I thought that this was supposed to be the Asian century? Isn't that what we hear from the business press and from such visionaries as A. Joyce?
Seriously though, both Singapore and HK should support enough O & D traffic in their own rights. The days of the long two sector flight may be over for airlines that do not enjoy crossroads geography. But I don't think that spells a complete capitulation on any of these nearby Asian hub cities.
That said, the completion of the SIN lounge is indeed a worrisome sign.
Oh...as far as RedQ goes: name one narrowbody (or widebody, for that matter) premium airline experiment that is still flying. RedQ was never the answer. That question was answered years ago by the Gulfstream V