Singapore governments own figures on the property market at
http://www.ura.gov.sg/real_estate/main.jsp
In the last 3+ years, Housing Allowance has increased by 11.6% taxable and rentals have increased by about 60% - more in some areas.
You can still find the odd condo unit just within the Housing Allowance but it might leave you with a long commute to work and be in a remote location so that everything is a cab ride away. Net result? What you save on the rental you will spend on transport and ancillary costs and your family will feel isolated while you are away flying.
The situation needs addressing urgently but it wont happen until enough people vote with their feet. That is slowly starting to happen in Cargo.
On the bright side. Singapore is safe, clean, efficient and apart from housing, education and car ownership, the cost of living is bearable.