Cost of living in Singapore:
Expats who have compensation package including benefits like transportation allowances, housing, childcare allowances, you may probably concern the cost of living less. However, if you don’t have such package or have only limited allowances, you may want to know about the cost of living in Singapore.
Cost of Accommodation
Living in Singapore could be quite expensive, and the most significant expense is likely to be housing. There are different types of housing in Singapore. The rental prices vary according to the location and the age of the building. Landed properties including terraced houses and bungalows are not very common recently due to the high rental cost. A 4-bedroom bungalow can cost you USD$ 25,000 per month. Most of the expats in Singapore tend to live in condominiums because of the recreational facilities, security, and affordability as compared to renting landed property. Renting a 3-bedroom condo in areas close to the city center may cost you around USD$6,000 to USD$ 11,000 per month. Serviced apartments are also expats’ favorite due to the personalized services, facilities provided and the flexibility of the lease terms. However, it is more expensive than a condo. Renting a 1-bedroom apartment can cost you more than USD$7,000 depending on the location.
Cost of Food
Food is quite affordable in Singapore, but, of course, it depends on how you choose. Dining out in a decent restaurant may cost you more than USD$35 per person, while having lunch in a hawker center or food courts may cost you only USD$4. If you can cook at home, the expense of food can be little. The average monthly personal food may cost you only about USD$150 per person.
Cost of transportation
The transport systems in Singapore are quite sophisticated and inexpensive. A one-way bus/MRT fare is about USD$1.20 while the taxi fare starts at around USD$2.2 for the first mile. However, if you are thinking of owning a private car in Singapore, it may not be a wise choice due to the heavy taxes. Some expats may think of renting a car on a monthly basis. The fee ranges from USD$725 to USD$1,300 depending on the model and mileage of the vehicle.