Five reasons Singapore is now the most expensive city in the world
With Singapore being named the world's most expensive city, the Straits Times has published a comparative study on the five big ticket items which contributed to the ranking.
The Straits Times report compared the prices of these items with those of a similar standard in five different developed nations.
The following are the items and the price comparisons:
Property rental
A three-bedroom apartment of between 1,200 and 1,500 sq ft averages S$8,000 (RM20,700) a month in Singapore.
In New York, a three-bedroom apartment of between 950 and 1,800 sq ft ranges from US$1,750 (S$2,221, RM5,700) to US$2,500 in the outlying neighbourhoods and US$6,000 to US$15,000 in Manhattan.
Cars
A Mercedes Benz E-class in Singapore will cost upwards of S$277,000 aside from an Open category COE which can be acquired for another S$79,000. (COE is the Certificate of Entitlement which one must have in order to buy a car.)
In Germany, a Mercedes Benz E-class will cost from €40,668 (S$71,062, RM183,400) onwards.
Clothing, in the category of luxury retail
If you are thinking of shopping in Singapore, be mindful that a Giorgio Armani men's suit starts from S$3,000 and can go up to S$4,000. On the other hand, in Italy, a men's suit from Giorgio Armani starts from €1,500 (S$2,619).
Food & wine
The signature dish of steak tartare at the famous L'Atelier de Joel Robuchon restaurant at Resorts World Sentosa costs S$52. A bottle of Moet & Chandon in Singapore costs at least S$83.
Similarly, a degustation menu at the L'Atelier de Joel Robuchon restaurant in Paris costs €38 (S$66). A bottle of Moet & Chandon in France usually costs only €32.90 (S$57).
Utilities
Finally, according to the Straits times, in Singapore, the utilities bill for a four-person household in a HDB flat is likely to average between S$150 and S$200.
In Tokyo, the utilities bill for a four-person household in an apartment averages between 12,000 yen (S$150, RM386) in summer and 30,000 yen (S$375) in winter. – March 4, 2014.