There is a very high risk averse mentality in SG that can be attributed to a few things, one of which is the gov't here. Think about this, you really can't even get a credit card (based on credit) until you begin to earn enough in salary. I think it's about S$3k or so a month before you quality to charge anything. This alone will deter many singaporeans from taking the plunge of starting something on their own.
I've been to a few events around the startup culture here and am disappointed in the quality of companies I see pitching. Both in terms of the team and idea.
There are a few things here trying to upstart a entrepreneurial culture: e27 has weekly/monthly events, SGentrepreneurs has other events to bring together like-minded ppl and discuss ideas/companies etc.
Quality developers here want $. As mentioned in other comments, its high risk averse here and everyone just wants to get paid. Housing can be pretty expensive. Coupled that with the fact that a Honda Civic will cost you about US $100k and you too value cash > risky possibility.
btw, is your office on Beach rd? ours is too (Shaw Tower), hope to run into you around the area.