Singapore, also known as the Lion City, ranks among the world’s best cities. This city is well-known for its abundant traditions, culture, and employment prospects. For this reason , people from all over the world who are in pursuit of new experiences, whether that be a new career or education, travel to Singapore.
Undoubtedly, Singapore has a substantial cost of living. It’s entitled with a Guinness World Record for the most expensive city in the world to buy a car and in addition to that, it entails one the https://www.guinnessworldrecords.com/world-records/543889-most-expensive-city-to-buy-a-carbiggest increase in rental prices in 2022. Unfortunately, the price keeps on rising.
If you’re looking for a job here in the world’s most expensive city, or a possible expat preparing to accept a job offer in Singapore, you might be interested to know what your monthly expenditures will look like.
In this article, we’ll go through the average monthly rent and other monthly expenses in Singapore in 2023.
Rent
In Singapore, real estate costs a substantial price.
However, there is a wide range of variation in pricing depending on the following factors:
- Public or Private
- Type of room
- Location
(1) Public or Private
One type of public housing in Singapore is HDB apartments, which are owned and managed by the Housing Development Board. These are typically cheaper, but their stripped-down style and lack of amenities are the down side.
Condominium (or “condo”) apartments are the most common form of private housing offered for rent. They will cost more, but are nicer overall and may include amenities like fitness centers and swimming pools.
(2) Type of room
A room in a shared HDB flat or condo apartment with a common bathroom will cost you around $700.00 to $2,000.00 per month for a single person.
On the other hand, if you prefer not to share, HDB rental statistics estimate that a two-bedroom HDB flat would cost around $1,500 per month and a five-bedroom HDB home, around $2,500 and $3,500 per month to rent. But, in very popular areas, a 5-bedroom HDBs could range up to $6,000 a month and even more.
Lastly, if you want a studio apartment type in a high-end condo, it can range from $1,800 (for a non-prime area) to $8,000(prime area).
(3) Location
The closer a home is to the center of town, the higher the list price will be. To save money, consider looking for a rental on the outskirts of Singapore’s city center; where the public transportation is more accessible. In addition to lower prices, you’ll find a greater variety of affordable restaurants and shops along areas of the city.
Housing
In Singapore, housing costs a significant amount.
In any case, the following factors lead to wide variations in pricing and cost per square meter:
- Region (Central, North, North-East, West and East)
- Location in relation to MRT stations
In Singapore, living expenses (whether renting or buying) tend to be higher near the Central Business District (CBD).
That includes not just the Central Business District, but also the North-East of Singapore, where the best transportation links are highly accessible. In addition to the Orchard district, this also encompasses the residential neighborhoods of Bishan and Serangoon.
Long working hours in Singapore mean that many people prefer to stay in a location that is convenient for getting to and from their workplace via public transportation.
Purchasing a house
It’s important to note that both the HDB BTO and the Sale of Balance flats count as new public housing. Such flats are heavily subsidized, and your eligibility for grants will be determined by your household’s financial situation. In central regions, the prices of resale HDB flats can be extremely expensive.
Planning to invest in your own home? Unless you have a large earnings, you should prepare ahead for an expensive house. In Singapore, the average price of a condominium apartment is over $1,300,000, while a resale HDB flat with three or four bedrooms will cost you around $500,000 and up.
Instead of wondering how much a house in Singapore will cost you, you should be more concerned with the types of homes you may be eligible for.
If you (and your spouse, if applicable) are Singapore citizens, Singapore permanent residents (PRs), or foreigners, the answer will vary.
Here’s a rundown of the several types of Singapore real estate you can purchase depending on your residency.
Singapore Citizens
As a Singaporean, your options for purchasing a home are various. As long as you have the means to purchase the type of house you want, you are free to do so, be it a public or private HDB flat (including BTO and Sale of Balance flats).
Singapore Permanent Residents (PR)
Under certain conditions, Singapore permanent residents (PRs) can buy either privately owned or government-owned homes in the country.
Singapore Permanent Residents are eligible to buy the following types of private property in Singapore:
- Privatised ECsPrivate condos
- Strata-landed homes (bungalows, semi-detached houses and terrace houses that usually share communal facilities condo-styleLanded properties in Sentosa Cove)
- Landed properties (with permission from Singapore Land Authority (SLA)
- Properties on actual plots of land (that have been approved by the Singapore Land Authority (SLA))
The only way for a Singapore Permanent Resident to apply for a BTO or Sale of Balance flat is when accompanied by a Singapore Citizen. The Central Provident Fund (CPF) offers housing grants to help purchase a home.
If a Singapore PR is applying for a resale flat with a Singaporean citizen, the process will go more smoothly for both parties.
Otherwise, Singapore Permanent Residents can apply for a HDB flat with a non-Singaporean spouse through either the Public Scheme or the Fiance/Fiancee Scheme.
If you are buying these resale apartments and have been a Singapore permanent resident for at least three years, you may be eligible to purchase the unit through one of these schemes. But, you should know that you can only buy PLH or 3Gen flats with a Singaporean citizen.
Transportation Expenses
Depending on whether you opt to rely on public transportation or invest in a personal vehicle, getting around Singapore can be surprisingly cheap or prohibitively expensive.
Fares on Singapore’s public transportation system are surprisingly low.
The minimum fare for the MRT or a bus ride is $2.17. A monthly adult concession card can be purchased for $128 if you are a citizen or permanent resident of Singapore and want to utilize only the MRT and buses for your transportation needs. You can take the MRT and bus system as much as you like with this.
Taxis and Cabs
Taxis and private rental cars are options to consider if you have more expendable income for getting to and from your destination.
Grab, Gojek, and Ryde are some of the options for private hire vehicles.
On the other hand, the price of rides in your area can fluctuate greatly according to its demand (e.g., you can anticipate paying $30 for a short journey if it is pouring heavily). Be advised that taxi fares will increase by an extra 25%-50% if you take one during rush hour or after midnight.
You should anticipate to pay anywhere from $12 to $28 for a cab or Grab ride.
Buying a car
Buying a car in Singapore is not recommended unless you have a significant amount of spare cash. Cars are notoriously expensive in this country, adding an extra $2,000 to $3,000 monthly to the cost of living just because you want to drive one.
Food
Groceries
When it comes to food, retailers often stock locally manufactured goods at the lowest prices, with Malaysian goods coming in at a close rate. Foods including tomatoes, spinach, and pumpkin, as well as select brands of canned goods (such those made by Ayam Brand), bread, soy milk, certain cooking oils, and eggs, fall into this category. Non-Asian foodstuffs, such as milk and fruits that aren’t in the tropical family, as well as products made from milk, like cheese, are more expensive than those locally grown food or imported from nations in the nearby region. This means that the unit cost of American blueberries will cost more than that of Thai mangosteen, and the cost of Australian fresh milk will be higher than that of soy milk produced locally.
To give you an overview of what groceries may be like in Singapore, here is an estimate total amount from Money Smart:
Hawker Centre Food
Casual dining
A lunch at a hawker center in the suburbs may cost as little as $3 to $6 without the drinks. In terms of casual dining, you can prepare your budget between $20 and $30 for a mid-range restaurant.
Coffee/Tea
Prices for coffee and tea vary widely, with a kopi (Singaporean for “coffee”) at a hawker center costing slightly more than $1.50, while a cup of joe from a Western-style cafe or a chain like Starbucks would cost you anywhere from $7.50 to $9.
Utility expenses
Cost of utilities will vary widely based on how you live and how you use your utilities. Some landlords include utilities in the monthly rent, while others require you to pay a portion of the bill each month.
As of January 2023, the average electricity bill for a 4-bedroom HDB apartment is $104.40, and the average water bill is $50.
A SIM-only plan for your mobile device will cost you roughly $20 per month.
Home necessities – a 10-roll package of toilet paper costs anywhere from $4 to $8. Laundry detergent in a 3 liter container costs less than $10, and dishwashing liquid may be purchased for much less than that.
Maintenance & Repairs – If you now own, or are planning to purchase a car in Singapore, you are likely aware of the high expense of owning a vehicle here. But, keep in mind the other ongoing expenses like tax, gas, and
Recreational expenses
Entertainment
Entertainment wise, weekday and weekday matinee tickets to the movies cost about $10, while weekend tickets cost $14 to $15. A pint of beer in a downtown bar will set you back between $10 and $15, which is really expensive.
You can save money by hanging out with buddies who don’t mind skipping out on the occasional night out on the town. You can save money by bringing your own alcohol and watching Netflix at home and use that money for other purposes, like a picnic, a bike ride, a hike, or swimming.
Traveling
Other than eating, traveling is probably Singaporeans’ most-loved pastime. A rail travel to Johor Bahru costs at least $5 (much less if you commute by bus), while a round-trip flight to Batam will set you back at least $70. Internationally, a trip to Hongkong costs from $91–$150 for a round trip, whereas a trip to Europe costs more than five times the price for a 2-way flight.
Health care costs
While all citizens and permanent residents of Singapore have access to MediShield Life for free public medical care, those who want more comprehensive protection can purchase an Integrated Shield Plan (IP) and IP riders. Annual IP premiums start at around $450 if you’re in your 30s and rise to over $1,800 if you’re over 70. Premiums for expat health insurance start at around $550 per year for foreigners who are in their 30s, and can go up depending on the age and preexisting conditions.
Visits to the doctor might cost anything from $20 to $40 in Singapore, depending on whether you go to an urgent care center or a GP facility. A consultation at a private clinic will cost you at least $80. These figures do not include the inevitable weekend surcharges or medication expenditures.
Personal medication—A box of 20 Panadol capsules (paracetamol) can be purchased for $7 to $9, while a box of 24 Strepsils lozenges can be purchased for $5+.
Conclusion:
The Economist Intelligence Unit Global Cost of Living 2021 ranks Singapore as the world’s second most expensive city in the world. Additionally, Singapore is Asia’s priciest city.
Living in Singapore is unquestionably costly. However, you may reduce your out-of-pocket costs in Singapore by being frugal and by shifting ways in both lifestyle and standard of living.