Research by Luxury Escapes reveals that it can be cheaper to live on their holiday deals for a year than in Singapore.
Singapore is one of the world’s most expensive cities to live in for the fifth year in a row according to a report by The Economist Intelligence Unit. In addition, the country is also looking to increase its goods and services tax (GST) from 7% to 9% between 2021 to 2025.
Based on Luxury Escapes’ calculations for two people living in a 900 square feet apartment, it will cost around S$84,000 a year to live in Singapore. The brand’s ‘Cost of Living’ study takes into consideration rent, utilities, groceries, lunch, dining out three times a week, drinks twice a week, weekly trips to the movies, public transport and cost to hire a part-time domestic helper.
Luxury holidays are often perceived to be extremely expensive and not for the masses. The luxury travel brand challenged this perception by making comparisons between living on their luxury holidays for 365 days and the cost of living in Singapore.
The results of its research showed that it would cost around S$62,400 to live on Luxury Escapes’ holidays, which is 25.7% cheaper than living in Singapore for a year. This cost of living a year on Luxury Escapes holidays considers a total of 58 unique Luxury Escapes packages including 6 days at Centara Ras Fushi Maldives, 8 days at Lotte Arai Ski Resort Japan, 6 days at Hilton Mandalay Myanmar, 4 days at Park Hotel Clarke Quay, a 12-day luxury tour of Turkey among others.
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