BRNS
You are probably a little light on experience for SO at the moment but I wouldn't recommend applying for the CPP especially with the experience you have.
The trueth is as an expat it is only the 'housing allowance' that differentiates Cathay from many of your own national airlines. As an SO the housing allowance almost doubles your pay. Rent over here is extremely expensive and without any subsidies you would probably spend close to 50% of your pay in rent for a small unit. You can use your housing allowance to pay your mortgage which after 15 years gives you an additional bonus as it is YOUR unit to do with as you like.
I recommend you keep flying get some more multi under your belt and apply again,either as a DESO or DEFO. There are many rumours about what may happen to the DESO position in the future,but at the moment that is al they are, rumours.
Enjoy the flying you are doing now and make the most of it, cos as an SO (long haul) its not flying, its just monitoring.
Besides the more time you have the more marketable you are to other airlines as well, not just cathay.
Good luck