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Understanding the Living Costs in Singapore

August 12, 2020
It's no secret that Singapore is a very rich city. Therefore, you can expect that the living costs here are quite high. possibly the highest in all of Southeast Asia. You shouldn't expect anything less, the city is a mecca of wealth and prosperity. It's the 'Tiger City of Southeast Asia.' The major business and financial hub in the region. So, of course, you'll be expected to pay a lot in terms of living expenses here. However, once you break down each cost you need to make, you just might find out that, while pricey, it's not as overwhelmingly high as you may think.

Understanding the Living Costs in Singapore

 

Costs of Renting in Singapore

With a city as clean and well-kept as Singapore, rent is going to be quite high. Renting in a one-bedroom apartment alone will already cost you thousands, so expect that you have to shell out a big chunk of your money for your rental monthly fee. A one-bedroom in a nice Singaporean neighborhood costs around S$2,300.00 to S$4,000.00 a month. While a three-bedroom in the same areas will cost S$3,500.00 to S$9,000.00. Meanwhile, a one-bedroom apartment along the outskirts of town will be slightly cheaper, around S$1,500.00 to S$2,800.00 a month. A three-bedroom in the same area will be from S$2,400.00 to S$5,000.00. 

 

Costs of Buying Property in Singapore

If you think renting in Singapore is already quite pricey, wait until you try to buy property here! It's highly possible that you might end up spending millions of Singaporean dollars even for a small place. That's how high priced and in-demand living in Singapore is. To be more specific, according to Numbeo, the median price per square meter for a property in the city center is S$27,552.82. The range typically goes from S$21,527.82 to S$32,291.73. But what about a property beyond this area? It will be cheaper but not by a lot. That will cost around S$8,500.00 to S$19,375.04. 

 

Understanding the Living Costs in Singapore

 

Utilities Costs 

The silver lining in living in Singapore is that the city is so well-off that your utilities bills won't take a huge toll on your bank account. Of course, that still depends on your consumption as the more you consume, the higher you have to pay for it. But generally speaking, the common total median price for all your utilities bills is S$152.06. This already includes electricity, garbage disposal, water, cooling, heating, and more. Expect the price range to be from S$100.00 to S$258.70, which isn't that bad. As for installing wifi in your place, that will typically cost around S$30.00 to S$69.00 a month. 

 

Food Costs

Food is also surprisingly affordable in Singapore too. As long as you stay shopping within cheap and mid-range grocery stores and supermarkets, you won't have to spend up to S$500.00 to fill up your fridge and cupboard. In fact, the common total median price for a trip to the store is S$146.36. You may think this might not get you a lot but this price already takes into account a dozen eggs, a liter of milk, 1.5 liters of water, and a kilogram each of various fruits, vegetables, and meats. Not bad, right? Just be smart about where you shop! 

 

Understanding the Living Costs in Singapore

 

Dining Costs

Similarly to your food costs, your choice of where to dine will also distinguish how much you pay to eat out here in Singapore. For instance, a meal in a five-star restaurant will probably cost you thousands of Singaporean dollars in one night. However, if you eat at an inexpensive place, you'll typically only have to spend around S$5.50 to S$25.00 for your meal. And since the city has a lot of great culinary hotspots, you can expect the quality of taste to remain high. In fact, even a date with a three-course meal will only cost you a median price of $70.00 at a mid-range establishment! 

 

Transportation Costs

Now, what about transportation? Luckily, Singapore's public transport systems are efficient enough that you can ride any of them to get to work and still turn out looking fine, crisp, and ready to face the day. And if you choose to go for a travel pass for unlimited access to the various systems, you'll only have to pay S$75.00 to S$128.00, depending on how long you want the pass to last. If you prefer to get your own car, for instance, you'll undoubtedly have to shell out a lot of money. No matter the model and brand, cars in Singapore typically cost around S$100,000.00 to S$130,000.00. 

 

Understanding the Living Costs in Singapore

 

Clothing Costs

What of clothing? Well, while Singapore isn't exactly well-known as a fashion capital, it is a place where you can find a lot of fashionable finds. It's no secret that it's also a mecca for luxury, with various world-famous luxury labels setting up their own flagship stores here. Though unless you're extremely wealthy, you don't always have to shop there. You can still save a lot of money by investing in high-street contemporary brands. A piece form such will only cost you around S$30.00 to S$79.00. Want a new pair of cool kicks? You'll only have to pay around S$80.00 to S$180.00 for them from prominent sportswear brands. 

 

Leisure Costs

Keeping fit in Singapore also be money-saving endeavor too. As long as you stay within the mid-range places, that is! Singapore's many gyms and fitness clubs are effective enough to keep you healthy and fit but don't be fooled by the first-class establishments with their fancy facilities and such. If you have money to spare, sure, you can join them, but if not, you'll only have to spend S$60.00 to S$200.00 for a monthly membership in a nice mid-range gym. And if you want to go to the movies? How much will that cost you? Typically around S$10.00 to $15.00. But that's without the popcorn and candy yet! 

 

Childcare & Education Costs

Finally, perhaps your most important expense in Singapore yet—your children's education. Now, these are costs tha twill always be high no matter what. it's for the future of your kids, after all. Every cent you pay will be worth it as long as your loved ones get the best education they can have whilst in this city. And it's a good thing that Singapore is home to a good number of esteemed institutions. A term in a private/international pre-school will cost you around S$800.00 to S$2,000.00. Meanwhile, when your kids go to primary school, the prices go higher to S$20,000.00 to S$42,000.00 a term. 

 

Understanding the Living Costs in Singapore

 

Living in Singapore will be costly, there's no going around that. However, it's important you note that each expense you make here is important and will help you maintain your lifestyle here in this "Tiger City" of the East!


If you can afford to actually live here, you probably can invest in a nice Singaporean luxury rental for your new home here. It will make all the other costs more worth it!




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