Cost of Living in Singapore

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Singapore is renowned for its exceptional infrastructure, vibrant multicultural society, and thriving economy. As one of the most dynamic and cosmopolitan cities in the world, Singapore offers a high quality of life with numerous opportunities for both personal and professional growth. However, this comes with a relatively high cost of living compared to many other cities. Whether you’re relocating for career advancement or to experience the unique blend of Eastern and Western cultures, understanding the cost of living in Singapore is essential for effective financial planning.

In this guide, we’ll break down the cost of living in Singapore, covering housing, utilities, transportation, groceries, and more. We’ll also explore how you can invest your savings in real estate through mogul, where you can earn monthly dividends and benefit from property appreciation.

Additional reading: How Does Real Estate Crowdfunding Work

Housing Costs in Singapore

Housing is one of the most significant expenses in Singapore, with rent and property prices reflecting the city’s global desirability and limited space.

Rent: The average rent for a one-bedroom apartment in Singapore’s city center is about SGD 3,500 per month, while a two-bedroom apartment typically costs around SGD 5,500. Prices can vary significantly depending on the neighborhood, with areas like Orchard Road, Marina Bay, and Sentosa Cove commanding higher rents than suburban neighborhoods like Ang Mo Kio or Jurong West.

Home Prices: As of 2023, the median home price in Singapore is approximately SGD 1,200,000 for Housing Development Board (HDB) flats, while private condominiums can range from SGD 1,800,000 to several million dollars, depending on the location and amenities.

Property Taxes: The property tax rate in Singapore varies based on the type of property and its annual value. Owner-occupied residential properties generally have lower tax rates compared to non-owner-occupied or commercial properties. The rates can range from 0% to 20% of the annual value of the property.

Utility Costs

Singapore’s tropical climate ensures that utility costs remain relatively stable throughout the year, although cooling can impact electricity usage.

Electricity: The average electricity bill in Singapore is around SGD 100-200 per month, depending on the size of your home and energy usage.

Water: Water bills in Singapore average about SGD 50-80 per month, reflecting the city’s efficient water management systems.

Internet: High-speed internet services in Singapore typically cost between SGD 50 and SGD 80 per month, depending on the provider and plan.

Heating and Cooling: While Singapore experiences a warm climate year-round, air conditioning is commonly used, which can increase electricity usage. However, efficient cooling systems help manage utility bills effectively.

Transportation Costs

Singapore boasts an efficient and extensive public transportation system, making commuting convenient and relatively affordable.

Public Transport: The Mass Rapid Transit (MRT) and public bus services are the primary modes of transportation. A monthly transit pass costs around SGD 120, providing unlimited travel within designated zones.

Oyster Card Equivalent: Singapore uses the EZ-Link card or NETS FlashPay for public transport, offering discounted fares compared to single tickets. Daily caps ensure you never pay more than a certain amount each day.

Taxis and Rideshares: Taxis and rideshare services like Grab are readily available but can be more expensive compared to public transport. A typical taxi ride starts at around SGD 3.20 and increases based on distance and time.

Parking: Owning a car in Singapore is costly due to high parking fees, the Certificate of Entitlement (COE), and limited availability. Monthly parking can range from SGD 200 to SGD 500 in central areas, with more affordable options in suburban neighborhoods.

Biking and Walking: Many Singaporeans opt to bike or walk, especially in well-connected neighborhoods and parks, which can significantly reduce transportation costs and offer health benefits.

Grocery Costs

Grocery prices in Singapore are generally higher than the national average, though there are ways to manage costs effectively.

Milk: A liter of milk costs around SGD 2.00.

Eggs: A dozen eggs typically cost about SGD 4.00.

Bread: A loaf of bread is priced at around SGD 3.00.

Chicken: A kilogram of boneless chicken breasts costs approximately SGD 10.00.

Fruits and Vegetables: Fresh produce prices vary, with a kilogram of apples costing about SGD 4.00 and potatoes about SGD 2.00 per kilogram.

Shopping at grocery chains like FairPrice, Sheng Siong, or NTUC can help keep your grocery costs manageable. Additionally, visiting local wet markets such as Tekka Market or Tiong Bahru Market can offer fresh produce at competitive prices.

Healthcare Costs

Healthcare in Singapore is comprehensive and highly efficient, though out-of-pocket expenses and insurance premiums can vary based on your coverage.

Doctor’s Visit: A routine doctor’s visit without insurance typically costs around SGD 50-150.

Health Insurance: Private health insurance in Singapore varies based on coverage, with average costs ranging from SGD 200 to SGD 400 per month.

Prescription Drugs: Prescription medications are subsidized by the national healthcare system, typically costing around SGD 20-50 per month for ongoing prescriptions. Private prescriptions can be more expensive.

Singapore is home to some of the nation’s top hospitals and healthcare providers, including Singapore General Hospital and Mount Elizabeth Hospital, offering a wide range of services for residents.

Entertainment and Lifestyle

Singapore offers a vibrant entertainment scene with plenty of options for dining, fitness, and outdoor activities, catering to an active and diverse population.

Dining Out: A meal at a mid-range restaurant typically costs around SGD 30-50 per person, while fast-food meals are closer to SGD 10-15.

Fitness Memberships: Gym memberships in Singapore range from SGD 80 to SGD 150 per month, depending on the facility and amenities.

Movie Tickets: A movie ticket generally costs about SGD 15-20.

Outdoor Activities: Singapore boasts numerous free or low-cost outdoor activities, including visits to Gardens by the Bay, hiking in the MacRitchie Reservoir, or enjoying outdoor concerts and festivals.

With so many entertainment options available, it’s easy to enjoy the Singapore lifestyle without overspending on leisure activities.

Taxes

Singapore has a relatively favorable tax structure, making it an attractive place for both individuals and businesses.

Income Tax: Singapore’s personal income tax rates are progressive, ranging from 0% to 22%, depending on your income level.

Goods and Services Tax (GST): The GST rate in Singapore is 8%, set to increase to 9% in 2024, which applies to most goods and services.

Property Tax: As mentioned earlier, the property tax rate varies based on property type and usage. Owner-occupied residential properties enjoy lower rates compared to non-owner-occupied or commercial properties.

No Capital Gains Tax: Singapore does not impose a capital gains tax, making it advantageous for investors.

How to Make the Most of Your Money in Singapore

Living in Singapore can be expensive, especially when it comes to housing and transportation. However, by managing your expenses and taking advantage of the city’s many free and low-cost activities, you can make the most of your money.

One smart way to put your savings to work is by investing in real estate through mogul, where you can earn monthly dividends and benefit from property appreciation.

Invest with mogul and Grow Your Wealth

Here’s why mogul is an excellent option for putting your savings to work:

• Low minimum investment: Start investing in real estate with just $250, making it accessible for investors at all levels.
• Monthly dividends: Enjoy consistent income from rental properties, helping you grow your savings steadily over time.
• Property appreciation: As real estate values increase, your investment grows, providing long-term financial benefits.
• Hassle-free investing: All properties are professionally managed by mogul, so you don’t have to worry about day-to-day property management.

By investing through mogul, you can turn your savings into a profitable investment that helps build wealth over time.

The Bottom Line

Singapore is a dynamic and exciting place to live, offering unparalleled opportunities and a vibrant lifestyle. While the cost of living is high, with proper budgeting and financial planning, it’s possible to enjoy everything the city has to offer while keeping your expenses in check. Whether you’re saving on housing by choosing the right neighborhood, taking advantage of the extensive public transportation system, or utilizing the city’s abundant free activities, there are plenty of ways to make your money go further.

Once you’ve saved on living costs, consider investing those savings through mogul to take advantage of monthly dividends and property appreciation from real estate investments. With a low minimum investment of $250, mogul makes real estate investing simple and accessible.

Ready to make your money work for you? Join mogul today and start investing in real estate for long-term financial success.

Learn more: Real Estate Debt Funds

Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.