When I moved here back in November, most 1br places in
condos in River Valley were going for just over S$3k... although I get the feeling the market has definitely softened considerably since then. I'd second Andrea's comment that you can probably pick up a 1br apartment for closer to S$2.5k by now.
I'm regretting going for a 2yr lease right now. If things continue to go down, I'd definitely appreciate the opportunity to renegotiate after a year!