The underlying assumption we have is that democracy = good. Why would more parties lead to better outcomes, economically, socially, or otherwise? Competing ideas? We can see how well that worked out in history. Look at South Africa, Weimar Germany, and I suspect, the US now.
You want to boggle the mind? Try Mencius Moldbug's blog.
http://unqualified-reservations.blogspot.com/
Insofar as I'm concerned, Singapore is already run very much like a corporation. Not that it's a bad thing. And as befitting a corporation, its CEO has to be paid very well. And whoever heard of a corporation's leadership being challenged by two differing teams?
And the previous comment about nothing changing is very true. Also, the civil service(in any place) has a huge inertia and its own agenda(jobs), and doesn't take too well to meddling politicians. The result: largely stasis and status quo. Again, not that it's a bad thing in Singapore...