Move to Singapore but paying for everything myself rather than full expat package
 

Last year I was approached to move to Singapore but the timing was not right. Now, I feel as though I missed an opportunity and should have gone for it. However, if I wanted to move to Singapore now, I would have to work out just what made sense financially.

I know rent is high but I don't really know how high. I have a 6 year old child who would need schooling and I'd like accommodation fairly near the school. I currently commute over an hour each way so anything under that would be fine.

Car options frighten me ! Who would pay $250k for a car costing $50k elsewhere ? However, are there reasonable leasing options for a crossover or 4 door car ?

Ideally I'd like a house with a garden but I'm not going to be sucked into paying S$10k plus for a property, whether affordable or not. Though I own a property in the UK, I could rent a nice 4 bed house for the equivalent of S$5k a month. Just how much would I need to pay for a house in Singapore ? and are there any good websites (the ones I find on Google are rubbish).

The thing is that I'll probably be paying for it all, not getting it on expenses, though the salary would be fairly decent. It isn't how much can I afford but rather how much do I have to pay because I fail to see the logic in paying £50,000 plus a year in rent.

Finally, am I allowed to buy in Singapore ? That could be an option I suppose, if I can afford it !

Re: Move to Singapore but paying for everything myself rather than full expat package
 

Hi 3.14! Yes the average rent here are way higher than even London. You can try these well known web site www.propertyguru.com or www.st701.com.sg for properties search. Normal house here don't really have a garden, may be a courtyard that's about it. That's plenty of parks and seaside in Singapore. Location wise depend where your child school is. You are allow to buy only leasehold private properties. However the governor impose an foreigner stamp duty of 10% on top of the usual 3% of the selling price.

You don't really need a car in Singapore. Unless you have more than 1 child and they are very young. The public transport here are excellent, lots better than London.

Your other option is live a cross the bridge in nusajaya, Malaysia and commute everyday.

Re: Move to Singapore but paying for everything myself rather than full expat package
 

I think you've over egged the cost of a car and a decent place to live.
You certainly can do without a car here but we found that lots of things on public transport tend to grate after a while.

I'd say that you could halve the cost of a car that you note and that S$6k to S$7k a month rental will find you a very nice 3 bed apartment.
If you want it to be grander than that then of course you have to shell out.

Singapore property prices are at all time highs or near enough at the moment. There's always talk that they will soon tank but that talk has been going on for years and years and they never have. The problem with buying is that there may be a short term dip in prices just when yo want to sell.

Re: Move to Singapore but paying for everything myself rather than full expat package
 

Many thanks for taking the time to reply.

I lived without a car in London and Tokyo and when some place for a limited stay. However, I tried not having a car after my child was born and it just doesn't work for me. Even the rudimentary things such as bringing the shopping home is just far easier with a car. Taxis sound an ideal option but they are never immediate, which is much more difficult when you want to go back home in a hurry and I know how they disappear in the rain in Singapore ! My guess is that I will end up with a leased car somehow.

The accommodation is my real big worry. I know the sky is the limit but if I can borrow a million at 4% which costs me a mere 40k a year, the thought of paying up to double that in rental and effectively financing 2m at 4% or even 3m at 2.7% is madness IMHO. I remember back in around 2008 or so and people were saying property was coming off peaks then but rents seem to have pushed on ahead still further.

As to location, I'll be in the CBD but where would you live ? I would much prefer a house than a condo and I am not sure about how much you really use the condo facilities, such as pool etc. In theory great but I had it before and it was seldom used.

I suppose overall I want to come out ahead financially and what with school fees (est S$30k pa) and car (est S$15k pa) I'd be happier with rentals in the S$50k pa range as opposed to the S$80k to S$100k range.

Lastly, for now, are there any decent negotiations on say serviced apartments or hotels long stay rates which I could sort out from the UK for 2 to 3 months because I know I just won't have time to go looking for a place on arrival and it will take more free time than I will have available initially.

Thanks.

Re: Move to Singapore but paying for everything myself rather than full expat package
 

IMO your living location will be governed by where your 6yo goes to school.
Unless you are happy with a long commute for the child.
It's easier for you.
If you work in the CBD you may find contrary to what I said above that the MRT is the easier option what with the jams on the roads at rush hour.

There are many threads on here with answers to your questions and you probably have a few more.

Plenty of Service Apts available.

Re: Move to Singapore but paying for everything myself rather than full expat package
 

This might be of interest.
http://www.asiaone.com/print/A1Busin...01-374841.html

Re: Move to Singapore but paying for everything myself rather than full expat package
 

Well, before you consider buying a house/apartment here in Singapore, ask yourself this question: how long would you be staying here? If you are just going to stay here for less than 5 years, buying an apartment would not seem like a good idea. Unless you are thinking of locating here on the long term and eventually settling down in future and obtaining a PR status, then buying a house would be better than renting actually.

Re: Move to Singapore but paying for everything myself rather than full expat package
 

Hi 3.14

IMHO buying a property in Singapore is definitely a more sound investment than pouring money down the drain in rent (can you detect the bitterness of someone who's done just that for the last four years??!!)

However, I hate to throw a spanner in the works - but as a foreigner you are not allowed to buy a house in Singapore (otherwise known in Singapore as a landed property). You can only buy a condo.

This is from the SLA website (Singapore Land Authority):

What is restricted residential property under the Residential Property Act
A foreign person cannot acquire or purchase restricted residential property unless he obtains the prior approval of the Minister for Law. Such property includes:
vacant residential land;
landed property [i.e detached house, semi-detached house, terrace house (including linked house or townhouse)]; and
landed property in strata developments which are not approved condominium developments under the Planning Act.

Even as a PR you have to apply for permission to buy a landed property.

There are also penalties if you sell within 5 years but they would probably still leave you better off than renting.