How much were you offering? Did you have no choice or no choice at the price you could afford?
The problem with the economic situation nowadays is that FT take up "skilled" technical jobs that pay between 2.5-5K/month, the best Singaporeans (that could have potentially done the skilled "technical" jobs) take up banking, management, trading roles that pay 8K-10K/month, and the less skilled Singaporeans find themselves out of jobs.
If there were proper controls in place (for example the H1B Visas that US implements) - what you will find is that the cost of hiring a skilled worker will increase, creating incentive for Singaporeans to take up skilled roles instead of roles in banking, management, law etc.
As it stands the top engineers in Singapore earn maybe 600K/year which is a vast disparity from the top lawyers/doctors who earn high above 3M.