Before the GE2011, the government has been giving out PR quite freely to foreign students who were taking tuition grants. Needless to say, it comes with a 3 years bond. The attachment is taken from a final year polytechnic student 2008, you can assume they are given out to final year university students as well.
Moving forward today in 2014, my understanding is that they had stop giving out PR to polytechnic students but I simply cannot confirm they stop doing so for university students.
From my deduction, the PR title is given out in order for them to clear their bonds without hassle on the grants they took from taxpayers' money, allows employers hire them cheap without the need for any long term employment passes thus depriving Singaporeans of their PMET jobs and for Singapore to appear business-friendly.
Very weird case where the government takes taxpapers' money to fund foreign students and let them steal the Singaporeans lunch (yet kept insisting that they are here to help create good jobs. Wow,amazed at such hypocrisy)
I used to love my country and I can no longer stand that Singaporeans are forced to work to the death in paying back their loans for all the strange reasons in Singapore.