Since going to Singapore it really makes me laugh when people say "going to Singapore for 2-3 days, is that too long?". We also had a lot of comments from people saying why on earth would you want to go there, there's nothing to do! How wrong can you be.
Spent 8 days in Singapore last year, would like to go back as there was loads to do there. If you are only there for the day, then the one thing I would say you absolutely must do is the Zoo, both the zoo and night safari's are excellent - we got there really early and had breakfast with orangutans, spent most of the day at the zoo, popped out to the river safari, grabbed some food and then did the night safari. It's a long day but easily worth it. Not sure if they still do it, but we also had a ride on an Elephant for all of £1 I think.
I don't think anyones mentioned it buy you have also got Sentosa which has a Universal park and few other bits and pieces to do, but it is very touristy, the cable car between Singapore and the island is quite cool though.
We stayed at the Oasia which is a little out of the way, but is literally on top of a MTR stop so makes it easy enough to get to the main bits. Was a really nice hotel though for very reasonable rates.