Do a google search for Singapore accomodation and car sales and you will be rather suprised. Also bear in mind the nearing $1.30 SG to the AUD $1.00 rate as well.
Other Singapore expats would love to have such a fantastic and lucrative wage and condition package - like Bangladishi construction workers!
All jokes aside i'm actually struggling to work out how a F/O wouldn't actually go backwards financially on this package with living expenses as they are in Singapore?