Impt thing to consider is the salary increment. On average, engineers get anywhere about 2-4% annual increment. This trend has been around for years and will probably stay for the next few decades in Sg. Sure the starting pay is a little higher than other majors, but do some math and you will realise that even with promotion raises, it will eventually lose out to most of the rest.

One will never be rich as an average engineer in Sg, but you won't starve to death either (at least I hope not, with all the rising cost of living).