Cost of Living In S'pore

I just spoke to a French man (probably in his 30s) today. He said he worked for a bank & his working hrs are from 2 pm to 2 am next day. He said he manned the European market counter. I asked him why he did not stayed back home & worked in Paris. He said the cost of living in his hometown is "expensive". He also said that Switzerland is also "expensive " indicating that he ever spent some time working there. He labelled S'pore "the Switzerland of the East". He rented with his friend a condo unit in the East Coast Area at $2500 p.m. From the conversation I can tell that expatriates find the cost of living in S'pore "relatively low". Thus, S'pore is a natural magnet for foreigners who want to work here - we have good governance, infrastructure, good schools, health & social amenities. Thus, S'pore need not use the carrot of "high pay" to attract foreign workers!!!!