Singapore prefer a region not totally dominated by anyone, including China. It prefer a region that is open and free to business, and a region that is following the rules of international. After all, Singapore is small country and its security depend on rules based order. Singapore also seek protection from the strongest nation in the world, first from Britain, and then the US.
The fact that Singapore today is seeking a more "neutral" stance yet still somewhat leaning to the US side, showed that Singapore's confidence in the US is wavering, but it still see the merit for wait and see policy before seeking new patron. In fact, Singapore probably prefer if the US can still be the number one power. But Singapore can't ignore the rise of China. One thing for sure, Singapore will support country that also support free market and rules, because without free market and rules, Singapore is finished. What the minister said is basically if China want to lead one day, it has to support free market and abide by the rules that agreed upon.
I'm curious though as to whether Singapore gov position about the rise of China is the same as the position of Singapore people in general. After all this is a country that has three major races. I could guess what the Indians and Malays think. I'm not sure about the Chinese over there. This could be the achiless heel of Singapore.