Finance executives: Singapore's cost of living a "big problem"

Sep 13, 2007, 0:25 GMT

Singapore - More than six out of 10 finance industry professionals regard the soaring cost of living in the city-state as 'a big problem' threatening a loss of appeal for foreigners and locals, a published poll said Thursday.

Higher rents and property prices were cited as the biggest concerns, said eFinancialCareers.com, a global online network site for jobs in asset management and investment banking.

Its poll of 508 professionals, 390 from Singapore and 118 from Hong Kong, found that 56 per cent considered the city-state's rising cost of living to be 'a big problem.'

The hike may 'cause the city to lose its appeal among finance professionals both locally and abroad,' said the poll's findings, published in The Straits Times.

While the poll focused only on Singapore, the views of Hong Kong- based professionals were sought in the event they are offered a a job in the city-state.

The remaining respondents saw no problem or said it was 'to be expected.'

Singapore recently overtook New York in a ranking of the world's most expensive cities by Mercer Human Resource Consulting.

The government has said it will monitor the market to ensure there are enough homes and release more residential sites for sale in the second half of the year.