@Nightriderzack,
The question is what do you intend to after getting a CPL? Joining SQ or the regional carriers? Heres a few scenarios for you:
If you are joining SQ, i say dont waste yr money to get a CPL as you will ultimately have to go through most of the cadet pilot program should you get accepted. Having a CPL doesn't give you an advantage in the selection process. A lot of CPL holders don't make it through the interviews anyway.
If you want to fly for Tiger etc, you might want to consider going to Singapore Flying College. You will get a SG CPL at the end of the course and that will save you the trouble of converting your license. I have to warn you though, they do charge an arm and a leg compared to many places.
If the quality of training does not matter to you, just find the cheapest flying school in the world to get yr CPL. Perhaps one of the small aeroclubs in Australia or New Zealand would do just fine. CAAS had recently changed their regulations to convert all foreign CPLs but you must first be hired by a local carrier. Having said that, you might still have to do a couple of papers like air law and performance before the conversion happens.
I recommend that you try out for SQ first before jumping too quickly on the self-sponsored-cpl-bandwagon. If you get rejected, then consider your other options if you are still keen on aviation.
But if you are bent on getting a CPL first, i would recommend you pick scenario 3.
Lowest investment, equal chances in getting a job in SG. Outside of this little red dot, that would be a different matter.