No, it was not motivated by race. Around 9% of Singaporean citizen are Singaporean Indian and 58% of those are Tamil (I attended two weddings in the last 3 years where one of the couple was Tamil) - the same as the non-Singaporeans involved in the riot. There have already been two Singaporean Indian presidents (Devan Nair and S. R. Nathan, the latter the longest-serving in Singaporean history).
It's hard to find a parallel with any Western country, because no Western country has as free an immigration policy for low income workers as Singapore does (the US has a large illegal immigrant population to meet demand, but the dynamics of that are very different) - around 12% of residents are on Work Permits (i.e. construction workers or domestic help) [1].
The Straits Time did not publish the event as a race-motivated riot because it wasn't - it was more about a bunch of drunk angry people burning a few cars - and that it wasn't was immediately obvious to the readers of the Straits Time (which include many non-Singaporeans; not to mention the ST has had its own feuds with the Singaporean government).