Singapore 9th most pricey place in Asia-Pacific for expats: Survey

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Singapore 9th most pricey place in Asia-Pacific for expats: Survey
Grace Leong
The Straits Times

SINGAPORE: -- Singapore is the ninth most expensive place in the Asia-Pacific for expatriates - for a second straight year.

And for the first time since 2009, the Republic has surpassed Australian cities, all of which have now fallen out of the top 40 except for Sydney in 38th place.

ECA International, which released its biannual Cost of Living Survey yesterday, cited the strengthening of the Singdollar against the Australian dollar over the past year as a key factor.

Globally, Singapore has risen four notches to become the 31st most expensive expatriate location. Prices rose about 2.3 per cent over the year, fuelled by higher commodity prices, which drove up food and clothing costs.

But the Republic is still competitive, compared with Indonesia, India, the Philippines and Thailand, where inflation is typically 6 per cent year on year, ECA's Asia regional director Lee Quane said.

Also, Singapore remains less expensive than Tokyo, Seoul, Shanghai and Hong Kong - major cities competing with it for talent and foreign investment. The three most expensive cities worldwide are Caracas, Oslo and Luanda.

"However, the cost of living for relocated employees will also be affected by the currency that is used to pay their salaries, and exchange rate fluctuations will often have a bigger impact on an international assignee's purchasing power than inflation," he noted.

In the last four years, Singapore has consistently stayed in the top 30, indicating costs for international assignments to Singapore remain relatively high compared with places such as Jakarta and Kuala Lumpur, he said.

Even so, the Singdollar's recent weakness against the US dollar, euro and pound sterling have kept costs down for companies sending staff here, he said.

They will be able to continue to "maintain their assignee's spending power with a lower cost of living allowance".

Conversely, companies sending staff out of Singapore and paying in Singdollars may need to adjust their remuneration package to reflect the currency's weaker purchasing power, he said.

The ECA survey is the latest in a series ranking Singapore among the most expensive cities.

In March, a survey by the business intelligence arm of the Economist magazine sparked controversy over its findings that Singapore was the world's most expensive city. It cited a stronger Singdollar and rising utility and car prices.

The ECA does not take accommodation rentals, car purchases and school fees into account.

Its survey helps companies calculate cost of living allowances for employees on overseas assignments, and compares a basket of like-for-like consumer goods and services commonly bought by expats in 440 locations worldwide.

Victor Mills, acting chief executive of the Singapore International Chamber of Commerce, noted that apart from costs, MNCs face other challenges. "For MNCs it has become harder to obtain employment passes as the manpower curbs have kicked in."


-- ANN 2014-06-101

[soihok]

If Schools, Car Purchases and Accommodation Rental were taken into account it would be up there in the top 3 (without doubt the most expensive country in the world to buy a new car and get it on the road).

Never the less, I hope to be moving back there later this year (and I will get a Motorbike again, even though the COE now stands at 4K SG$).

[soihok]

I have been pricing Primary Schools, most of the International Schools are in the region of 26K to 30K SG$ for a year. That does not include application fees, non returnable deposits, bus, uniform, extra cirriculum activities, school trips, etc, etc.

All in all, make it 30K to 34K SG$ per year for a 6 - 7 year old = Approx 800,000 Baht.

[Emster23]

How does this square with report about Singapore being most expensive place to live in the world a month or so ago?

[soihok]

Maybe that report considered property, schools, motors?

I don't Singapore is the most expensive place in the world to live, but its getting there. Just be happy you are not your average Singaporean that's all.

For food, public transport. phone, tv and internet I don't think its too bad.

Electric and water bills can be high though, as you would expect.

As long as you can achieve a high salary its no problem.

Edited June 11, 2014 by soihok

[PMZ]

According to Economist report from March this year, Singapore is the 'most expensive city in the world to live in'.

http://www.theguardian.com/cities/2014/mar/05/singapore-most-expensive-cities-2014-list-paris

Edited June 11, 2014 by PMZ

[Shaunduhpostman]

There was just recently a survey on Thai Visa slating Singapore as the most expensive city in the world. Period. It's certainly much worse than Seoul in my experience. Very difficult to find a room for less than 3,000 baht a night. Seoul, you can easily find one for 1000 baht. Taxis in Seoul are not that bad, I heard they are ridiculous in Singapore, so I didn't bother. Booze is definitely cheaper in Seoul, food is worse there, but cheaper.

[Upnotover]

Don't know if booze is in this survey but dropped into Harry's for a beer Sunday afternoon,

....at nearly THB400/pint not something to make a habit of (alright, they did have cheaper stuff which I moved on to).

[Albertosez]

Lived there for 5 years and still go back often......but for me it's becoming a bubble just waiting to burst ! Spent fortunes in bars and restaurants and that is why I don't complain ( too much ) about Thailand. Overall, I enjoy Thailand more and this is definitely a better option if / when you need to drop down a gear and live life with less stress ! Singapore is a top place but a little bit like a boarding school !

[Albertosez]

Don't know if booze is in this survey but dropped into Harry's for a beer Sunday afternoon,

beer.JPG

....at nearly THB400/pint not something to make a habit of (alright, they did have cheaper stuff which I moved on to).

[Albertosez]

Upnotover : I know the old girl that served you.... Can see Dorothy on the bill. Not seen her for a f ew months, but guess you were at O. T Harry's.....maybe went on to the tea dance upstairs afterwards ?

[Upnotover]

Upnotover : I know the old girl that served you.... Can see Dorothy on the bill. Not seen her for a f ew months, but guess you were at O. T Harry's.....maybe went on to the tea dance upstairs afterwards ?

You got it in one, and I did indeed pass through OT later, a strange place on a Sunday afternoon.

[arrytheippo]

The results don't mesh with the economist survey earlier this year that showed it to be the most expensive city in the world. So, possibly they are basing it on certain, selective criteria. For example, maybe if you don't drive and don't have kids (and don't drink, or eat.....or go out, ......................ever!) then perhaps the results are explained. It really is a meaningless article unless they show how the results are obtained

The phrase 'But the Republic is still competitive, compared with Indonesia, India, the Philippines and Thailand, where inflation is typically 6 per cent year on year,....' to me is meaningless, how do you compare an island 25 miles by 8 with Indonesia? Which part of Indonesia? If he had said Jakarta, then it might have made sense.

[hanno]

I have been pricing Primary Schools, most of the International Schools are in the region of 26K to 30K SG$ for a year. That does not include application fees, non returnable deposits, bus, uniform, extra cirriculum activities, school trips, etc, etc.

All in all, make it 30K to 34K SG$ per year for a 6 - 7 year old = Approx 800,000 Baht.

My daughters school in Saigon is about that. Without her school fees, I could have retired long time ago:-)

[Albertosez]

Upnotover : I know the old girl that served you.... Can see Dorothy on the bill. Not seen her for a f ew months, but guess you were at O. T Harry's.....maybe went on to the tea dance upstairs afterwards ?

You got it in one, and I did indeed pass through OT later, a strange place on a Sunday afternoon.

Yes - I don't think I have witnessed such scenes anywhere else on a Sunday afternoon. Off there myself in a week or so. I'm surprised those maids have so much energy left after their type of a 6 x day week...........glad they have though !

[jmccarty]

How does this square with report about Singapore being most expensive place to live in the world a month or so ago?

This is the Singapore government's attempt to counter that stat via their 100% government owned Singapore Press Holdings. Often used to spin information in their favour! Likely what I would do to stay in power if I was in power and had as much as they do to lose in upcoming elections.

On the ground there, it is very expensive if you just show up. The average Singaporean also has a grim future of over-full public transport, crowded everything, and high cost for anything beyond the basics for the rest of their lives. At least for 80%-90% of them.

Have a look online at any jobs website at what salaries are offered. If you are the "average" worker in Singapore, S$3,000-S$5,000/month would likely be where you would be with >10 years experience. And 49% are not even to that level.

Look a bit further and that sort of money will not go very far when government flats go for S$300k-S$1m and the cheapest 2nd hand car that you have to discard in a few years time is S$30k so you just cram into the bus and MRT with the rest of the masses.

And, I will probably end up back there again in the future, not had enough of that!

[Albertosez]

I ran a company in Singapore for over 8 years and was amazed, initially, at how little we had to pay the staff, considering the overall cost of living there. It makes me laugh ( cry ) now when I think back to blowing regularly blowing S$200 on a Sunday afternoon in the Irish pub and Towers ( not to mention fridays and Saturdays ) and then go to Jasons Supermarket to buy a small joint of Lamb for S$70 and rush back to my condo in time for the early Prem league Kick off. Never gave two hoots about the dosh, but if I was to spend the same in a month in Thailand as I used to spend in a week in Singapore, then I would be on tranquilisers - these days !

[soihok]

Still looking to return there soon, just need to look into the further to see if its what I want to take on.

No motor, rent will be about 4500 SG$ a month, school will be about 2500 to 2800 SG$ a month.

Will get another bike at some point though

(Salary will be around 27000 SG$ a month though, so no worries really).

[Albertosez]

Project type work in Singapore is a very good choice for ex.pats - depending on the field of work. If you can command the salary of a consultant in Singapore, but have the freedom of not having to stay there for too long and just make regular site visits ........are you having that 1 David lad !!

[spidermike007]

In the little bit of time I have spent in Singapore, I was astonished at how expensive nearly everything, except perhaps public transport and taxis were. Food was way over the top. Even the simple food courts were expensive. Hotels were out of control. I spent $86 for a two liter tower of beer at one pub. Insane. Most of the people I know were spending $225 to $300 for a bottle of vodka, at a club. Not a top bottle mind you. And to own a car costs a fortune, just for the license plates alone. You have to be making crazy money to live in a city like this one.

[soihok]

At a hawker centre (those low price eating places) you can get a 660ml bottle of Tiger for 6-7 Dollars = 150-180 Baht.

If you know the places, food can be inexpensive. Public transport and taxis are plentiful and cheap.

Everything else is what you would expect, not cheap.

[oldthaihand99]

There was just recently a survey on Thai Visa slating Singapore as the most expensive city in the world. Period. It's certainly much worse than Seoul in my experience. Very difficult to find a room for less than 3,000 baht a night. Seoul, you can easily find one for 1000 baht. Taxis in Seoul are not that bad, I heard they are ridiculous in Singapore, so I didn't bother. Booze is definitely cheaper in Seoul, food is worse there, but cheaper.

There's numerous rooms available in hotels in the Geylang district of Singapore starting at about $40 USD (around 1200 baht) per day. Many in the 40-60 USD range, so 1200 to 1800 USD a month.

Taxis in SG are cheap relative to Canada. A 10 minute ride from Geylang to Bugis Junction mall with hundreds of shops, pharmacies & a large supermarket? About $6 SG. The driver will even give you change & expect no tip.

Booze in Geylang? Looking around a bit i've found bacardi breezer in a shop with the cost being about the same as the Bangkok 7-11 price (around 55 baht).

Bought a meals worth of tofu on Geylang road for some 80 SG cents the other day. In the chain supermarket named Sheng Siong, 301 Geyland Rd.

In a store on the next block, 1.5 liter bottled water cost 50 cents.

On the same block bath/shower towels for 3 to 5 dollars SG.

I could go on & on about cheaply priced stuff in Geylang stores.

Then there is the varied & cheap cuisine Geylang is famous for, from various nationalities, not just food only.

Overall IMO Geylang is highly attractive, comparable to Bangkok. In some ways more favorable, such as being safer, English more widely spoken, understood & written, etc. It's basicly an as yet undiscovered land by Westerners, though, as they are a rare sight here.

[jmccarty]

There was just recently a survey on Thai Visa slating Singapore as the most expensive city in the world. Period. It's certainly much worse than Seoul in my experience. Very difficult to find a room for less than 3,000 baht a night. Seoul, you can easily find one for 1000 baht. Taxis in Seoul are not that bad, I heard they are ridiculous in Singapore, so I didn't bother. Booze is definitely cheaper in Seoul, food is worse there, but cheaper.

There's numerous rooms available in hotels in the Geylang district of Singapore starting at about $40 USD (around 1200 baht) per day. Many in the 40-60 USD range, so 1200 to 1800 USD a month.

Taxis in SG are cheap relative to Canada. A 10 minute ride from Geylang to Bugis Junction mall with hundreds of shops, pharmacies & a large supermarket? About $6 SG. The driver will even give you change & expect no tip.

Booze in Geylang? Looking around a bit i've found bacardi breezer in a shop with the cost being about the same as the Bangkok 7-11 price (around 55 baht).

Bought a meals worth of tofu on Geylang road for some 80 SG cents the other day. In the chain supermarket named Sheng Siong, 301 Geyland Rd.

In a store on the next block, 1.5 liter bottled water cost 50 cents.

On the same block bath/shower towels for 3 to 5 dollars SG.

I could go on & on about cheaply priced stuff in Geylang stores.

Then there is the varied & cheap cuisine Geylang is famous for, from various nationalities, not just food only.

Overall IMO Geylang is highly attractive, comparable to Bangkok. In some ways more favorable, such as being safer, English more widely spoken, understood & written, etc. It's basicly an as yet undiscovered land by Westerners, though, as they are a rare sight here.

Geylang is a bit of a stretch in terms of averaging daily life in Singapore.

There are some decent condos in Geylang, price on par with high end Bangkok rentals, only much smaller floor area. Friendly people hanging around on the streets around them as well. My wife figures, some a bit too friendly!

Not sure I would holiday in Geylang unless I had some good local buddies to hang out with. Then it's a cultural eye opener. And yes, there are various ladies of the night from India to Indonesia on the prowl there every night as well as cheap beer, cheap food and cheap rooms you can rent by the hour still.

[Albertosez]

Going back to Sing on Saturday for a week or so, although I doubt I will make Geylang. Batam is also a good option for a cheaper weekend, but I can't get across there this time. City views from a high level condo will be nice for a few days - with supermarket drinks on the balcony.........but maybe I will stretch to the tea dance on Sunday afternoon- just to make sure it still exists of course! Tea and scones in the Towers, enjoying the views.......it could almost be a Post Card picture - but doubt I will be sending it to anyone !

[soihok]

Confirmed my return to Singapore today

Permanent position as well, not on a contracted time period arrangement.

Will be in October, so now need to sort out schools for the young-un.