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Singapore: Student Finances - Must read

Cost of living in Singapore for international students

Singapore might seem expensive, but it shouldn't stop you from chasing your dreams at its prestigious universities. Our cost of living guide can help you manage your study abroad finances and turn your aspirations into reality.

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One of the largest financial hubs in Asia, Singapore welcomes an increasing number of international students, foreign workers and entrepreneurs every year.

 

With thousands of multinational companies, low taxes and more than 1.5 million foreign residents, the country boasts one of the highest qualities of life in Asia.

 

There are many reasons why Singapore is your ideal study destination. While studying in Singapore can expose you to abundant job opportunities and broaden your horizons, the island nation is also one of the most expensive cities in the world.

 

But the hefty living cost in Singapore shouldn't stop you from pursuing your study dreams there. With careful budgeting and the help of our guide to the cost of living in Singapore, living comfortably in the Little Red Dot won't be a challenge.

 

Read on to understand what each aspect of living in Singapore may cost you. After that, you should know what your budget will need to look like if you plan to study in Singapore.

 

Accommodation

While most universities offer on-campus accommodation (university halls of residence), due to the huge amount of international students in Singapore, it is in high demand and can be hard to secure. Where rooms in residence halls are available, the average monthly rent ranges from SGD 450 to SGD 600.

 

Many students opt for off-campus housing organised by student housing agencies or rent accommodation privately. Off-campus student housing, also known as purpose-built student accommodation (PBSA), will cost you an average of SGD 1,855 to SGD 3,100 per month if you stay in an ensuite/studio room.

 

A comprehensive housing solution for students, PBSA provides everything you need for everyday living, including a private, independent living space. PBSA is usually just a short walk or bus ride from campus (within 3 miles). If you don't mind living a bit farther, some are up to 20 miles away from the city centre.

 

If you're looking to rent a flat privately, you will need a relatively higher accommodation budget. Renting a flat in Singapore will typically cost you a monthly average of SGD 1,600 to SGD 4,900. Your exact rent will vary with individual flats and their locations.

 

You can potentially reduce your rent to about SGD 800 to SGD 900 per month if you share a flat with flatmates. Also, flats located on the outskirts of Singapore tend to be more affordable.

 

Utilities

If you decide to go for privately rented accommodation, you have to factor in the cost of utilities. Here's a breakdown of your average monthly utility bills:

 

  • Water and electricity for an 85m² flat: SGD 222
  • Mobile phone monthly plan (with calls and at least 10GB data): SGD 23
  • Internet (60 Mbps or more): SGD 47

 

Transportation

Singapore is renowned for its sophisticated, comprehensive public transport system. With a metro system, buses and light rail transit circuit, you will find getting around the city a breeze.

 

Fares are charged per distance travelled, and can be paid via stored value travel cards, bank cards or Concession Pass.

 

If you're doing an undergraduate degree in Singapore, you will be eligible for a concession card, which can be used with a Monthly Concession Pass (MCP) to enjoy discounts on trains and buses.

 

An MCP for undergraduate students allows one month of unlimited travel on buses and trains and the prices are as follows:

 

  • Bus Concession Pass: SGD 55.50
  • Train Concession Pass: SGD 48
  • Hybrid Concession Pass (valid on both trains and buses): SGD 90.50

 

Having a concession card also means you're entitled to student concessionary fares and can enjoy a flat rate for journeys over a certain distance.

 

For instance, if you travel on trains (MRT & LRT) for more than 23.2 km using a concession card and you tap in before 7:45 am on weekdays, your fare will be capped at SGD 0.15. If you tap in at all other timings, you will be paying SGD 0.65 for journeys over 23.2 km.

 

Your fare will be capped at SGD 0.65 if you travel more than 7.2 km using trunk bus services with a concession card. If you travel more than 23.2 km using express bus services, you will only be paying SGD 0.95.

 

Student fares will be deducted from your concession card when you haven't bought an MCP. 

 

Groceries

Singapore has a variety of markets, speciality shops and supermarkets that sell different types of food at various prices. Grocery prices in Singapore vary with supermarket chains, with Giant and FairPrice being mid-range options.

 

Here are some examples of how much grocery items cost on average: 

 

  • Milk (1 L): SGD 4.28
  • Loaf of fresh white bread (500g): SGD 2.76
  • Chicken fillets (1 kg): SGD 14.61
  • Apples (1 kg): SGD 6.15
  • Potatoes (1 kg): SGD 3.27
  • White rice (1 kg): SGD 3.33
  • Eggs (12 pack): SGD 4.22
  • Onions (1 kg): SGD 3.09

 

Leisure and entertainment

While pursuing your academic goals is your primary purpose in Singapore, it's crucial to strike a balance between study and play. Therefore, don't forget to include your leisure and entertainment costs in your budget.

 

To give you an idea of how much your social life will cost you, here are the average prices of a few common leisure activities:

 

  • Local beer at a bar or restaurant (1 pint): SGD 10
  • Cappuccino (regular): SGD 6.13
  • Three-course meal for two at a mid-range restaurant: SGD 100
  • Meal at McDonalds: SGD 10
  • Cinema ticket (without student discount): SGD 15
  • Monthly gym membership: SGD 138.40

 

Healthcare

Singapore boasts a top-tier healthcare system known for its excellence and affordability. International students and foreign workers can acquire health insurance to cover unforeseen medical costs.

 

The annual cost of health insurance for foreigners in Singapore ranges from SGD 920 to SGD 5,020. These plans offer maximum coverage from SDG 900,000 to SDG 2.5 million.

 

Disclaimer: The figures provided in this article are indicative and accurate as of the time of writing. As the economy can undergo sudden and unforeseen changes, we advise conducting thorough research before making any travel arrangements.