S'pore jumps 3 spots to become 6th most expensive city in Asia
By Julie Quek | Posted: 08 June 2011 2212 hrs <LINK href="http://www.channelnewsasia.com/imagegallery/store/phpEV7JYI.jpg" rel=image_src>
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SINGAPORE : Singapore has jumped three places this year to become the sixth most expensive city in Asia for expatriates to live in, according to the latest cost of living survey from ECA International.
The company, which provides solutions for firms sending their staff overseas, said the continued strength of the Singapore dollar against major currencies had pushed the republic up the global ranking.
ECA International also said prices of goods and services commonly purchased by international assignees have risen at much faster rates in Singapore than in other developed locations in the region.
It said such goods and services now cost almost three per cent more in Singapore than in Hong Kong. Just a year ago, they cost five per cent more in Hong Kong than here.
Singapore rose to the 36th spot from 68th in the global ranking in one year.
ECA International pointed out that Singapore is now more expensive for international assignees than Hong Kong, New York, Amsterdam, Frankfurt and Shanghai.
However, Lee Quane, ECA International's regional director (Asia), believes that the main reason for Singapore's rise in ranking over the past 12 months was the strength of its currency.
He said the Singapore dollar has risen by more than 10 per cent against the greenback between the surveys.
This, he said, is a double-edged sword.
On the one hand, companies sending staff out of Singapore need to pay lower cost of living allowances for an employee to maintain their standard of living on assignment.
On the other hand, for companies bringing staff into Singapore, allowances will carry on increasing as Singapore continues to rise on the ranking table.
Meanwhile, Tokyo remains the most expensive city for international assignees.
ECA International said that although Japan is the only Asian country surveyed where the actual cost of goods in the ECA basket of goods has fallen, a strong currency and already higher costs for goods mean that the cost of living for assignees is significantly more than in other locations in the top ten ranking.
Globally, Tokyo heads the top 10 list followed by Oslo, Nagoya, Stavanger in Norway, Yokohoma, Zurich, Angola's capital Luanda, Geneva, Kobe and the Swiss capital of Bern.
The region's top 10 most expensive cities are:
1) Tokyo
2) Nagoya
3) Yokohama
4) Kobe
5) Seoul
6) Singapore
7) Hong Kong
8) Beijing
9) Shanghai
10) Busan
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By Julie Quek | Posted: 08 June 2011 2212 hrs <LINK href="http://www.channelnewsasia.com/imagegallery/store/phpEV7JYI.jpg" rel=image_src>
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SINGAPORE : Singapore has jumped three places this year to become the sixth most expensive city in Asia for expatriates to live in, according to the latest cost of living survey from ECA International.
The company, which provides solutions for firms sending their staff overseas, said the continued strength of the Singapore dollar against major currencies had pushed the republic up the global ranking.
ECA International also said prices of goods and services commonly purchased by international assignees have risen at much faster rates in Singapore than in other developed locations in the region.
It said such goods and services now cost almost three per cent more in Singapore than in Hong Kong. Just a year ago, they cost five per cent more in Hong Kong than here.
Singapore rose to the 36th spot from 68th in the global ranking in one year.
ECA International pointed out that Singapore is now more expensive for international assignees than Hong Kong, New York, Amsterdam, Frankfurt and Shanghai.
However, Lee Quane, ECA International's regional director (Asia), believes that the main reason for Singapore's rise in ranking over the past 12 months was the strength of its currency.
He said the Singapore dollar has risen by more than 10 per cent against the greenback between the surveys.
This, he said, is a double-edged sword.
On the one hand, companies sending staff out of Singapore need to pay lower cost of living allowances for an employee to maintain their standard of living on assignment.
On the other hand, for companies bringing staff into Singapore, allowances will carry on increasing as Singapore continues to rise on the ranking table.
Meanwhile, Tokyo remains the most expensive city for international assignees.
ECA International said that although Japan is the only Asian country surveyed where the actual cost of goods in the ECA basket of goods has fallen, a strong currency and already higher costs for goods mean that the cost of living for assignees is significantly more than in other locations in the top ten ranking.
Globally, Tokyo heads the top 10 list followed by Oslo, Nagoya, Stavanger in Norway, Yokohoma, Zurich, Angola's capital Luanda, Geneva, Kobe and the Swiss capital of Bern.
The region's top 10 most expensive cities are:
1) Tokyo
2) Nagoya
3) Yokohama
4) Kobe
5) Seoul
6) Singapore
7) Hong Kong
8) Beijing
9) Shanghai
10) Busan
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