I think that Singapore is suffering from almost exactly the same problem as Vancouver, Canada. It's a fantastic city enveloped by the ocean and mountains, has world-class cuisine, and city planning that has a semblance of sanity to most observers.

Yet, the young brains are draining en masse for Montreal and Toronto (not to mention California). It doesn't help that Vancouver hasn't bothered to match the aforementioned cities' tax incentives for small and technology businesses (thus the brain drain). And, lately it seems that mainland Chinese are trading their yuan for Vancouver real estate, thus seriously inflating the bubble and pricing everyone who doesn't own an Android phone factory in Chengdu out entirely.

Singapore is increasingly being known as a haven for the borderless rich to park their jets and their cash, since the tax climate is the envy of most of the developed world. So, the same situation foments: You can't keep the Creative Class without giving them (affordable) space to live and work and play (which for that class is all the same!)