I think that the issue is generally more profound where you are hosting from a country with a bad reputation, for example it would be bad practice to use a Russian server for taking payments in the U.S. However, for Singapore via the U.S. I can't see a big issue.
The only other issue would be your latency. As good as the global internet is designed, it still takes a long time to send data half way around the world, so I would expect your site to be much slower than a locally hosted one, though this is something where you could start off and see how it goes, and if costumers say that loading time is a problem you can switch over to local hosting.
million2b, I think that it is doesn't metter. I agree with CrazyPenguin - check their local forums also. But as far as I know their web hosting is little bit more expensive then US.
And not as rich choice as in US. I'm sure your choice would be based on the budget.