Southeastern Asia’s smallest country is none other than Singapore. Although small, Singapore has become one of the most crucial and most lively places to be in all of Asia. You can go on living a high-quality life while in Singapore.
If you are an entrepreneur looking to register a company in Singapore, then you should also know about the cost of living there before you relocate. We are from OnDemand International to provide you with a small glimpse of the cost of living in Singapore, such as expenses in Singapore and also about life in Singapore.
If you’re heading to Singapore as a student or for a fixed-income job, some simple lifestyle changes can help you save a lot of money and get the most out of your money. By shopping and dining like a local in Singapore, you can save money and have a more authentic experience.
Generally, the prices for the necessities of life like food, clothing, public transport, and basic education are quite moderate. Public transportation and taxi services are also affordable, but housing, private schooling, and automobile management can be costly.
If a foreign employee is enjoying the benefits of compensation packages which include transportation benefits or car allowances, childcare, housing, school fee payments, entertainment allowances, and other benefits. These benefits costs would be less for those employees, and they find living in Singapore quite comfortable.
If an individual is not a foreign employee, then also, he/she can live comfortably as Singapore offers a wide range of prices to choose from so that every individual can go with his/her preferences and requirements.
Life in Singapore
Singapore is famous and is taken as one of the best places to live and for a good reason. They do a lot better than most countries, from public transport and business ecosystems to innovations in many areas.
But it comes with a price, literally. Singapore makes no secret of the fact that rent and education prices are high. But that doesn’t mean you have to keep up with the country’s high prices to live comfortably and within your means.
As in most countries, Singapore’s lifestyle varies from region to region. Some areas include shopping districts, and others include financial districts. If you live in Singapore, these and other factors can determine or destroy your budget.
- The central region of Singapore comes with high rents, primarily due to the city’s shopping malls and financial centers.
- The cheapest rental properties in Singapore are in the northern and eastern parts of the country. Foreigners like these areas, so you don’t have to worry about buying a car to take your child to school.
- When it comes to driving, buying a car in Singapore is far from realistic. In addition to paying market value, there are also local charges that stack up with each other. This is to prevent people from using their own cars or actively using public transport.
- When you’re not shopping at the mall, groceries are relatively cheap because you have access to locally sourced products and brands. Hawker centers are becoming more popular for dining than fine dining and commercial fast-food restaurants.
Where to Live in Singapore?
If you are an expatriate that includes transportation and car allowances, housing, childcare, tuition, entertainment allowances, and other work-related allowances, you don’t have to worry too much about these costs and live in Singapore.
It will be quite comfortable. You can always find the one that fits your budget, even if you don’t have a comprehensive package. Singapore has a wide range of offers and prices available in all categories.
Accommodation Estimates
There are five regions in Singapore that you should be aware of as they can have a strategic impact on your daily budget.
The five regions are:
1. Central Region:
Due to the abundance of commercial businesses here, locals tend to go and return to work. If the weather is too hot, a taxi will suffice.
Expected monthly rent for private property on Orchard Road:
- Studio Apartment- S$ 4,000 (US $2,900)
- 3-Bedroom Apartment- S$ 7,000 (US $5,040)
2. North Region:
The most famous district in the northern region is the Woodlands district, home to the country’s
largest international school.
This is very attractive to foreigners considering moving to Singapore. Expected monthly private home rentals in the Woodlands area:
- Studio Apartment – S$ 1,500 (US $1,080)
- 3-Bedroom Apartment – S$ 2,600 (US $1,870)
3. North-Eastern Region:
The northeastern region also has extensive connections to large shopping centers and the central region.
Expected monthly rent for private real estate in Ammocchio
- Studio Apartment – S$ 1,700 (US $1,220)
- 3-Bedroom Apartment – S$ 2,700 (US $1950)
4. Eastern Region:
The Eastern district may be a fast-growing business hub and is home to international restaurants from different countries and access to outdoor activities and parks.
Expected Monthly Rent for Private Properties located in Tampines
- Studio Apartment – S$1,900 (US$1,370)
- Three-Bedroom Apartment – S$2,450 (US$1,760)
5. Western Region:
The western part of Singapore is probably the most densely populated area just because it is an industrial area. There are many offices here, and many residential areas have been set up to reduce commuting.
Expected monthly rent for private real estate in Buona Vista:
- Studio Apartment S $2,700 (US $1,950)
- 3-Bedroom Apartment S $4,000 (US $2,900)
The above-mentioned rates may not remain the same and are subject to shift higher or lower at any point in time.
Daily Miscellaneous Expenses In Singapore
Daily costs will depend on your lifestyle. These are the costs of options that can impact your budget here in Singapore.
- Eating out is cheap in Singapore. The price difference between these stalls and restaurants is quite large. A cheap takeaway dinner for two people costs about S$ 25, while a meal in a mid-range restaurant costs S$ 60-80.
- Monthly gym subscriptions can be quite expensive. The average medium membership is about S$ 100.
- Recreational costs such as movie tickets, liquor, and karaoke rooms are not cheap either. Movie tickets cost an average of S$ 9 on weekdays and S$ 13 on weekends. IMAX and 3D can cost more
- Drinking alcohol at the bar costs S$10 to S$15 per bottle.
- Karaoke rooms (excluding alcohol and food) cost S$25 to S$35 per person.
Healthcare Expenses in Singapore
Singapore is famous for owning a top-quality, modernly equipped healthcare framework in Asia. The World Health Organization also ranks the country’s health system sixth in the world. Even without insurance, the cost of health care is not necessarily unreasonable.
- The average GP consultation fee is S$40.
- Blood tests and X-rays will cost you S$50 and up to S$80.
- Expert consultation fees will vary between S$75 and S$125 per consultation.
- In-hospital service fees can be up to S$30 for non-air-conditioned hospitals.
- A private room can cost you at least S$3,000.
- Coverage policies for surgery and hospital stay can cost you at least S$2,000 per year.
Traveling and Transportation
Singapore also comes with fame for its highly efficient transportation system. While there are many options, getting around by public transport is easy while owning a car can be daunting.
- The average one-way fare for buses and the MRT is around S$1.60 per person. Either way, you are making $3.20 a day. At 20 business days, you are spending S$64 on average commuting to work.
- For taxis, the base fare is currently S$4.05 with a per kilometer price of S$0.78 at the time of writing. These fees range from location-based surcharges, especially in downtown areas, to airport fees.
- It is not easy for foreigners to own a car because there are additional costs above the market value of the vehicle. Taxes and fees make it more expensive, not to mention other requirements like a Certificate of Eligibility that is needed in case of foreigners.
Conclusion
Living in Singapore offers a high standard of living, but it comes with a cost. While accommodation in the central region is expensive, there are more affordable options in the northern and eastern areas, making it possible to find a place that suits your budget. Daily expenses, including food and transportation, can be managed efficiently with hawker centers and Singapore’s excellent public transport system. However, recreational activities, fitness memberships, and private healthcare can be costly.
For expatriates with company-sponsored benefits, the cost of living may not be a major concern. However, for those without such privileges, careful budgeting is essential to maintain a comfortable lifestyle. Singapore’s efficiency, safety, and global connectivity make it an attractive place to live, and with proper financial planning, it is possible to enjoy all that the city-state has to offer without breaking the bank.
FAQ’s
In Singapore, there is a lack of land and natural resources. This is one of the main factors which lead to a rise in the cost of living in Singapore as this factor leads to an increase in the import of resources in Singapore.
In Singapore, there is $4534 as the income of middle-class people according to the data of 2020.
Food prices in Singapore can vary. In general, breakfast is cheaper than dinner and lunch. The average cost of food in Singapore is $30 per day.
This can easily be checked by seeing if the NIP or REGON are associated with the company in question. In the case of a sole proprietorship, they don’t own a KRS number so the NIP or REGON needs to be checked.
