Yes, it is entirely possible. However, you have to apply for a re-entry permit. The permit is valid for five years. Hence, it is best to stay and study or work in Singapore for the last two or three years out of these 5 years periods. This way, you can pay income tax in Singapore and show your contribution to society. If you want to leave Singapore for any reason, such as further studies or work requirements, you may explain your situation to the ICA during the renewal period.
If you are not working in Singapore in this last 3 years period, then ICA will issue re-entry permit only for one or two years.