Tag Archives: Singapore

S’pore still the world’s most expensive city

A new survey has found Singapore to be the world’s most expensive city for the third year in a row.

Singapore has retained its status as the world’s most expensive city for a third consecutive year. However, its lead over the next two cities, Zurich and Hong Kong, has narrowed, according to the latest Worldwide Cost of Living Survey by the Economist Intelligence Unit.

Geneva and Paris round out the top five cities, followed by London, New York and Los Angeles. The rankings list tracked 133 cities.

Despite Singapore topping the list, the report revealed that prices in the city-state were lower in some categories, such as basic groceries. Prices are 33 percent higher in Seoul, followed by Hong Kong (28 percent) and Tokyo (26 percent).

However, Singapore is considered more expensive in other categories.

“It is the most expensive place in the world to buy and run a car, thanks to Singapore’s complex Certificate of Entitlement (COE) system. Transport costs in Singapore are 2.7 times higher than in New York. Alongside Seoul, Singapore is also a very expensive city in which to buy clothes and pay for utilities,” stated the report.

EIU

Source: The Economist Intelligence Unit

The EIU survey compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.

New York was used as a base for city-to-city comparisons; it has an index set at 100.

The purpose of the survey is to help human resources and finance managers calculate cost-of-living allowances in order to put together compensation packages for expatriates and business travellers, said the EIU.

Read the full report here.

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S’pore ranked outside top 5 for real estate prospects

Japan and Australia remain the favourite countries for real estate development and investment, according to the Emerging Trends in Real Estate Asia Pacific 2016 forecast jointly published by the Urban Land Institute (ULI) and PwC.

Tokyo, Sydney, Melbourne and Osaka took four of the top five spots for promising markets in the Asia Pacific. Ho Chi Minh City was rated fifth.

The study, which surveyed 343 real estate professionals, ranked Singapore eleventh for investment prospects and ninth for development out of 22 regional markets.

Specifically, it pointed to a slow residential market here, mainly due to government actions in 2013 to stem soaring home prices.

“Given the current sentiments of Singapore’s property market, we’re seeing local players becoming more involved at a regional and global level as they explore, increase and diversify investments into other major markets such as Japan and Australia,” said Yeow Chee Keong, Real Estate & Hospitality Leader, PwC Singapore.

He added: “The residential market will continue to hope for an increase in the level of transactions, and that will be dependent on whether there will be modifications made to the cooling measures.”

Despite the tepid enthusiasm, the Emerging Trends report noted that “Singapore is always a market where institutions are looking to buy,” adding that a number of major property purchases are expected to be completed before the end of 2015.