Cost Comparison UK v Singapore

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AJ_Fulham
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Cost Comparison UK v Singapore

Post by AJ_Fulham » Tue, 18 Dec 2007 6:57 am

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Last edited by AJ_Fulham on Tue, 15 Jan 2008 4:46 am, edited 1 time in total.

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durain
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Post by durain » Tue, 18 Dec 2007 7:36 pm

dude, 260k is more than enuf for whatever you want to do in singapore :shock:

remember the tax in singapore is at about 15% as oppose to 40% in the UK. big mac meal is cheaper in singapore, and even cheaper in malaysia!

the list goes on. it all depends what you want to do with all the money you are earning.

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Post by Super_Star » Wed, 19 Dec 2007 12:41 am

Overall, Singapore would be a little cheaper than living in London. For one, the currency is weaker and thus you'd probably end up saving money. Think you should MOVE MOVE MOVE! Especially if you're already favouring the lifestyle Singapore has to offer, and you like what you've heard/seen about Singapore so far. Not to mention the travelling you will be able to do around the region here in Asia since you'll be living here and cost to travel is so affordable. That is something you can't enjoy if you continue to live in London. Considering the fact that you don't have family commitments, all the more reason to just do it. Is this on stipulated contract in terms of months/years, or is it for an indefinite period of time?

What else are you waiting for?

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Post by AJ_Fulham » Wed, 19 Dec 2007 2:58 am

Super_Star wrote:Overall, Singapore would be a little cheaper than living in London. For one, the currency is weaker and thus you'd probably end up saving money. Think you should MOVE MOVE MOVE! Especially if you're already favouring the lifestyle Singapore has to offer, and you like what you've heard/seen about Singapore so far. Not to mention the travelling you will be able to do around the region here in Asia since you'll be living here and cost to travel is so affordable. That is something you can't enjoy if you continue to live in London. Considering the fact that you don't have family commitments, all the more reason to just do it. Is this on stipulated contract in terms of months/years, or is it for an indefinite period of time?

What else are you waiting for?
Hi, thanks for the advice. No there are no restrictions or minimums on time etc, just a straight offer of employment. With a relocation package, but the salary package is a 'cost to company package' so won't be getting rental assistance etc.

All sounds great thanks, I'm defo sold on the Singapore lifestyle, my mate has already offered me a share in one of his race horses lol! I quite fancy the sound of that.

One last question if you don't mind me asking... i've been told the place to live is districts 9,10,11.... but i was quite fancying a place on the beach rather than a place in downtown.

What districts on the coast are the best options on my budget?

And on the question of budget, what should one expect to budget (as a % of salary for rent each month?). Seems most places are pretty expensive! So a rough guess would be that i take home about $14k per month (after tax) excluding the bonus which would be paid annually. How much should be set aside for rent as a rule of thumb?

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Post by Super_Star » Wed, 19 Dec 2007 5:06 am

AJ_Fulham wrote: One last question if you don't mind me asking... i've been told the place to live is districts 9,10,11.... but i was quite fancying a place on the beach rather than a place in downtown.

What districts on the coast are the best options on my budget?

And on the question of budget, what should one expect to budget (as a % of salary for rent each month?). Seems most places are pretty expensive! So a rough guess would be that i take home about $14k per month (after tax) excluding the bonus which would be paid annually. How much should be set aside for rent as a rule of thumb?
Though Singapore is an island, you would think we have fantastic beaches. Sadly, this is not the case. The waters around us are pretty polluted due to our port which is known to be the world's busiest. On another note, the East Coast area (District 15) is also known to be a popular area which is nearer to the beaches and further away from the city area. Recently, there have been a few condo developments coming up on the waterfront on Sentosa Island and Marina Bay. You may wanna google these 2 areas and find out more.

When is your move suppose to take place? Some of these developements on the waterfront are still in the construction phase.

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Post by AJ_Fulham » Wed, 19 Dec 2007 7:50 am

Super_Star wrote:
AJ_Fulham wrote: One last question if you don't mind me asking... i've been told the place to live is districts 9,10,11.... but i was quite fancying a place on the beach rather than a place in downtown.

What districts on the coast are the best options on my budget?

And on the question of budget, what should one expect to budget (as a % of salary for rent each month?). Seems most places are pretty expensive! So a rough guess would be that i take home about $14k per month (after tax) excluding the bonus which would be paid annually. How much should be set aside for rent as a rule of thumb?
Though Singapore is an island, you would think we have fantastic beaches. Sadly, this is not the case. The waters around us are pretty polluted due to our port which is known to be the world's busiest. On another note, the East Coast area (District 15) is also known to be a popular area which is nearer to the beaches and further away from the city area. Recently, there have been a few condo developments coming up on the waterfront on Sentosa Island and Marina Bay. You may wanna google these 2 areas and find out more.

When is your move suppose to take place? Some of these developements on the waterfront are still in the construction phase.
Assuming i agree to the offer (which is likely) i'd be in Singapore by the end of Feb 08.

So probably too soon for those developments...

Am i better off buying outright when i arrive? The rental market seems to be out of control, though the fear is that I buy at the top of a market that is about to fall. Surely if the house prices continue to match those of london something has to give way? Either everyone starts earning London salaries or the market implodes... With the rise of skilled labour in India and China surely that would mean the big banks start diverting resources there, therefore Singaore becomes a non starter for cost efficency? And looses it's appeal to the banks?

I find it odd that housing prices seem so out of kilter with the living standards? Is this seen as a shortterm blip? or a longterm trend?

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Post by margt » Wed, 19 Dec 2007 9:03 am

I think it's safe to say that property prices are at their peak here. There are lot's of private condo construction going on at the moment and I have a good feeling that we will have an over supply in the market by the end of next year.

The trouble is that the housing market has been in a slump here for many years and only started picking up a year or so ago hence the rediculous increases. I would definitely not advise buying in this market but would advise taking a 1 year lease on a property and reviewing your options after that.

People who own property here can afford to hold out for their asking price for a while cos they bought low and their mortgages are not hurting them like the rest of us in the UK and US - they also have much more attractive mortgage rates. They know that they will eventually get what they want albeit they have to wait a few months for the right offer.

The correlation between rent and living costs couldn't be any further apart, especially for eating out, shopping, public transport and general entertainment. My 25min bus ride to work from east coast costs me $1.09 (GBP 0.36) - that'll cost you $6.00 (GBP 2.00) in London.

The east coast is seeing a lot more expats as they see better value for living compared with districts 9,10&11 which are going through the roof. I see quite a few large condos launching around east coast areas Parkway/Katong and a few near completion for early and late 2008. It should be interesting to see if 2,000 odd extra units condensed within this small area affects prices as I'm sure a lot of the middle class locals here will be tempted to cash in and rent their units out to expats.

With regards to your rent budget, you should get a decent 2 bed condo on the east coast for $5k at present.

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Post by sundaymorningstaple » Wed, 19 Dec 2007 10:38 am

margt wrote:I think it's safe to say that property prices are at their peak here. There are lot's of private condo construction going on at the moment and I have a good feeling that we will have an over supply in the market by the end of next year.
I hope your are right, but I think you are wrong. I've lived through 4 recessions here now (25 years) and I have seen the roller coaster that is the property market. The current market isn't as bad yet as the market was just before the Asian financial meltdown of 1997 when property prices peaked.

As an example, my 5 room HDB flat was worth 480K before the 97 meltdown. It bottomed out at 333K in Jan'99 and prices started climbing again in Mar'99 but after 2000 the market took another nosedive and subsequently one more. Now the market it booming again but the markets still have room to climb (mine is currently around 430K). The government has tried to do some adjustments but it has only served to slow the climb down a little but hasn't yet reversed it. I don't see a reversal until about 12 months after the IR's open up. I'm giving it around 2.5 to 3 more years unless the US subprime has a more direct hit here than it has so far (just a very minor blip on the radar). Along with the IR's the new Petrochemical Refinery will be bringing in another influx of Expatriates who will also fuel the need for upmarket housing. This will give another boost to those who have been holding onto their condo for the past 10 years in negative equity.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Post by evilzknight » Sat, 29 Dec 2007 2:38 am

I guess anybody here earning a salary more than S$5,000 (for 5-10yrs experience) is considered quite high already.

In your case, with an average of S$20k per month, it's pretty high as I've several Jap friends (professionals) who are paid much under that amount.

you can just purchase a normal car easily with your 3 months' pay while normal singaporeans would struggle hard in saving over 3 years.

Life here is pretty ok as compared to standard of living in UK. A simple meal (not restaurant) only cost about S$3 here while high class restaurant can cost up to several hundreds depending on the venues.

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Post by durain » Sat, 29 Dec 2007 4:28 am

evilzknight wrote:I guess anybody here earning a salary more than S$5,000 (for 5-10yrs experience) is considered quite high already.

you can just purchase a normal car easily with your 3 months' pay while normal singaporeans would struggle hard in saving over 3 years.
surprise, surprise... some normal singaporeans probably earning more than me! i defo cant afford a car! far too expensive to buy and to keep it running.

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