Singapore Average Cost of Living

This report provides guidance on the average cost of living in Singapore during the 2008-09 period. Note that in Singapore, taxes are usually included in the prices shown. In general, prices of basic necessities such as food, clothing, public transport, basic education and utilities are moderate. Public transport and taxis are quite affordable. However, housing, private schooling, owning a automobile, etc. can be quite expensive.  Your main concern could be the cost of accommodations and education (in case you are sending your children to an international school).

If you are an expatriate whose compensation package includes additional benefits such as transportation, car allowances, housing, childcare, payment of school fees, entertainment allowances, and other work-related benefits, these costs could be of less concern to you and you will find that life in Singapore can be quite comfortable. But for every category of goods and services, there is a wide spectrum of prices so even if you do not have such a rich package, you can always find something that fits your budget.

Cost of Accommodations

Location is a major differentiating factor in rental costs in Singapore. The cost of housing depends on such factors as proximity to the city, relative age of the property, availability of facilities such as pool, gym, etc., and the quality of the furnishings that come with the apartment. You should take your time before deciding where to live in Singapore and make a decision after careful consideration of the average rental cost as well as your personal preferences.

Condos/Apartments

A 3-bedroom private condo apartment with the size of around 1300 square feet close to city-centre can fetch an average monthly rent of S$7,000-S$10,000. A similar private condo property outside the central business district will cost you around S$2,500-S$5000 per month. If you are on a tight budget, living in a government housing flat is a very reasonable option; more than 80% of the local Singaporeans live in such accommodations. A 3-bedroom government housing flat (also called HDB flat) costs from S$1000 to S$2,000 per month. A typical HDB flat rented would include the basic household appliances such as a bed, television, sofa, refrigerator, washing machine, oven, etc.

Paying Guest

A room in a private condo located in the city costs a monthly average of S$2,000. In the suburbs of Singapore, the same room will cost approximately S$1,200-S$1,500 per month. The room rental in an HDB flat will normally cost around S$300-500.

Detached Houses

In the choice districts closest to the city center, a single-family house can set you back by S$30,000 each month. Farther, you can rent a house for an average of S$15000 per month. These dwellings are typically of the 2500-3500 square-foot size. They usually come with a driveway, front-yard, back-yard, and an average of 4 bedrooms.

Related link: Singapore housing guide

Cost of Food

Food is relatively cheap in Singapore. However, as elsewhere, food expenses depend on how extravagant you are. An expatriate family living in Singapore can scrimp on their food budget if they cook on their own as often as possible. On the other hand, several international cuisines are available in a range of restaurants but they may prove to be on quite harmful for you budget since restaurant prices are rather high in Singapore. Food expenses can either be a marginal factor or a significant factor when calculating your average living costs depending on the lifestyle you choose to adopt in Singapore.

Eating In

If you cook at home, your average monthly personal food costs should come up to only about S$200 per person for basic meat and vegetables. For a couple eating in, average monthly food cost can range around S$400-S$800 depending on their eating choices.

Eating Out

One of the unique features of living in Singapore is the abundance of hawker centres and food courts that offer a wide variety of dishes, and are commonly air-conditioned. An average daily lunch at a hawker centers can be as low as S$4 wheras at a food court you can have lunch for about S$5-6. A meal at fast food places such as McDonald will cost you around S$7, while a drink at Starbucks is around S$5-6. A visit to to an average restaurant can set you back by S$20-S$40 per person for basic meals. In summary, with breakfast and dinner at home, lunch outside at food courts, plus basic weekend outings, the monthly food budget in Singapore can run around S$600-S$1000 for an average budget conscious couple.

Transportation Costs

Public Transportation

Singapore has one of the best, most comprehensive, and least expensive public transport systems in the world. A one-way average bus or MRT (Mass Rapid Transit) fare is about S$1.20. If you avail of the MRT, your monthly transportation expense should be no more than S$60-S$70 a month. If you combine bus and MRT transports, it will cost you S$100 a month on the average. A couple that travels regularly within Singapore, using MRT or bus, will need to set aside a monthly combined transportation budget of roughly S$300 as part of their Singapore living costs.

Taxi Service

Taxi service in Singapore is one of the most efficient worldwide. You can hail a cab on the road or call their number (S$2.50-4 extra) to book a service. Taxi drivers are willing to cover even the shortest of distances. Taxi fare starts at S$2.80 for the first mile. Twenty minutes on a cab will cost you around S$12 during non-peak hours. During peak-hours (morning 6:30am-9:30am and evening 5pm-8pm), you will end up paying extra charges of about S$3-4. Your taxi transport service budget, to and from your office, will most likely cost you around S$400-$600 a month.

Private Car

In contrast to inexpensive public transportation and taxi service options, owning a private car in Singapore can be a rather expensive luxury due to heavy government taxes on this mode of transport. The government wants to avoid heavy road congestions and encourages an average person living in Singapore to use public transportation instead.

A brand new Japanese or European model can easily fetch upwards of S$90,000. For example, a brand new Honda Accord costs around S$150,000; this is nearly 3 times the cost of the same model in US. Second-hand cars are cheaper, but still often come with a S$90,000 price tag. In Singapore, the Compulsory Certificate of Entitlement (COE) are required before you can own a car and this is the mechanism the government uses to control the number of automobilies.  The government regularly auctions the COEs. At current cost, this can add another S$35,000 to the total car purchase budget. In the face of such steep prices, many expatriates have opted for car rental arrangements that range from about S$2,800 to S$3,200 a month, depending on the vehicle’s model and mileage. Also, with a fairly recent regulatory amendment, rented vehicles are now permitted to drive into Malaysia on weekends.

Automobile fuel is called petrol (instead of "gas" or "gasoline") in Singapore.  It is measured in liters.  A liter of petrol can range from a little over S$1 to slightly under S$2.

Parking your car in the city will cost you from S$2.50 per hour. On the average, you will spend about S$400 a month for petrol, toll charges, and parking, and about S$400-800 yearly for maintenance. Singapore is a very small place with excellent public and taxi services (both air-conditioned); therefore, there is absolutely no necessity for owning a car unlike most other countries in the world. However, if your work requires extensive city travel during the day, you might think about buying or renting a car. Owning a private car will add significantly to your average living costs in Singapore.

Cost of Healthcare

Healthcare system in Singapore was ranked best in Asia and sixth best in the world by the World Health Organization in 2000. The system is cost effective and offers state-of-the-art medical treatment that boasts of high success rates.  The system has stringent government mandated guidelines for transparency, excellence, safety and cleanliness. However, there is no government mandate for employers to provide health insurance to its employees.

As a general practice, health insurance benefits are not provided by majority of the employers in Singapore. If your compensation package includes medical insurance, this is a non-issue for you. Even if your employer does not provide health insurance, the cost of medical services in Singapore is quite reasonable. You don't need any insurance to cover your day-to-day healthcare needs and can set aside a monthly budget of S$100-200 for this purpose. A typical doctor’s consultation fee, for a general practitioner, is S$40. However, you should purchase insurance that covers surgery and hospitalization.  Such insurance will incur an annual cost of about S$2000-3000.

Related link: Singapore healthcare guide

Utilities

Monthly gas, water and electricity bill may range from a low of S$200 to a high of S$600 a month, if you leave the air-conditioning running all day. Mobile phone subscription costs anywhere between S$50 to S$200 per month with an average plan to be around S$100. A broadband internet connection at home will cost you around S$50 per month. For cable TV connection you can estimate about S$25 for the basic channel subscription and S$50 for the expanded subscription. You have a wide choice of international channels including familiar channels such as CNN, BBC, Discovery, HBO, Disney, ESPN, and many more. Your TV should have a PAL system, and your home should have a cable-ready connection. A deposit of S$250 is required of foreigners for obtaining a cable connection. StarHub’s (the cable company) offering for Digital TV has further improved the choices for programs. The company’s Demand TV offers a choice of 10 movies at any given time for a cost of S$4.50 per movie. You need a digital set-up box from StarHub to use this service.

Related link: Opening a utilities account in Singapore

Cost of Children’s Education

As a working Expat in Singapore, you have the choice of sending your child to a government or private school. Government schools are also called local public schools while private schools are also called International schools. Education standards in Singapore are very high and you can't go wrong with either one of the two. A local school will follow a curriculum as approved by the Ministry of Education whereas an international school will follow a curriculum that's more widely accepted internationally such as the well-known International Baccalaureate (IB) high school diploma. One of the key advantage of local school education in Singapore is that it is very affordable. In contrast, sending a child to an international school can cost anywhere between S$1000-2000 per month.

Local Government Schools

Primary school totals 6 years. There are 4 years of secondary school leading to the GCE O Level exams or 5 years for the GCE N Level exams. Children of expatriates residing in Singapore on employment passes can be admitted to local schools. It should be noted however that local schools mainly cater to Singaporeans. Non-citizens are given a lower priority during admission to local schools in Singapore which means it might be hard to enroll your child into a really good local school. The monthly cost of sending your child to a local school in Singapore is negligible and less than S$50.

International Schools

International, American, British, Canadian, Dutch, German, Japanese, and Swiss are some of the international schools present in Singapore. The estimated yearly fees range broadly from S$8,000 to S$19,000. School bus fare expenses amount to an estimated S$1500-2000 a year.

Related link: Guide to education in Singapore

Domestic Help

You can hire a live-in maid in Singapore through maid agencies. Most of the live-in maids are recruited by maid agencies from approved neighboring countries such as Philippines, Indonesia, Myanmar, and Sri Lanka. The average monthly cost of keeping a live-in maid would come to around S$600-800 that includes maid's salary and government levy. As the term "live-in" implies, you also have to provide accomodation and food for the maid.

Miscellaneous

Electronics and appliances in Singapore are relatively inexpensive. A typical PC sells around S$1800, while a regular laptop at about S$1000. You can buy a TV for anywhere between S$1000-10,000 depending on your personal desires. A movie ticket sells for around S$7, with a popocorn plus drink combo you can add another S$5. A copy of local newspaper will cost you about S$0.80.

Summary

Choices abound in Singapore. By and large, the cost of living in Singapore is kinder to those who know how to manage their financial resources, and keep a regular paying job. For a couple with one school-age child and one working adult, the following can be a useful rule of thumb guideline: If your take home for the family is less than S$4000 per month, you living standard would resemble modest living and would likely be the following:

• Rent an HDB flat
• Use mostly public transportation and occasional taxi
• Send your child to local school
• Mostly home cooking and occasional eating out

With a take home of about S$6000-7000, you should be able to upgrade yourself to renting a private condo outside the central district area and hire a maid, with rest of the choice remaining the same. If you making around S$10,000 per month, you can add international school for your child to the menu, and use taxi as your primary transport mode. In the S$15,000 range, you can afford a condo in the central district area, send your child to an international school, and use a taxi as your primary transport mode. If budget is no limit, you can rent a posh bungalow, buy a high-end car, have the child study at an international school, keep more than one maid at home, eat mostly outside at expensive restaurants, and take frequent vacations to exotic locations.

Other Related Topics

Singapore Immigration | EntrePass | Employment Pass