Costly, But Singapore Is Value For Money
In its latest World Cities Review, a property consultancy said that in absolute terms, Hong Kong has the highest total accommodation costs among 10 cities studied, at US$1.625 million annually, followed by New York and London which had total annual costs of US$1.553 million and US$1.533 million respectively. Singapore was sixth at US$1.005 million per annum.
The firm defines total accommodation costs as the sum of the annual rent and occupation costs for both residences and offices for a control unit representing a typical group of people that might start up or expand a global business in any country.
But the Republic was top in the report’s “value for money” ranking, which measures total costs against the GDP per capita for each city. This means the revenues to be had from housing a business compared against employees’ real estate costs are likely, but not guaranteed, to be much higher in Singapore than any of the other cities in the study.