Things are changing quite a bit, especially in IT and Startup world. Engineers are being paid decent salaries, although not as much as the bankers, enough to live happily in Singapore.
Engineers get paid very little. My Singaporean brother-in-law thought I has lost my mind when I decided to become an Software Engineer after my last startup. No money in it in Singapore. The reason being that tons of Indians/non-Singaporean SE Asians come to Singapore and take any work they can get at any price. If you are an especially good engineer and prove your worth then this could be different but for the average engineer it's tough.