> Millions of citizens cant afford to rent

You know that Singapore has one of the highest home ownership rates in the world? Most people don't rent, because their family owns the place.

> and travel by the thousands to nearby Malaysia to buy basic food essentials.

You say that like it's a bad thing? People traveling to Malaysia to buy stuff that's cheaper is perfectly compatible with Singaporeans being well-off. You'd need to bring some other evidence to argue that Singapore is a 'failed society'.