I would think it is best to approach these jobs with current type ratings. That said, the expense of living in Singapore (especially with a family) is prohibitive on these salaries.
I would not be surprised if Scoot actually sourced its pilots from experienced Singapore-based Jetstar Asia or Silkair pilots already on local terms who aspire to fly shiny 777s and 787s someday.
Scoot should not expect to attract many well-qualified former EK or QR drivers with that package - and I think they know that. They probably assume that paying a "premium" for very experienced pilots from the ME is not necessary given the local pilots already willing to fly for such low terms.
Anyone know where recent newhires have been sourced? In this case, let's hope newhire pilots have spouses/partners who also work so that they can afford the basics in that expensive city.