One of the cons is that government control is very tight. Although the west calls it a democracy, the country is really run by one party (actually one family).
I don't know about finding IT work, as there are lots of very good IT people there already. You can go there on a tourist visa, or try a recruitment agency, but there is no way to move there and then look for a job. You need a valid residence permit to rent an apartment, which you can only get if you already have a work visa or a student visa.
Housing is very expensive, but food is cheap. Singaporeans are all 'foodies', to the extent that the New Straits Times reviews small hole-in-the-wall noodle shops and hawker stalls. The food is really, really good.
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