There is a lot of money (Government and private), accessible accelerators, mentors, and business ecosystem support. Taxes are low and registering a business can take only 1 day. [1]
But the ecosystem lacks genuine technological development and experimentation. Most startups I saw were ineffective copies of semi-successful American startups. My entrepreneurial friends there lambasted their friends' desire for stable careers at the expense of creative engineering.
If anything, it'll become a home first for lifestyle entrepreneurs. It's a lovely place to live, it's easy to start a business, and may become a great 3-year "start a business for fun" destination for expats.
However, Singapore has top-tier scientific institutions (NUS in particular) and the government is ruthless in attracting talent internationally. [2] This may be a good sign for proprietary science startups.
[1] https://www.quora.com/Is-starting-a-business-in-Singapore-di... [2] http://www.straitstimes.com/singapore/three-top-singaporean-...