Singapore, often referred to as the “Lion City,” is known for its vibrant culture, state-of-the-art infrastructure, and high quality of life. However, it is also one of the most expensive cities in the world. For expats and residents alike, understanding the cost of living in Singapore is crucial for managing finances effectively. In this guide, we break down every aspect of living expenses in Singapore, providing a clear picture of what to expect.
Housing Costs in Singapore
Housing is one of the most significant components of the cost of living in Singapore. The choice between renting and buying a home largely depends on your long-term plans.
Renting in Singapore
- HDB Flats: Affordable public housing offered by the Housing and Development Board. Monthly rents can range from SGD 2,000 to SGD 3,500 for a three-bedroom flat.
- Private Condominiums: Popular among expats, offering amenities like swimming pools and gyms. Monthly rents range from SGD 3,500 to SGD 7,000 for a two-bedroom unit in central areas.
- Landed Properties: Ideal for families seeking larger spaces. Monthly rents start from SGD 7,000 and can go beyond SGD 15,000.
Buying Property
For non-residents, additional stamp duties can make purchasing property significantly more expensive. Private condominiums typically start at SGD 1 million, depending on location and size.
Food and Dining Expenses
Singapore cost of living offers a mix of affordable local food and high-end dining experiences.
Hawker Centers
Hawker centers are the heart of Singapore’s food culture, offering affordable meals:
- A plate of chicken rice: SGD 4–6
- Laksa or Char Kway Teow: SGD 5–8
Dining Out
- Mid-range restaurants: SGD 30–50 per person
- Fine dining establishments: SGD 150+ per person, excluding wine.
Groceries
For home-cooked meals, expect to spend around SGD 400–600 per month for a family of four. Popular supermarkets include FairPrice, Cold Storage, and Giant.
Transportation Costs
Singapore’s efficient public transportation system makes commuting a breeze.
Public Transport
- MRT and Bus: A monthly pass costs around SGD 120–150.
- Single rides: Start at SGD 1.50, depending on distance.
Owning a Car
Owning a car in Singapore is costly due to the Certificate of Entitlement (COE) system.
- COE prices: Around SGD 80,000+ for a ten-year ownership.
- Additional costs: Monthly expenses for fuel, insurance, and parking can total SGD 1,000+.
Taxis and Ride-Hailing
- Taxis: Start at SGD 3.90 for flag-down rates.
- Ride-hailing apps like Grab and Gojek: Offer competitive prices, with short rides costing around SGD 10–20.
Healthcare Expenses
Singapore’s healthcare system is world-class but comes with varying costs depending on your residency status.
Public Healthcare
- Subsidized for residents through schemes like MediShield Life.
- Consultation fees at polyclinics: SGD 20–30.
Private Healthcare
- General practitioner consultation: SGD 80–120.
- Specialist consultation: SGD 150–300.
- Comprehensive health insurance: SGD 800–1,500 annually for a family of four.
Education Costs
For families, education is a significant consideration.
Public Schools
Available to Singaporean residents and some expats, with fees ranging from SGD 300–400 per year for primary education.
International Schools
Cater to the expatriate community:
- Annual fees: Range from SGD 20,000 to SGD 40,000, depending on the curriculum and grade level.
Entertainment and Lifestyle Expenses
Singapore offers a wealth of leisure activities, but these can add to the monthly expenses.
Leisure Activities
- Movie tickets: Around SGD 13–15.
- Gym memberships: SGD 120–200 per month.
- Clubbing: Entry fees range from SGD 30–50, with drinks priced at SGD 15–25.
Travel
Singapore’s strategic location makes it a hub for regional travel. Budget airlines offer affordable options, with round-trip tickets to nearby countries starting at SGD 100+.
Utility Costs
Electricity, Water, and Gas
Monthly utility bills for a small apartment average SGD 120–200, depending on usage and air conditioning.
Internet and Mobile
- Broadband packages: Start at SGD 40 per month.
- Mobile plans: Range from SGD 20–100 per month, depending on data usage.
Tips for Managing the Cost of Living in Singapore
- Choose HDB Housing: Opt for public housing to save on rent.
- Use Public Transport: Efficient and cost-effective, eliminating the need for a car.
- Shop at Local Markets: Fresh produce at local wet markets is more affordable than supermarkets.
- Leverage Hawker Centers: Enjoy delicious meals at budget-friendly prices.
- Travel Smart: Book regional travel during sales periods to maximize savings.
Singapore’s living cost in singapore is undoubtedly high, but its quality of life, safety, and opportunities make it a top choice for expats and residents. By understanding the breakdown of expenses, you can better plan your finances and enjoy all that this dynamic city has to offer.
