Daily Briefing: Education funds planning for Singapore expats; Lian Beng doubles down on investment property

And here's what you need to know about CPF intricacies.

Living costs in Singapore are amongst the highest in the world. Expats who move to the city-state can expect to pay large amounts for their accommodation and for day-to-day expenses. Car buyers in Singapore usually pay five to six times the price of a similar vehicle in the US or the UK. Educational expenses are no exception. Expats who move to Singapore with their families find that the amount they need to spend on school fees can also be very high. Click here to see more.

In early 2013, even before prices peaked, the Ong family of Singapore-listed construction and property development company Lian Beng Group had already begun to feel uneasy about the property market. “We didn’t know how long the good times were going to last,” said Matthew Ong, executive director of Lian Beng Realty, a wholly-owned subsidiary of Lian Beng Group. “We thought it was [the right time] to find an alternative income stream.” Read more here.

Singapore’s citizens and permanent residents have the privilege of being members of the country’s Central Provident Fund (CPF). About 3.7m individuals have CPF accounts. This government institution which has its activities overseen by a 15-member board provides Singaporeans with a comprehensive social security system. Balances are accumulated by the contribution of a certain percentage of each member’s salary into the CPF account every month. This sum is enhanced by the amounts paid by the individual’s employer. Here are the things you should know about CPF intricacies.