Hi atropois,
Depends on what you mean by bad. If you think 5k salary is good enough for you, then I don't think its bad. But if you want the 5 fig. salary per month then I think it will be hard to do it in Singapore as an engineer (unless you become a manager of a > medium size tech firm).
That said, this is Singapore, its a city and not really a country. Thus the chances for technical development are really limited as the city has kinda reached its saturation limit. Do engineering as a first degree if you are keen on it and will be good for going into banks and management. If you want to be practical you don;t need a degree just do a sales and marketing job. There's pros and cons.

It;s hard to have a conviction in Singapore .....