Has Singapore become more expensive to live in than other first world countries?

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#21
(29-06-2011, 02:10 PM)Jared Seah Wrote: Hello Isaac,

Statistics are just statistics. When you stay and live in UK, you will understand first hand which country is more "expensive". And after graduation, where you prefer to practice in UK or Singapore as a doctor.

I've a feeling you will miss the low taxes in Singapore! "Free" stuffs costs a lot!

The most expensive cities I've been are in Switzerland - Zurich and Basel. Everything works! But man if you look at the prices....

To me, Singapore is somewhere in between. Japan/Westertn Europe/US are the most expensive to live. Singapore is in between with HK at the middle (we still got $3.00 hawker food!). As for the "cheap" countries, that Singaporeans know very well - we travel a lot of these places for bargains and holidays!

Hi Jared/SMOL,

Well, you are really well traveled and have experienced these things first hand. How's Greece as compared to Singapore? Big Grin

I'm not saying Singapore is definitely more expensive than other countries; but, it definitely is entering the same league (promoted from Coca-Cola League to BPL? haha) as big cities.

I've read differing views from other well traveled Singaporean expats, and I guess there is not much of a consensus honestly. Some, like you, say that the country they stay in is expensive, some say it's cheaper. I guess the lack of a consensus opinion probably points to the fact that while Singapore isn't more expensive, it probably isn't much cheaper as well.




(28-06-2011, 08:46 AM)yeokiwi Wrote: The living condition in Singapore is fantastic. I mean.. I definitely will not want to live in Manchester suburbs.....

Hi yeokiwi, why do you say that?
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#22
Hello Isaac,

Exactly! What others (and I) contributed are from our own personal experiences. There shouldn't be any consensus since I see things from a HDB heartlander viewpoint (I don't put that much weightings on cars and private property ownership; more on day to day living expenses comparisons). We all have our own bias. (Some die die must own a car, for eg. I don't.)

You will add your own contributions when you are in London and explore Europe during summer vacations. It's so interesting comparing the different political and social welfare systems in Europe! And of course check-out the local food, wine, and women!

And you are right, and it's what I try to hint. If Singapore aspire to be Switzerland of the East, prices will rise. And my biggest hope is we continue to keep non-aircon hawker centres and coffeeshops! Hope there will be young Singaporeans who want to be hawkers. If not, then it's air-con food court chains and there goes my $3.00 hawker meals when I return (lucky my Queenstown hawker centres still sell $2.50 small; $3.00 large last time I returned in CNY)!
Just google singapore man of leisure
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#23
(29-06-2011, 10:26 PM)isaac Wrote:
(28-06-2011, 08:46 AM)yeokiwi Wrote: The living condition in Singapore is fantastic. I mean.. I definitely will not want to live in Manchester suburbs.....

Hi yeokiwi, why do you say that?

Well, I stayed with my relative for about 2 weeks in Manchester suburb.
The weather sucked.
The public transport sucked.
The food is... well, it is difficult to beat hawker centre.
No good shopping either.
The whole city is dull in color(dark gray, light gray, black, dull red etc) and coupled with the moody weather, I thought it was a pretty gloomy place to live in.

Maybe I am too used to Singapore but I thought Singapore is a much more livable place than Manchester.

Except, they get to enjoy good soccer every weekend Big Grin
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#24
I am tired with the Singapore Weather. Taiwan 4 "seasons" makes life more interesting.

I feel most countries revolves around the levers of GST, Income Taxes, Car price, Military Expenditure, Property price, Property Taxes, Medical Subsidy and Retirement Benefits. One way or another something have to give if it exceeded all levels.

Maybe a Stress indicator will tell who is happier.

I pay high taxes in Taiwan, but low medical fee and car. Property in Taipei is not cheap either but is cheap at the outskirt.
Depending on your priorities, the country maybe for you.

Cory

Just my Diary
corylogics.blogspot.com/


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#25
All,

When I stand back from the following The EDGE article (published today), I wonder if money isn't becoming too easily available in Singapore - driving costs and inflation up. I take issue with the quoted analayst who says these numbers "inspire confidence". To my (admittedly conservative) mind, a "stunning" 24% year-on-year loan growth rate brings visions of bubbles and bursting them - I am more in the Morgan Stanley camp - and I hope their prediction of attenuated loan growth comes true.

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The EDGE Weekend Comment July 1

Strong loan growth supports bank stocks
By Joan Ng

Local banks saw their loans grow at 3.5% m-o-m, 8.7% q-o-q and 24.2% y-o-y in May. DBS Vickers analyst Lim Sue Lin called the growth “stunning”, as y-o-y rates are the highest in nearly three years. The loan-to-deposit ratio (LDR) is now at its highest since October 2008. Lending was driven by both property and business loans. Business loans expanded by 4.3% m-o-m while housing loans grew at a slightly softer rate of 1.4%. Even so, analysts say the numbers inspire confidence. “Despite attempts to talk down the local property market, it looks like there is still no shortage of buyers, backed by bankers who are more than happy to dole out property-related loans,” says CIMB economist Song Seng Wun. “Overall property-related lending accounted for almost 50% of the total loans outstanding. Elsewhere, we continue to see healthy demand from other businesses, reflecting confidence in the economy.”

The release of strong loan growth numbers are coming on the back of the announcement of new standards for Singapore banks. Earlier this week, the Monetary Authority of Singapore (MAS) said that local banks would be required to set aside capital at levels higher than the new standards under Basel III. MAS will require Singapore-incorporated banks to have a total capital adequacy ratio (CAR) of 10% from 1 Jan 2015. Including a capital conservation buffer that will be phased in, total CAR will reach 12.5% by January 2019. The three banks currently have total CARs of between 17.2% and 19.2%, well in excess of those requirements. So they have said that they are confident they will be able to meet the new standards.

With enough capital set aside, and no immediate need to raise more, the banks should be able to increase the size of their balance sheets. CIMB expects lending growth to peak at around 26%, the same growth rate peak achieved in 2008. “With the base effect, y-o-y growth rates could moderate steadily from Aug 2011 for loan growth to end the year at 20% to 22%. Slower, but strong,” says CIMB.

Meanwhile, BNP analyst Ng Wee Siang says business loans should continue to remain robust for the next three months given the strong syndicated loan pipeline. He points out that there have been a number of relatively-large syndicated loan deals in so far, among the largest for Olam International at US$1.3 billion ($1.6 billion) and Wilmar International at US$1.6 billion. Also, given that interest rates are very low, margins should remain healthy. Lim of DBS estimates that every 1% increase in loans growth could lead to a 2% to 3% increase in earnings.

Analysts now expect the strong loan numbers to drive the share prices of the banks, with RBS analyst Trevor Kalcic going so far as to say that this may be “the catalyst that the sector has been waiting for”. Kalcic is positive on the banking sector, saying: “Strong loan growth (12.6% year-to-date and 30.1% annualised), a gradual shift to slightly higher-margin business lending and higher LDRs are all earnings positive for the Singapore banks.”

Judging from Bloomberg data, the preference now seems to be for DBS Group Holdings and Oversea-Chinese Banking Corp. BNP’s Ng says he likes OCBC for its well-executed corporate strategy and consistent delivery. Kalcic of RBS says he prefers DBS over OCBC for its valuation as DBS trades at 9.5 times his estimates for its FY2012 earnings while OCBC trades at 11 times.

Morgan Stanley cautions that if loan growth continues at this level, investors should begin to get concerned about the quality of loans being written. “However, we believe that loan growth lags nominal GDP growth and with this now slowing, we would expect the rate of loan growth to come off over the next few months,” the brokerage says.

++++++++++++++++++
RBM, Retired Botanic MatSalleh
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#26
No sure where to post this so just post it here.

Today Business Times has an article on salary earned by the various groups. This report was published by Ministry of Manpower's report on wages in Singapore, 2010. Hope someone can post the whole article to share with everyone.

MD and CEO topped the pay ranking, with a median gross salary of $14,765 monthly. That is more than what doctors ($10,786) and lawyers ($8,750) were paid. Below are the summary of monthly median wages by groups:

First figure is basic and second figure is gross:
1. Managers (including MD and CEO) 6,000 / 6,300
2. Professional (including doctors/lawyers/fund managers) 4,000 / 4,300
3. Associate professional & technicans 2,600 / 2,987
4. Clerical support workers 1,850 / 2,001
5. Service & sales workers 1,320 / 1,788
6. Craftsmen & related trades workers 1,790 / 2,250
7. Plant & machine operators & assemblers 1,380 / 1,896
8. Cleaners, labourers & related workers 850 / 960

Even though these numbers are just the median, I doubted the accuracy. The lower pay rank looks quite accurate to me, but the upper pay rank looks too conservative. I mean we have the higgest concentrated ratio of millionaires in Singapore; our properties are expensive by world standard; car prices the most expensive in the world; fresh grad earning more than $3K-$4k...how is it possible that 50% of our doctors/lawyers/professional earn $4K and below? How can 50% of managers earn $6K and below?

I have serious doubt about this survey.
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