only by 10-15%. As a rule of thumb, rental rates are higher for condominiums than for Housing Development Board (HDB) properties. However, even HDB properties can have high rental rates, depending on their proximity to the downtown area. Here are some sample rates for one- to four-room flats in Singapore. A lot of these apartments are situated in buildings that include amenities like swimming pools, gyms, and tennis courts.

Property Ownership

Owning property in Singapore has become easier for foreigners since ownership regulations were eased in 2005. And even though private residential prices increased during the first quarter of 2008. it seems expats (especially those who are planning to live in Singapore for a year or more) prefer to buy a house or flat rather than rent. For information on prices of private residential apartments, condominiums, and landed property in Singapore, look at the Urban Redevelopment Authority website.

School rates

Expats with children have a number of options regarding enrolling their children in schools in Singapore. They can choose government schools or government-aided schools, which, though cheaper than international schools, require a contribution to the Education Fund.

There are many international schools in Singapore, such as British Council Nursery School, International Community School, Hollandse School, and Swiss School. Yearly school fees range from SG$5,000-SG$19,000. More information on international school rates here.

Transportation

Owning a car is expensive in Singapore. Fortunately, the general consensus is that you don't really need to buy your own car to get around since the country's transportation system is inexpensive and efficient. For example, rates for the Mass Rapid Transit (MRT) system varies from 60 cents to SG$1.50; a non-air-conditioned bus from 50 cents to SG$1.10; and an air-conditioned bus from 60 cents to SG$1.40.

Taxis are likewise plentiful. Be reminded though, that taxi rates are higher in Singapore during rush hour and that there may be a surcharge if you hire one at the airport.

Cost of groceries/eating out in Singapore

It's been said that you can live cheaply when it comes to food and drink in Singapore; it depends entirely on your taste! If you're a less than adventurous person who prefers dining at Western restaurants or hotels, then be prepared to pay something like SG$60 for lunch. Compare that with the price of dishes at hawker centers or foodcourts, where a plate of noodles can cost as little as SG$3. Of course, there are the usual fastfood companies like McDonald's and Burger King if you're hankering for familiar and cheap food.

Grocery expenses, of course, depend on how many people you're shopping for and the type of food you prefer. Goods and services tax (GST) is at 7%. But grocery stores usually have sales or discounts, which can offer significant benefits for your budget. The consensus seems to be that food is relatively cheap, but alcohol expensive.

For a personal take on expat life in Singapore, read the following interviews:

American expats Jim and Venitha (though they've since gone back home to the USA).
British expat Phil Tatham's feeling hot and sweaty in Singapore.