Your hours are good enough for upgrade within a year or so. You just need to prove yourself in the sim I believe and hope the timing is right for upgrade. The terms and conditions are pretty accurate, you can check them out here...
http://www.tigerairways.com/news/Tig...ys_Summary.pdf
Singapore is expensive to live in, i.e. rent for a nice condo. You can spend as much or as little as you like of your income, it's up to your personal tastes. If you can live like a local then it's not bad, if you want Western everything, then it's a little expensive.
Good luck!