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How is life as a doctor in Singapore?

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  #1641 (permalink)  
Old 30-12-2020, 01:47 AM
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Are you aware of CPF deductions in Singapore? Your money is locked up in there too!
Interesting. I didn't realize that CPF was 20%.

Is that 300k for senior consultants after CPF contributions, or before CPF? Thanks.

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  #1642 (permalink)  
Old 30-12-2020, 02:03 AM
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Interesting. I didn't realize that CPF was 20%.

Is that 300k for senior consultants after CPF contributions, or before CPF? Thanks.
Before CPF contributions.

Most Singaporeans don't talk about the CPF because there is nothing they can do about it. They also usually use it to help pay for their homes. So they feel it is no problem to them.

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  #1643 (permalink)  
Old 30-12-2020, 02:04 AM
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Interesting. I didn't realize that CPF was 20%.

Is that 300k for senior consultants after CPF contributions, or before CPF? Thanks.
dont worry, CPF individual contribution cap is just 1.2k per month. it's 20% on your first 6k salary only, the rest you keep



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  #1644 (permalink)  
Old 30-12-2020, 02:08 AM
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Interesting. I didn't realize that CPF was 20%.

Is that 300k for senior consultants after CPF contributions, or before CPF? Thanks.
Are you also aware of the cost of car ownership in Singapore?

Google "COE Certificate of Entitlement" and "ERP Electronic Road Pricing"

To own a car you need to BID for a COE every 10 years. Even if you decide to keep your 10 year old car you need to bid for the COE to keep it for another 10 years.

price of COE is usually >$50,000 (just a document) no car involved. You still pay road tax.

Cost of housing is another worth researching. :wink:
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  #1645 (permalink)  
Old 30-12-2020, 02:25 AM
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s://.valuechampion.sg/average-cost-housing-singapore

Housing Type Average Price Median Price Average Price/Sq. Foot Average Size (sqft)
HDB Average S$532,768 S$495,000 S$507 1,067
Condo Cost OverS$1,780,051 S$1,467,778 S$1,731 1,053
Landed S$5,063,507 S$3,850,000 S$1,462 4,244

Also note that most property in Singapore is 99 year leasehold.

s://blog.carousell.com/property/freehold-99-years-leasehold-singapore/#:~:text=Different%20property%20developments%20hav e%20different,99%2Dyear%20leaseholds%20or%20freeho lds.

In other words you are actually renting for 99 years.
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  #1646 (permalink)  
Old 30-12-2020, 03:06 AM
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s://.singsaver.com.sg/blog/car-maintenance-cost-in-singapore

Making sense of car costs
We’re going to be looking at a lot of numbers in this article. To make sure we don’t get lost, it’s helpful to organise car costs into the following breakdown:

Purchase costs: What you have to pay when you buy the car.
Maintenance/running costs: Expenses incurred in the daily use and periodic upkeep of your car.
Hidden costs: These are not immediately obvious, like parking charges, but you’d want to be aware of them.
Average annual cost of keeping a car: We finalise the magic number for you after taking everything into account.

Purchase cost of Honda Jazz 1.3 = $69,999
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  #1647 (permalink)  
Old 30-12-2020, 04:24 AM
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dont worry, CPF individual contribution cap is just 1.2k per month. it's 20% on your first 6k salary only, the rest you keep
Thank you. 1.2k per month is still fairly affordable in the grand scheme. It works out to be around 5% of mandatory savings. I see no issues with mandatory savings (rather than tax), since it is still my money and as you mentioned, I am able to use this as a portion of the down payment and as pension.

Quote:
Originally Posted by Unregistered View Post
Are you also aware of the cost of car ownership in Singapore?

Google "COE Certificate of Entitlement" and "ERP Electronic Road Pricing"

To own a car you need to BID for a COE every 10 years. Even if you decide to keep your 10 year old car you need to bid for the COE to keep it for another 10 years.

price of COE is usually >$50,000 (just a document) no car involved. You still pay road tax.

Cost of housing is another worth researching. :wink:
My partner and I share one car right now, and most of the time it is sitting in the garage. We still take the public transit whenever we go downtown, and only use the car for groceries and out of city trips, so I suspect that given how efficient the Public Transit System is in Singapore, we may or may not need a car. Ideally, I would love to be able to walk to work.


Quote:
Originally Posted by Unregistered View Post
s://.valuechampion.sg/average-cost-housing-singapore

Housing Type Average Price Median Price Average Price/Sq. Foot Average Size (sqft)
HDB Average S$532,768 S$495,000 S$507 1,067
Condo Cost OverS$1,780,051 S$1,467,778 S$1,731 1,053
Landed S$5,063,507 S$3,850,000 S$1,462 4,244

Also note that most property in Singapore is 99 year leasehold.

s://blog.carousell.com/property/freehold-99-years-leasehold-singapore/#:~:text=Different%20property%20developments%20hav e%20different,99%2Dyear%20leaseholds%20or%20freeho lds.

In other words you are actually renting for 99 years.
Home prices wise, condos are around 50% higher PSF than in my city. However, I also see home value as an investment. So long as their values do not fall significantly, we should be safe in that regard.

I am looking at the home prices in Singapore on propertyguru and I am somewhat surprised. How are there so many 2-5M condos? What are the typical demographic and occupation of individuals living there?
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  #1648 (permalink)  
Old 30-12-2020, 04:30 AM
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Thank you. 1.2k per month is still fairly affordable in the grand scheme. It works out to be around 5% of mandatory savings. I see no issues with mandatory savings (rather than tax), since it is still my money and as you mentioned, I am able to use this as a portion of the down payment and as pension.



My partner and I share one car right now, and most of the time it is sitting in the garage. We still take the public transit whenever we go downtown, and only use the car for groceries and out of city trips, so I suspect that given how efficient the Public Transit System is in Singapore, we may or may not need a car. Ideally, I would love to be able to walk to work.




Home prices wise, condos are around 50% higher PSF than in my city. However, I also see home value as an investment. So long as their values do not fall significantly, we should be safe in that regard.

I am looking at the home prices in Singapore on propertyguru and I am somewhat surprised. How are there so many 2-5M condos? What are the typical demographic and occupation of individuals living there?
2-5M condos probably upper class. You are looking at those near the Central Business District area.

There are cheaper ones in the heartlands.

You should seriously consider moving to Singapore. It is a very safe country. No drugs. No guns. The weather is nice and warm and humid 365 days of the year. Excellent public transport system. You are right there is absolutely no need to own a vehicle. Food is cheap. You hardly ever have to cook. Pay is high. Taxes are low. It is practically Utopia.

It is a pity not more people know this and move to call Singapore home.
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  #1649 (permalink)  
Old 30-12-2020, 08:16 AM
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2-5M condos probably upper class. You are looking at those near the Central Business District area.

There are cheaper ones in the heartlands.

You should seriously consider moving to Singapore. It is a very safe country. No drugs. No guns. The weather is nice and warm and humid 365 days of the year. Excellent public transport system. You are right there is absolutely no need to own a vehicle. Food is cheap. You hardly ever have to cook. Pay is high. Taxes are low. It is practically Utopia.

It is a pity not more people know this and move to call Singapore home.
Very well expressed. Much agree with you there. Singapore is perfect for medical professionals. Good orderly healthcare system, high pay, robust private sector, much choice for patients and doctors, patients are highly respectful of doctors, all locals speak English well, low taxes, very affordable housing and cars, excellent public transport system, great cheap food, you can also employ a live in domestic helper for a song to help with housekeeping and chores. It is the ultimate place to be. I should have moved here much earlier if I think back. And there is no racism whatsoever. Amazing place. I highly recommend it to doctors like myself from abroad.
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  #1650 (permalink)  
Old 30-12-2020, 09:27 AM
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Very well expressed. Much agree with you there. Singapore is perfect for medical professionals. Good orderly healthcare system, high pay, robust private sector, much choice for patients and doctors, patients are highly respectful of doctors, all locals speak English well, low taxes, very affordable housing and cars, excellent public transport system, great cheap food, you can also employ a live in domestic helper for a song to help with housekeeping and chores. It is the ultimate place to be. I should have moved here much earlier if I think back. And there is no racism whatsoever. Amazing place. I highly recommend it to doctors like myself from abroad.
Where were you originally from?
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