To shed some light on this matter, the Singapore Flying College isn't considering the MPL as a viable training option any time soon. The Ops Manager here at Jandakot just confirmed it in a meeting with the cadets less than an hour ago, the primary reason being that MPL trained pilots will require more training (whether Sim/actual flying hours or what a/c type, it wasn't clarified), thus translating to higher costs. Australian experience on this matter was cited.
However, with regards to whether SIA will take in MPL-trained personnel, I haven't a clue. Perhaps someone much higher up the food chain could clarify on this.
The Baron Bypass program is active, with some cadets going this route, and others continuing on with the Baron program. Our understanding of the rationale for this program is exactly as the poster above has stated.
Furthermore, the five most recent CPL/IR ME private cadets who've completed their Baron program are currently employed in non-aviation related jobs, but that's perfectly understandable given the industry's current situation.