Agree, fairness of the other is for you only to judge.
Moneywise, $3500 is technically sufficient to live here. You will be able to keep the housing low between 500 to 1000, depending on whether you share HDB or condo (anyway sharing is your only option, be it condo or HDB).
Food (public buses) and transportation (NTUC groceries & home cooking) can be kept low.
Beyond that, you should ask yourself a few questions: would this job enhance significantly your resume, what really matters to you in your life, seing the world (sorry for the cliche) or have an iPhone ? And of course, what kind of lifestyle you currently have & expect (partying, driking, good food, expensive hobby, travel...)...
I read again your OP now, you say it's your dream job? then go for it ! You are young (crap, I'm 38 and speak like my father

, go for it, worst case scenario it fails, and so what ? you go back home and start again in 6 months-1 year, what's the big deal ?
[that said, if this move prevent you from pursuing your PhD, that's another story]