MALAYSIA: When considering retirement destinations, the cost of living is often the primary concern for individuals, couples, and families with limited budgets. Penang, an island off Malaysia’s northwest coast, stands out as an attractive option due to its affordable living conditions.
In an article published by International Living.com, the Penang property market gained attention from Singaporeans in 2014, with significant price differences between similar properties in Penang and Singapore.
This led to a substantial purchase of houses in George Town by a Singaporean company, impacting the local economy and fueling a property boom.
Despite this, rental prices have remained stable since 2017, with a surplus of rental properties and ongoing construction of high-end condominiums.
What a Singaporean said about Malaysia
A Singaporean Reddit user said that if Singapore’s cost of living and wages were the same as in Malaysia, many Singaporeans would be eager to relocate.
The Singaporean mentions that beyond public transport, cleanliness, and lower corruption, Singapore lacks the cultural richness and warmth found in Malaysia.
He views Singapore as a materialistic city with a colder atmosphere, contrasting it with Malaysia’s larger size, more activities, and friendlier people.
The Reddit user also expresses a preference for having Malaysian citizenship with Singaporean permanent residency, seeing it as the ideal combination.
They also note the high levels of anxiety and depression among young Singaporeans and the claustrophobic feeling due to the country’s small size. The comment suggests that while Singapore is efficient and modern, these factors do not address all societal issues.
The Singaporean netizen also observes that many Singaporeans retire overseas or move to countries like Vietnam, Thailand, or New Zealand for a change.
They question why Singapore, with its efficiency and cleanliness, has levels of stress and anxiety similar to Malaysia, which lacks these attributes.
The comment concludes by emphasizing the need to stop idealizing Singapore and recognise both countries’ strengths and weaknesses, highlighting the shared understanding between Singaporeans and Malaysians.
Cost of living in Malaysia
On a monthly budget of $2,500, a couple can enjoy a high standard of living in Penang. Modern high-rise condominiums with amenities such as pools, gyms, and 24-hour security can be rented for $750 to $1,000 per month.
For those willing to forgo ocean views, rentals can be even more affordable, potentially allowing for a monthly budget under $2,000.
The influx of international investment has also led to the emergence of new cafes, restaurants, and hotels, offering a variety of dining and entertainment options.
While imported goods like wine and spirits can be more expensive, local dining and entertainment remain very affordable.
Pampering oneself is also more cost-effective in Malaysia, with spa treatments, pedicures, and massages priced significantly lower than in many Western countries. Additionally, hiring a part-time cleaning lady or a live-in maid is relatively inexpensive.
Adopting a local lifestyle can further reduce monthly expenses. Eating at local hawker stalls offers delicious and safe options for foreigners at a fraction of the cost of dining at Western-style restaurants.
Malaysia’s abundance of affordable and high-quality fruits and locally sourced meats and vegetables also contributes to lower grocery bills.
Malaysian cost of living: Expat’s choice
Travel within Southeast Asia is convenient and budget-friendly from Penang, with direct flights to neighbouring countries and easy road access to Thailand.
Transportation within Penang is manageable, with affordable options such as purchasing a small, locally made car or a scooter or utilizing public transport and Grab, a popular ride-hailing service.
Healthcare in Malaysia is both high-quality and cost-effective, with many expats opting to pay out of pocket rather than securing health insurance. The country’s hospitals are well-equipped, and medical professionals are often trained in Western countries.
A sample monthly budget for a couple living in Penang might include expenses such as rent, groceries, utilities, cell phone, internet, TV, cooking gas, fuel, maid service, and entertainment, totalling approximately $1,704.40.