Is Singapore the new London?

With deflationary pressures in full swing in the UK, it is not difficult to find a pint of beer for less than a pound (approx 2.10 SGD), lunch for a quid and endless clearance sales across all respectable retail chains like John Lewis, House of Fraser, Selfridges, and the list goes on ...
Now, compare this to the article in asiaone: 'Tourists find Singapore pricey' Either Singapore has yet to feel the full brunt of the deflectionary effects or that our economy is just plain resiliant. I doubt it is the latter.

Housing rents and prices have fallen off the cliff as well, especially those apartments near Canary Wharf. With the financial services industry in the doldrums, financial professionals are fleeing the Wharf - here supply outstrips demand. A 2 bedroom flat in Canary wharf, overlooking the River Thames cost about 360 pounds a week (about 3000 SGD a month). Now compare that to a two bed apartment in the Sail@Marina which costs about 5000 SGD a month upwards.

So, is London more expensive or is Singapore the new London?

I got a earful from property owners when trying to negotiate rent when I was back in Singapore last month...hopefully the market will now manage their expectations and they will be willing to accept a lower rent when I return ..