Singapore Moves Down To 8th Most Expensive Location In Asia As Cost of Living Falls

By Tengku Noor Shamsiah Tengku Abdullah SINGAPORE, Dec 13 (Bernama) -- Singapore has dropped two places to become the region's eighth most expensive location for expatriates, while retaining 31st position globally. This is according to the latest Cost of Living survey from ECA International, the world's leader in development and provision of solutions for the management and assignment of employees around the world. This survey compared the year-on-year movement between September 2012 and September 2011 data and though Singapore dropped down the regional ranking, globally it maintained its position due to the movement of other locations worldwide. Tokyo retains its position as the most expensive location in Asia and the world. Lee Quane, Regional Director, Asia, ECA International said: "While the cost of ECA's representative basket of goods and services in Singapore increased by 2.7 per cent over the past 12 months, this rate is well below the regional average of 6.5 per cent." "It is also significantly lower than the five per cent increase we've witnessed in China over the year. "This, together with the fact that the Renminbi has strengthened against many currencies, including the Singapore dollar, in the same period is making Chinese locations increasingly expensive. This could be stripping them of the competitive edge they once had over other locations in Asia as companies looking to set up in the region might think twice, now, about posting staff to China," she said. To help multinational companies calculate assignment salaries, ECA carries out two Cost of Living Surveys per year, comparing a basket of consumer goods and services commonly purchased by assignees in more than 400 locations worldwide. Certain living costs such as accommodation rental, utilities charges, car purchases and school fees are not included in this survey. While Hong Kong and mainland Chinese locations have seen some of the biggest leaps up the Asian ranking this year, some of the region's biggest falls have been witnessed in Indonesia since the weakening of the Rupiah against major currencies has contributed to Jakarta falling 32 places, to become the world's 123rd most expensive location for expatriates. In Malaysia, Kuala Lumpur has risen from 186th to 179th in the global ranking and 29th in the region while Georgetown is in 215th globally, just above Mumbai (216th globally) and Ho Chi Minh City (217th). Karachi in Pakistan remains the least expensive Asian location in the ranking while all Australian locations surveyed now rank in the world's top 30 of most expensive locations - Sydney is the most costly, (16th position globally, Canberra (18th), Adelaide (21st), Melbourne (24th), Perth (25th), Darwin (27th) and Brisbane (28th). London and locations surveyed in Russia, Turkey and Ukraine have proved to be more resilient because London gained 11 places and now sits in 58th position globally. -- BERNAMA