As a several years OW emerald (BA Gold) I agree that now being based in Singapore it is useful for longer range travel, but for travel in the region it is virtually useless unless travelling to KUL. And in that case, for flights like SIN-KUL or BKK-KUL, I hate to say it but TG and SQ are just a much nicer experience than MH, so even as OWE starting yo weigh up which to go with. My colleagues laugh at me when I pick the MH option...
With my current travel pattern all short haul in the region, am slowly building up towards KF gold based on a painful number of sin-BKK and the likes. Just got to silver - which I realise is useless.
All I can say is I would trade in my OWE status any day right at the moment for KF gold, the benefits for someone travelling short haul from SIN are much greater...
But previously, commuting mainly between LON and SIN I preferred OWE... So it depends on your situation I guess....