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One of my favorite places to wander around in Singapore is what my daughter calls the “red car house.” Located on a corner of one of Singapore’s wealthiest neighborhoods, the house in question is actually a grand mansion with at least six red Ferraris and Lamborghinis parked outside.
The house, owned by a wealthy local businessman, is well known in Singapore. It is so opulent that it is listed in a Crazy, Rich and Asianstour inspired by the small island city-state, based on the popular 2018 film.
The Hollywood success was an invaluable marketing vehicle for Singapore and a gamble by its tourism board and film commission. Both put their full effort (and an undisclosed sum) into the film. The gamble paid off. Following the film’s release, Singapore saw record numbers of tourists and enjoyed a wave of global attention.
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Now, however, Singapore is trying to downplay the film and the image it presents. The reputation for high living costs and expensive business deals has become a sensitive issue for locals in the run-up to the upcoming general election.
The city, one of Asia’s leading financial centres, has been ranked the most expensive in the world for nine of the past 11 years according to the Economist Intelligence Unit’s annual global cost of living survey.
Singapore wants to convince locals and expats otherwise. ““How much does it really cost to live in Singapore, the world’s ‘most expensive’ city?” wrote one Recent article from one of the government agencies. This dismissed “family tropes,” including “over-the-top mansions in Crazy Rich Asians“Marina Bay Sands infinity pool and incredibly expensive cars.”
The government’s arguments are not entirely convincing. Money-saving tips include not buying seasonal clothes because “it’s summer all year round.” There are also promises of 45 cent cups of coffee (I have yet to find such an offer) and the possibility of renting government-run housing, as proof that the city is not “necessarily as expensive” as London or New York.
For some, the city’s quirky reputation remains an asset. Philip Choo, who was inspired by the book to launch the first Crazy Rich Asians On his 2014 tour, he says he continues to enjoy strong demand from clients, especially in the United States.
However, a series of recent news stories has reinforced the cliché that foreigners live lavish lifestyles and drive up costs for everyone else. In May, Chinese national Wang YunHe, 35, was arrested in Singapore for allegedly running one of the world’s largest cybercrime networks. accusationHis possessions included a luxury apartment in the city’s glitzy Orchard shopping district, a Ferrari F8 Spider and several Patek Philippe watches.
The result is that more and more Singaporeans are questioning government schemes that have attracted the wealthy to live here. One example is the family office regime. There are now more than 1,400 individual family offices (funds that manage a family’s wealth) in the city-state, up from 50 in 2018.
Manu Bhaskaran, an economist and chief executive of consultancy Centennial Asia Advisors, told me that rising costs in Singapore were a product of government policy. The “business model attracts foreign investors who drive up rents, salaries and other service costs… Family offices are a case in point: how much extra income do they generate for the rest of us?”
Perhaps aware of such a feeling, Another government article He has claimed that Singapore’s high cost of living is limited to wealthy expatriates. He said the city ranking calculations include “products such as branded raincoats and foreign newspapers” that are not typically purchased by Singaporean households.
Singaporeans are not impressed. “I am not sure why they chose two topics and said they were not relevant to Singaporeans,” he wrote. A Reddit userAnother noted that the difference might lie in the suggestion that locals should have different expectations than foreigners. “It’s only expensive for expats because the average Singaporean is not supposed to aspire to the finer things in life.”