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Value of Residing in Singapore vs Hong Kong

Hoca

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Hong Kong and Singapore have lengthy been thought-about two of the 4 Asian Tigers. Many questions come up due to their similarities.

Nevertheless, these two cities differ in some ways. These variations impression which space folks select to reside in. So, for those who’re right here to ask, “Is Singapore costlier than Hong Kong?” or “Is Hong Kong costlier than Singapore”, then you definitely discovered the proper information to stroll you thru about what to anticipate by way of costs.

If you wish to make investments as an expat or high-net-worth particular person, which is what i specialise in, you’ll be able to e mail me ([email protected]) or use WhatsApp (+44-7393-450-837).

How’s the price of residing in Singapore vs Hong Kong?​


In actual life, it’s troublesome to tell apart which one is healthier between Singapore and Hong Kong. There are such a lot of parallels and discrepancies. Nevertheless, each Singapore and Hong Kong are cities. This implies there are a whole lot of different residents residing in metropolitan areas that supply considerable alternatives that may foster and support your monetary wants.

Singapore or Hong Kong: Which is healthier?​


We have to be exact when assessing the relative prospects between two nations. Each cities have excessive residing prices. Nevertheless, Hong Kong is 8% cheaper than Singapore.

Cost of Living in Singapore vs Hong Kong

Picture by Arnie Chou

Hong Kong vs Singapore Wage​


When it comes to common earnings, Hong Kong outperforms Singapore. Whole pay for monetary consultants is 55% better in Hong Kong than in Singapore, due to an 88% improve in wage and a 4% improve in bonus.

Singapore vs Hong Kong Hire​


Singapore is positioned because the costlier alternative in relation to housing. Renting a furnished flat in a main district in Singapore that’s 85 sq. meters (900 sq. toes) in measurement would value you SGD 6,035. Nevertheless, they’re very comparable when in comparison with Hong Kong, which requires HK$34,554 (roughly SGD 6,051) resulting from its extravagant property market.

Alternatively, there will probably be a noticeable distinction for those who select a comparable home in a typical area. It’s SGD 4,737 in Singapore and HK$23,437 in Hong Kong, indicating a notable 16% distinction.

Singapore prices SGD 300 for utilities for a pair in an 85-square-meter residence, however Hong Kong costs HK$1,581, that means that there’s a 9% premium in Hong Kong. This means that the price of utilities is far better in Hong Kong, which is according to town’s fame for having excessive residing expenditures.

When you’re on the lookout for one thing smaller, a furnished residence in a pricy a part of Singapore prices SGD 4,643 monthly. This comparable possibility prices HK$19,616 in Hong Kong, which is a big 36% differential between the 2 places. The hire for a similar studio in a typical neighborhood is SGD 3,317 in Singapore and HK$13,797 in Hong Kong, representing a 38% distinction.

One other instance of an financial distinction is the utility payments for a 45-square-meter studio in Hong Kong (HK$994), that are 19% greater than in Singapore (SGD 207).

When it comes to pricing for shoppers, a 40-inch flat-screen TV prices HK$4,281, which is considerably lower than SGD 756 in Singapore. On the subject of kitchen gear, Singapore wins out! A microwave from comparable producers prices SGD 189, whereas in Hong Kong, the an identical merchandise prices HK$1,875, or 42% greater.

The value disparity decreases in relation to on a regular basis requirements. The value of laundry detergent in Hong Kong is HK$96, which is 26% cheaper than in Singapore ($12). Nevertheless, Hong Kong has a 47% greater hourly cost for cleansing help, at HK$96, indicating a considerable distinction in labor bills between the 2 cities.

Hong Kong vs Singapore Economic system​


At any worldwide customary, Singapore’s financial and human development rival Hong Kong’s. We have now lower than 50% property possession, in comparison with 89% in Singapore. Public housing homes 80% of Singaporeans. Singapore now possesses the world’s freest financial system. This has surpassed Hong Kong’s file after 53 years.

Value of Residing in Hong Kong for Single Particular person​


In Hong Kong, the month-to-month value of residing for a person is a considerable HK$18,669. This funds covers hire for a one-bedroom residence outdoors town middle, meals, utilities, clothes, and train. This estimation solely contains crucial residing prices, not healthcare, leisure, or financial savings. In one among Asia’s most lively and cosmopolitan cities, acknowledged for its excessive value of residing, this estimate reveals the monetary challenges residents face.

Meals Costs​

grocery prices in hong kong

Picture by Nic Legislation

Hong Kong has extra reasonably priced eating places than Singapore. Meals costs in Singapore are fairly astounding.

A cost-effective restaurant supper in Singapore prices SGD 13 (HK$74.39). Nevertheless, in Hong Kong, it prices SGD 10.48 (HK$60).

A two-person, three-course lunch at a mid-range restaurant in Singapore prices SGD 100 (HK$572.25). And that is simply SGD 87.37(HK$500) in Hong Kong. This implies you’ll be able to provide you with 12.6% financial savings for those who’re in Hong Kong.

Even McDonald’s combo meals are 21.4% cheaper in Hong Kong. It solely value SGD 7.86 (HK$45). In comparison with Singapore, it prices round SGD 10 (HK$57.22).

Hong Kong has 12.6% cheaper beer costs than Singapore too, with a 0.5-liter draft costing SGD 8.74 (HK$50). A standard cappuccino prices SGD 6.91 (HK$39.53) in Hong Kong. Nevertheless, it’s round SGD 6.18 (HK$35.38) in Singapore. Usually, Hong Kong has extra reasonably priced eating and fast-food options.

Housing Value in Hong Kong vs Singapore​


Singapore and Hong Kong have pricey residences.

One-bedroom flats in Hong Kong’s metropolis middle value SGD 3,194 (HK$18,279). That is 22.9% lower than in Singapore (SGD 4,145). Alternatively, Singapore is 22.5% extra pricey than Hong Kong for non-city middle houses. It prices round SGD 2,960 (HK$16,938). Hong Kong has a 24.3% pricing benefit over Singapore for three-bedroom flats outdoors town middle and 25.4% inside.

An actual property buy is completely different. Hong Kong’s metropolis middle flats value SGD 41,842 (HK$239,442) per sq. meter, 50% greater than Singapore’s SGD 27,890. Hong Kong has 66.7% greater value per sq. meter outdoors town middle than Singapore, at SGD 27,691.25 (HK$158,462.50) vs. SGD 16,610. It is a massive distinction in housing costs, with Hong Kong’s market far costlier.

Whereas renting residential properties in Hong Kong is cheaper, shopping for a property has turn into extra pricey, making the housing value in Singapore a greater various for consumers.

Transportation​


Each cities have good public transportation, though commute prices differ. Hong Kong’s one-way public transportation ticket prices SGD 2.10 (HK$12). That is 10.4% greater than transport value in Singapore, which are available at SGD 1.90 (HK$10.87).

Hong Kong’s month-to-month move for traditional public transport is SGD 87.37 (HK$500). This reveals 31.7% lower than Singapore’s SGD 128 (HK$732.48). Subsequently, it’s a cheaper various for frequent commuters.

The start taxi fare in Hong Kong is SGD 4.72 (HK$27). It’s 15.1% greater than Singapore’s SGD 4.10 (HK$23.46). Hong Kong cab fares per kilometer are SGD 1.75 (HK$10), far more than Singapore’s SGD 1 (HK$5.72). This means a 74.7% hole. Keep in mind that Singapore’s SGD 20 (HK$114.45) and Hong Kong’s SGD 19.92 (HK$114) for an hour’s ready are simply barely completely different.

Singapore prices SGD 2.88 (16.49 HK$) per liter for gasoline, however Hong Kong costs far more. It is a 36.8% premium. The most important distinction, nonetheless, turns into obvious when fascinated about shopping for new cars.

For instance, the value of a Volkswagen Golf 1.4 90 KW Trendline or a comparable mannequin in Hong Kong is SGD 45,399.93 (259,800.00 HK$), which is 74.8% lower than what it prices in Singapore. Equally, at SGD 44,951.76 (257,235.35 HK$), the Toyota Corolla Sedan 1.6l 97kW Consolation or its equal is 71.1% less expensive in Hong Kong, making it a much more reasonably priced alternative for automobile purchasers.

Whereas Hong Kong’s taxi trade and public transportation present monetary benefits, they may very well be outweighed by the elevated value of petrol. The most important financial savings are seen within the considerably decreased prices of brand-new cars, which makes Hong Kong a extra interesting possibility for potential automobile consumers.

singapore transport

Picture by Matthew Simmonds

Schooling​


When you’re a scholar who considers learning overseas, figuring out the academic prices will enable you to put together and decide what college actually suits your monetary limits.

Worldwide Faculty Charge in Hong Kong​


The price of training ranges from HK$1515,000 for G11/12 and G12/13 pupils to HK$150,500 for KG1 and KG2 college students. The appliance type is filed with the HK$900 non-refundable software charge. Until they’re coated by a debenture, newly enrolled college students should pay a non-refundable capital charge of HK$39,000.

Tuition Charge in Singapore​


College students are selecting increasingly to pursue greater training in Singapore due to the renown and caliber of universities like NUS, NTU, and SMU. It’s essential to understand the monetary prices related to pursuing greater training on this city-state earlier than diving deeply into college life.

Your complete value of tuition for a four-year undergraduate program at a neighborhood establishment for Singaporean nationals ranges from SGD 22,500 to SGD 54,000, with an approximate common of SGD 38,250.

Web​


Hong Kong web providers are at a far decrease value than Singapore. A high-speed web connection in Hong Kong that provides limitless bandwidth over cable or ADSL and speeds of 60 Mbps or better prices SGD 32.23 (184.42 HK$).

Compared to the web value in Singapore, the place the an identical service prices SGD 47.28 (270.57 HK$), it is a important value financial savings of 31.8%. This pricing distinction demonstrates how aggressive and cheap web providers are in Hong Kong, which makes them a less expensive possibility for locals on the lookout for reliable and fast on-line entry.

Is healthcare free in Hong Kong?​


There are two elements to Hong Kong’s healthcare system: personal medical care and state healthcare. You don’t want personal Hong Kong medical insurance for those who resolve to make use of the general public healthcare system. All public healthcare providers are supplied by the government, both for gratis or for a small value.

Nevertheless, the sort of service and site of the go to decide the price of healthcare in Hong Kong. Common practitioner (GP) visits value $25–$50, relying on the establishment and complexity. Easy well being screenings might value $25, whereas extra full ones may cost $400, relying on the quantity and sort of exams. Public hospital Accident & Emergency (A&E) departments normally cost round $121 for visits.

Relying on the doctor and sort of go to, charges for specialist consultations at public hospitals might differ from $39 to $161. Nevertheless, there are a variety of variables that you simply additionally want to bear in mind. The sort of facility, whether or not personal or public, the actual providers required, and any medical insurance protection may have an effect on the price of healthcare.

In Hong Kong, personal healthcare providers are additionally supplied. It’s because their costs might vary vastly from these of the general public system. This definitely is smart when contemplating getting the best medical insurance protection to be able to management medical prices.

Medical health insurance value in Singapore​


It was calculated that the everyday particular person with no less than one dependent would want safety towards mortality equal to 9 or ten instances their yearly revenue. Naturally, this varies by particular person.

Foreigners’ medical insurance costs differ on age, life-style, and medical historical past. Singapore’s common medical insurance value for nonsmokers over 45 is SGD 132. For 75-year-olds, the typical premium is SGD 69–SGD 1,063.

Backside Line​


Aromatic Harbor vs. Lion Metropolis—these two international locations have been preventing for years in areas just like the financial system, training, and high quality of life. Many components have to be thought-about whereas deciding between Singapore and Hong Kong. Relying in your beliefs, the price of residing within the two international locations will enable you to select the most effective nation for you.

For funding information, learn one among our articles right here.

Pained by monetary indecision? Need to make investments with Adam?

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Adam is an internationally recognised creator on monetary issues, with over 748.2 million reply views on Quora.com, a extensively offered guide on Amazon, and a contributor on Forbes.
 
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