I am a Singaporean married to a Hong Konger and will be based in HK for the forseeable future. I use to think that basic education can't be that bad in HK and think that it is more important for the parents to invest time on their children in order to nurture them. Unfortunately, after working in HK within the tertiary education sector for the past 2 years, I must say that I was very naive to think that way. There are many aspects of the basic education in Singapore which I had taken for granted. For example even though the Singapore system is regimented, it is not oppressive. There is a certain level of consistency and you will not see a very big difference between the basic competencies of the students if they went to different schools. (while in HK, you can, I have interviewed hundreds of students, and I can tell which ones attended private schools without looking at their paperwork) Even though many parents think that it is great to have so many choices in terms of educations systems (e.g. English based curriculum, putonghua based curriculum etc) but having so many choices also mean that they are not being well regulated. If you are lucky, the school which you send your kids to might have a good curriculum but there are chances that you might not. As expensive fees may not a good indicator of quality education. It seems as if parents are expected to pay a premium for a 'basic' level of education which you can get for free in Singapore.
You will be able to get good education in HK, it is just that you may have to pay a big financial price for it.
The local education works well if you child excels well in school right from the beginning as educators love the (yat tiu long) system. Thus ensuring that you will get into a good secondary school and so forth. But as adults I think we all understand that many children do not really develop real interests in education until they find an area which they are really interested in. And this may happen when the child is in his/her teens but by then, the local system might have already categorised your child as a 'bad' student thus limiting your child's development.
I also wonder if we expose our children to private schools and 'expensive perks' ,will it cause our children to develop a very 'elitist' view of the world?
The children are more likely to develop a strong command of both English and Putonghua in the Singaporean curriculum thus ensuring that your children will have the gift and freedom to pursue their future in any country that they desire.
I am expecting my first child soon, it is unlikely that my spouse will agree to relocating to Singapore, I will be facing the same dilemmas as you in a couple of years...Good luck with your descision!