I spoke to a very well connected friend of mine who is part of Singapore's powers to be and here is what he had to say about all this:
The recent article in The Straits Times and all the hype of STATA doing the MCPL is not going to materialize in Singapore for another 5-6 years at the earliest. The CAAS has too many unanswered questions, the demand for so many pilot's just does not exist, and a very small minority of authorities have approved it as is yet, etc. Yes, when MCPL does get CAAS approval someday then STATA could very well make a lot of money but until then they will be carried by the income generated from sending students to Australia and the parent company Singapore Technologies.
Also, as indicated in The Straits Times, you will hear plenty of hype about many of the Poly's having a MOU's with big fish such as Embry-Riddle Aeronautical University. Why? Well that is all about hooking up and making the Singapore Poly's into Colleges / Universities in the near future so that they can then award accredited degrees someday instead of just Diploma's. I think that part is good for the country with just 3 major Universities here and everything else is imported in making it quite difficult for those that live here.
The big fish such as Embry-Riddle Aeronautical University are also hoping to make lot's of money of it too.