Ask some of the million poorly paid foreign workers what they think of the success of Singapore - I'm sure the story won't be quite as glowing.
I don’t know.
Majority of maids live in 1.5m x 1.7m rooms, get paid ~450USD a month (anecdotal guess), are female and see their own kids for maybe two weeks a year, work 6 if not 7 days a week.
Is that a society we should aspire to?
Let people decide for themselves what is best for themselves. We are not in the position to judge what is good/appropriate for everyone.
This kind of employment arrangement which is very open to exploitation is not unique to Singapore. Where I live there are similar programs for foreign farm workers and the are also stories if exploitation. However the scale of it in Singapore is enormously larger.
It's possible but very unlikely to be a problem over the long run with the means of communication nowadays. Everyone (even poor people) have access to mobile phones and can warn their peers/friends/communities if they happen to fall in such a trap.