Gunsmith asked me to post directions to Virtualand as well as a short description of what you can find, so I'll do my best.
The Google Maps location link is
http://maps.google.com.sg/maps?f=q&sour ... 04823&z=18. But it's easiest to go by train (MRT), which takes you directly to the mall itself.
Virtualand is located in Bugis Junction. The mall is located right above the Bugis MRT station, which is one station away from City Hall. When you reach Bugis station, go up the escalator. You'll arrive at a food court. Go up the other escalator to reach the ground level and head outside.
This is how the mall looks like from the second floor. At the ground floor, walk towards where the ''Japanese Sweets Buffet' sign is (you'll pass by a McDonald's)
You should see the escalator leading down to Virtualand from here. As Fat Cat Lim suggested, look for the Mos Burger joint, and you're there.
This is how the arcade looks like from the inside.
Games are typically 50 cents each, and there's a great selection of fighting games, all the way from SF2 to Melty Blood, Blazblue, Tatsunoko vs Capcom, SSF4, Tekken 6 and of course, KOF XIII, with at least 3 cabinets for the newer games. There's also older stuff like MVC2, CVS2 and the current range of gun and racing games. There's also some of the hacked 2k2 machines as well as 2k2UM (but the logo is in Chinese, so I'm guessing it's a bootleg of the PS2 version instead of the Tougeki edition). The machines are really well-maintained, and every cabinet I tried was working perfectly. It's easily the most well-maintained arcade I've been to.
Gunsmith also asked me to post an opinion about the players' skill level (at least in XIII(. Since I only spent a few hours, I can't really offer a definitive opinion. I see a lot of Takuma, K', Betsy and Mature whores, but I've only fought one genuinely good player who's capable of pulling off the high difficulty HD mode combos with the general skills to match. Most of the players can pull long combos (especially with Takuma and Betsy), but their skill level is generally questionable, and the behaviour scrubby: most of the time nobody's going to challenge you if you have at least one top tier in your team, but try playing with a full roulette team and you'll get swarmed.
Hope it helps, and many thanks again to Fat Cat Lim for the directions.