Singapore now world's most expensive city

As per our discussions on properties, I hold the view that it is policy makers' job to focus on cost of business/ living and not asset appreciation... the latter will take care of itself when you focus on the former... just like share price will take care of itself when the business owner do the right thing in the 3 layers.

Now Singapore has another No 1 to brag about

But I take issue with the idea that cost is compounded by imports when that had been the case since independence. Singapore been controlling the COGS through strengthening SGD which IMHO is the right policy, but operational capex from overheads and labour cost is not something that appreciating SGD can arrest

"Singapore is now ranked as the most expensive city in the world, according to new research published today by The Economist Intelligence Unit (EIU) in its Worldwide Cost of Living survey.

Price rises and a stronger currency mean that Singapore now has the "dubious" claim to the title of the world's most expensive city, according to the EIU report that compares the cost of living between 131 cities worldwide using New York as a base city.

Over the last decade a 40 percent currency appreciation, coupled with solid price inflation, has consistently pushed Singapore up the ranking. The city also has some structurally expensive items that skew the overall cost of living upwards. For example, car costs have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car. As a result, transport costs in Singapore are almost three times higher than in New York.

"Singapore's rise is partially attributable to the continued strength of the Singapore dollar, but the city has seen price rises too which have no doubt been compounded by a reliance on imports," said Jon Copestake, Editor of the report which looks at over 400 individual prices."
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http://sg.finance.yahoo.com/news/singapo...ector.html

Of course if you are paid Millions of $$$ for every year for 5 years, guaranteed, how can SINGAPORE not be one of the most expensive city in the world? Not only that, it seems to be guaranteed for the next 5 years and the next 5 years. These Elites just lost touch with the commons in no time. imho.

Are we more expensive than Switzerland and Austria ?

Most expensive due to Top notch money making governance... no 2 ways about it... If you can't cope with the pace its most likely cause you are not working hard or hungry enough...

We have something to be very proud of , Number One !

Indeed, PAP never failed the people. They have kept their promise of Swiss standard (oh sorry) cost of living !

More good years!!!!

Before you machine-gunned the gov, foreigners, rich folks(many of them are valuebuddies) to death, at least, you need to read the report?
How many of you have read the report?

Some quotations from the report....
"The city’s transport costs are almost three times higher than New York "
"it is the most expensive place to buy clothes globally as retailers import luxury European brands"

I have no access and have no interest to pay for it.

http://www.worldwidecostofliving.com/asp...OLHome.asp

Remember Mark Twain's famous quote ... "There are three kinds of lies: lies, damned lies, and statistics"

Lidat, better be prepare to run road once you got no work and no income.

Truth story, recently my property agent friend told me that he just managed to close a deal in Iskandar project. An ang mo expatriate who work in Woodland chose to buy a land property in JB and every morning travel to SG to work....see ang mo also know how to maximize the low cost of living across the border.. me too looking at these 3 places once i stop working, Malaysia, Thailand and Vn...hehe.

(04-03-2014, 02:41 PM)camelking Wrote: Indeed, PAP never failed the people. They have kept their promise of Swiss standard (oh sorry) cost of living !

More good years!!!!

(04-03-2014, 02:55 PM)yeokiwi Wrote: Before you machine-gunned the gov, foreigners, rich folks(many of them are valuebuddies) to death, at least, you need to read the report?
How many of you have read the report?

Some quotations from the report....
"The city’s transport costs are almost three times higher than New York "
"it is the most expensive place to buy clothes globally as retailers import luxury European brands"

I have no access and have no interest to pay for it.

http://www.worldwidecostofliving.com/asp...OLHome.asp

Remember Mark Twain's famous quote ... "There are three kinds of lies: lies, damned lies, and statistics"

Agreed. I would not jump to conclusions without looking at the methodology of the report. This report seems to compare cost of living mainly for expatriates and might not be fully relevant to the average Singaporean.

We must look at how they define it the most expensive city and for whom it is the most expensive. I think the report is targeted at expats who want to move into a particular country.

It seems to be most expensive because of 1) Currency appreciation which I think is good for the locals as it keeps cost of good reasonably price for us. 2) Cost of transport - COE. In Singapore, is is a need to have a car unlike in countries like Malaysia , U.S. etc...?

There definitely are areas that impact the locals but I don't think those are the areas that make Singapore an expensive city. I still go to a Hawker Center or coffee shop and get a 2 or 3 dollar chicken rice, mee soup etc.... I can't say the same in Malaysia or U.S or other countries I have been.

Please find attached the WCOL report.