Script, acting, directing, casting, sets, costumes all suck compared with the best from HK, Korean and Chinese (period) dramas.
Plus censorship is an unsurmountable problem: no premarital sex, no drugs, no gangs, no showing police officers or civil servants taking bribes, no criticism of govt policies ... what the fuck else material is there left to make a drama? Something along the lines of HK's Infernal Affairs (corrupt police) or Lord of Shanghai (triad activities) is definitely out, as is Korea's Gang Doctor (elitist and corrupt healthcare system).
Mediacorp 8 should just close shop.