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Thread: Singapore can be relatively affordable -- depending on your lifestyle

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    Default Singapore can be relatively affordable -- depending on your lifestyle

    Singapore can be relatively affordable -- depending on your lifestyle
    SINGAPORE
    By Wong Siew Ying
    POSTED: 16 May 2014 19:23

    A study by Deutsche Bank has found that Singapore can be a relatively affordable place to live in, depending on lifestyle choices. The variation between living like a local and an expatriate is also much greater in Singapore compared to other major cities in the world.

    SINGAPORE: A recent study by the Economist Intelligence Unit had ranked Singapore as the most expensive city for expatriates -- an outcome that is partly due to the stronger Singapore dollar.

    After tracking global prices of several goods and services, Sanjeev Sanyal, a Deutsche Bank strategist based in Singapore, said that the exchange rate has made Singapore more expensive in US dollar terms.

    However, a lot also depends on lifestyle choices.

    He said: "There is a real problem with ranking Singapore -- we found that Singapore has a very high variation depending on which basket we choose.

    "If you are taking a basket of goods which doesn't include cars, then Singapore is actually quite affordable. On the other hand, if you take a basket which includes cars or even buying non-HDB real estate, then Singapore very quickly becomes one of the most expensive places in the world to live in."

    For example, the report found that a new Volkswagen Golf costs five times more in Singapore -- at about US$126,500, compared to just over US$23,000 in New York. It is also far more expensive compared to cities like Hong Kong, Paris and London.

    Alcohol is also more costly in Singapore, with a pint of beer going for nearly US$8 -- compared to about US$5 in Tokyo and just over US$7 in Hong Kong.

    However, other goods are cheaper in Singapore. For example, a two-litre bottle of Coca Cola is priced at US$2.25 -- cheaper than London, Tokyo, Paris and New York, but more expensive than in Hong Kong and Shanghai.

    Meanwhile, an iPhone 5S also costs less in Singapore compared to the UK, China and France.

    Deutsche Bank said government subsidies also help to keep cost down.

    Mr Sanyal added: "There is, of course. the pricing of HDB housing... much cheaper schooling for locals, public transport as well. There are several other things that are surprisingly affordable."

    The survey found that the minimum fare on public transport in Singapore (US$0.61) is comparable to that of Hong Kong (US$0.64), and a whole lot cheaper than several major cities.

    Deutsche Bank said business school tuition fees for full-time MBA courses are also relatively more affordable in Singapore.

    For instance, NUS School of Business charges US$41,200 -- substantially lower than business schools in New York, London, Shanghai, France and Hong Kong.

    Overall, the study found that among developed countries, Australia is the most expensive, with the US being the cheapest. Among developing countries, Deutsche Bank said Brazil remains very expensive while India is the cheapest.

    - CNA/ac

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    This study is flawed because it has not factored that increasingly more Singaporeans go JB over the weekend where things are mostly cheaper by half, or shop online for big discounts.

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    It was reported that things seem to be more expensive in NY, France, London etc, how about their salary/income? Is it lower than average Singaporeans? Products vs Salary.

    Yes, Singapore can be relatively affordable, if
    1) don't go to restaurant, go to hawker centre,
    2) after work, stay at home and watch TV, no entertainment
    3) don't drink beer or soft drink, drink plain water (from home)
    4) don't buy car, use public transport, take bus, it is cheaper than MRT
    5) don't use aircon, don't use computer, save electricity
    6) don't buy pte ppty, stay in HDB, then HDB prices will soar, HDB owners huat ah!

    What else you all can think of?

    Is this what our gahment want our economy to be? If this is the case, most of the shops, restaurants, cinemas etc will have to close down, then lots of people will be jobless. Someone told me, need to spend to boost up the economy, if everybody keeps the money, then how the economy grows?
    Last edited by irisng; 17th May 2014 at 09:17 AM.

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    Quote Originally Posted by irisng View Post
    It was reported that things seem to be more expensive in NY, France, London etc, how about their salary/income? Is it lower than average Singaporeans? Products vs Salary.

    Yes, Singapore can be relatively affordable, if
    1) don't go to restaurant, go to hawker centre,
    2) after work, stay at home and watch TV, no entertainment
    3) don't drink beer or soft drink, drink plain water (from home)
    4) don't buy car, use public transport, take bus, it is cheaper than MRT
    5) don't use aircon, don't use computer, save electricity
    6) don't buy pte ppty, stay in HDB, then HDB prices will soar, HDB owners huat ah!

    What else you all can think of?

    Is this what our gahment want our economy to be? If this is the case, most of the shops, restaurants, cinemas etc will have to close down, then lots of people will be jobless. Someone told me, need to spend to boost up the economy, if everybody keeps the money, then how the economy grows?
    Don't date singapore girl, date mainland chinese, philippines and bangladesh.

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    Quote Originally Posted by irisng View Post
    It was reported that things seem to be more expensive in NY, France, London etc, how about their salary/income? Is it lower than average Singaporeans? Products vs Salary.

    Yes, Singapore can be relatively affordable, if
    1) don't go to restaurant, go to hawker centre,
    2) after work, stay at home and watch TV, no entertainment
    3) don't drink beer or soft drink, drink plain water (from home)
    4) don't buy car, use public transport, take bus, it is cheaper than MRT
    5) don't use aircon, don't use computer, save electricity
    6) don't buy pte ppty, stay in HDB, then HDB prices will soar, HDB owners huat ah!

    What else you all can think of?

    Is this what our gahment want our economy to be? If this is the case, most of the shops, restaurants, cinemas etc will have to close down, then lots of people will be jobless. Someone told me, need to spend to boost up the economy, if everybody keeps the money, then how the economy grows?
    But how about income tax rates. many in sg dont pay tax at all.

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    https://www.youtube.com/watch?v=bhThKS1mmM4

    2012 Future of Florida Forum: John Doggett

    39:00

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    Food is really costly in some of the countries you mentioned. Mostly no hawker centres or food courts there. Their taxes are also very high, say 30 to 40% of income.

    In SG, as long as don't fall sick, definitely ok one. Even some expats starting to cycle to work. Watch TV and Internet entertainment. Live in a smaller place and turn on air con whenever it's hot. Drink water also healthier.

    I do think its true that there is a great variation in amount spent between Singaporeans. My older relatives can live on with less than 1k expenditure a month (per couple). For those of working age and school going children, it's at least 4 to 5 times more. Then there are those Lamborghini and Pte condo stayers, different leagues in SG. The report is not saying its cheap to live in SG, but rather, there are many different types (and costs) of living in SG.


    Quote Originally Posted by irisng View Post
    It was reported that things seem to be more expensive in NY, France, London etc, how about their salary/income? Is it lower than average Singaporeans? Products vs Salary.

    Yes, Singapore can be relatively affordable, if
    1) don't go to restaurant, go to hawker centre,
    2) after work, stay at home and watch TV, no entertainment
    3) don't drink beer or soft drink, drink plain water (from home)
    4) don't buy car, use public transport, take bus, it is cheaper than MRT
    5) don't use aircon, don't use computer, save electricity
    6) don't buy pte ppty, stay in HDB, then HDB prices will soar, HDB owners huat ah!

    What else you all can think of?

    Is this what our gahment want our economy to be? If this is the case, most of the shops, restaurants, cinemas etc will have to close down, then lots of people will be jobless. Someone told me, need to spend to boost up the economy, if everybody keeps the money, then how the economy grows?
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  8. #8
    Ultimate Underdog

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    https://sg.finance.yahoo.com/news/ch...051008392.html

    Honestly, dating is not cheap here. How much would you estimate a cheap date costs in SG? I think minimum $60 to 70.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  9. #9
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    singapore aiming to be "monaco of the east" and yet want to shy away from being label extremely high cost of living

    high property price, high car price, high cost ... all these has a trickle-down-effect even someone choose to live humbly
    Last edited by wt_know; 17th May 2014 at 06:14 PM.

  10. #10
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    Quote Originally Posted by Kelonguni View Post
    https://sg.finance.yahoo.com/news/ch...051008392.html

    Honestly, dating is not cheap here. How much would you estimate a cheap date costs in SG? I think minimum $60 to 70.
    Dating cost could be minimized:
    7.00 pm Walk along marina bay $0
    7.30 pm get a train to little india $2
    8.00 pm buy 2 curry puff $3
    9.00 pm have a KFC dinner $12
    It hardly cost $20 dollars.

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