In the South East Asia region, Singapore is the preferred choice for settlers, expats and tourists because of its high-quality infrastructure, health facilities, top attractions, efficient public transportation and culinary delights.
In March 2009, the Economist Intelligence Unit survey listed Singapore as the 10th most expensive country to live in in the world. The survey represents a weighted average of the prices of more than 160 items found across the major cities of the world ranging from household goods to luxury items. Although Singapore is just three notches down from being the most expensive city in Asia, (Tokyo, Seoul and Hong Kong holding the top spots), the cost of living in Singapore really depends on the lifestyle you choose. Frugal living has been a chic trend following the global economic downturn, but that does not mean that you cannot enjoy everything Singapore has to offer.
Housing and Accommodation
Most housing types (private and public), such as the Government built Housing Development Board flats (HBD), are open to foreigners.
The HDB flats prove practical for expats on a tight budget. Sharing a flat can cost as little as 700 SGD per month. Plus, you can experience first-hand local life in Singapore. HDB are conveniently located near supermarkets, food centers, medical clinics, schools, malls and libraries.
Citizens of Singapore, Singapore Permanent Residents and Non-citizens legally residing in Singapore(holder of Singapore blue Identity Card, Employment Pass, Work Permit or Student Pass) can apply to rent HDB.
Renting an apartment in the middle of the city costs between S$550 and S$700. A three-bedroom condo comes for S$2000 - S$4000, while a four-bedroom house with swimming pool can cost anything between S$10,000 and S$25,000.
For a short-term visit, a rented room close to the city center costs from S$100 and up in budget hostels. Deluxe Serviced Apartments are around S$8,000 - S$9,000 per month for two bedrooms and S$10,000 - S$20,000 per month for three bedrooms.
Foreigners interested in purchasing properties in Singapore should visit the Singapore Land Authority website for more details on foreign ownership of residential properties under the Residential Property Act (RPA).
Food
Singaporean food is on the culinary map. Just follow your nose to the nearest hawker/ kopi tiam or food court that litter the streets in Singapore. These food courts offer a wide variety of flavors: Local, Indian, Malay and Western, among others. A meal will cost you S$3-7.
Shopping at local markets and cooking at home is a great way to save money. On average, you should allow S$400 per month for food for two people. If you frequently dine out in fine restaurants and fancy hotels, expect to pay approximately S$300-S$500 a month for a moderate dining experience.
Transportation
Owning a car is not recommended in Singapore. Aside from an over-the-top price range, the government has implemented a range of measures to manage car ownership and usage, which include the Certificate of Entitlement (COE), Vehicle Quota System (VQS), road taxes and Electronic Road Pricing (ERP). Buying a car is a heavy hit for your budget, but owning one is not impossible.
However, you can get away without owning a car in Singapore, as the public transport network is highly efficient and cost-effective. The Mass Rapid Transit (MRT) operates a network of trains (5.30 a.m. to 12.30 a.m. daily). Train tickets cost from S$1 to S$1.79. Public buses run daily from 5.30am to midnight. A bus fare ranges from S$0.71 to S$1.80 per trip depending on the travel distance.
Singapore taxis carry a maximum of four passengers by regulation, and in addition to travel fare, surcharges may include ERP, peak hour and public holiday charges. Note: if you're coming from Changi International Airport, an additional surcharge is applied, as imposed by taxi regulators.
A reasonable public transport budget is between S$50 and S$150 per month.
Education, Service and Miscellaneous Cost
State-run or aided schools cost less than international schools with an annual fee of around S$3,500 compared to S$15,000.
Monthly gas, water, Internet, cable TV and electricity bills can collectively come to around S$300-S$500 per month.
High-end branded stores are found on the stretch of Orchard Road. Shopping for clothing can cost you around S$300 a month or even more.
Watching a movie will cost S$8 on weekdays and S$10 at the weekend. Clubbing can cost around S$25. Alcohol is very expensive in Singapore, especially in venues that expatriates frequent but alcohol purchases in the supermarket are cheaper.
More Expat Resources
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