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Uk had it the opposite way around, personal leasing usually offered best value, way better than in many other countries. Singapore is a mad place for vehicles, possible that average Jo (well not so average, using a car there is a rich man's game) just doesn't have much capital after all other costs are said and done (sg has that ten year registration limit thing?). Imagine it's the same for lease companies assets after x years they depreciate to less than zero as the cost to renew register on a vehicle is so high.
Any worth gong to Malaysia and getting something from there if your in sg less than a year?
BrickMan
It's mandated by the government that you need to put down 40% of the open market value of the car you intend on purchasing in order to get a loan, so maybe the leasing rates are basically taking advantage of this.