Rebasing to JB as a Single Singaporean Banking Professional
As a banking professional in my mid-30s, born and raised in Singapore, I've worked hard to build up my savings and investments. But these days, I find myself considering a life change. The idea of this so-called "rebasing" to JB has caught my attention, in particular. My enthusiasm really took off after hearing that the latest edition of the Malaysia My Second Home visa looks to be offering a way for us Singaporeans to enjoy a more easy-going pace of life, whilst still being able to retain Singapore pretty much at arm's length. Effectively, two options for the price of one.
Now, my main reason for moving to JB? Two words: Spending power. Basically, living in JB will allow me to stretch my financial resources much, much further. Let me explain how it works.
So I've paid off my private home in Singapore and by renting it out, I should be able to generate a nice steady income stream. With Singapore's rental market being as strong as it is, I expect to collect around S$48k rent annually, which obviously will go a long way in JB. The Dollar to Ringgit exchange rate further sweetens the deal, essentially tripling my cashflow in value instantly. I mean, to me, this is significant financial leverage. Seriously, I think it's too good to pass up. You only live once, after all.
Special Economic Zone/Special Financial Zone
Visa-wise, I've been exploring the MM2H SEZ/SFZ option. This visa is cheaper than the other MM2H visas, but still offers all the privileges any Singaporeans with longer-term Malaysia aspirations may need. For someone in my position, MM2H SEZ/SFZ is a suitable pathway to rebase, without the worry about keeping track of 30-day visa renewals, or overstaying, or getting greylisted or even blacklisted.
But where in JB exactly am I going to live? Well, initially, I plan to rent a property in JB, probably a condo in one of the expat estates. I prefer renting at first, because it allows me to get a feel for everyday life there. I'm excited about living in a nice and spacious home though. I mean a large home is as good as unaffordable for most singles in Singapore nowadays.
But the best part is that after that first year in JB, I fully intend to fulfil my long-held dream of buying a landed property there. I mean, no point sugar-coating it: owning a landed home is totally out of reach for most of us in Singapore. But in JB, it's actually more than feasible.
Bumps Along the Way?
Now, of course I'm aware of the challenges that I may encounter living in JB, such as safety and the maintenance downside of a landed home, just to name two. But the way I see it, nowhere is perfect; there is no perfect country where everything is both perfect and affordable. Besides, most expat communities in JB are well-secured, with gated developments providing a high level of safety. So that takes care of any safety trepidations.
And as for the work involved in and around a landed home, I've spoken to quite a few Singaporeans who've already made the move to JB and they recommend that I hire a maid for general cleaning and maintenance. And why not? Given the lower cost of labour in Malaysia, a parttime maid can fit my budget no problem.
Affordable Medical Care
The healthcare system in JB is another factor that boosts my confidence in moving across the Causeway. Many Singaporeans are already aware that Malaysia's private clinics offer top-tier medical care at much lower prices than in Singapore. In fact, some of the JB clinics are actually owned and run by Singaporean medical groups outright! So yes, knowing that I'll have access to great, yet affordable healthcare gives me peace of mind. Let's face it, it's good to know that living in JB does not require making any concessions to health or health care.
Finally, let's not forget the ever-progressing IB infrastructure. All you have to do is spend a day in JB to conclude that JB is booming. With the RTS on the horizon, probably soon followed thereafter by the HSR from KL, the area's connectivity is improving at quite a pace.
For us Singapore expats in JB, this means that we'll be able to commute across the Straits quite easily. By then, hopping across will probably take an hour or less. I mean, that's shorter than some MRT rides within Singapore. No wonder that the housing market in JB has been recovering by leaps and bounds.
So to me, rebasing to JB offers us Singaporeans the once-in-a-lifetime chance to not only live in comfort, but also pursue our lifestyle goals, all whilst still remaining close to the city we were born in. All of this courtesy of the unique set of lucky circumstances that we find ourselves in, combined, it goes without saying, with the privileges afforded to us by the revamped MM2H visa.
Roy Chin,
Singapore
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