Trouble is, PAP will always want to split the cost 20-80% since most of the HSR will lie in M'sian territory. But from a usage standpoint, 50% of passengers will be Sinkies travelling to MY for business or leisure (M'sian workers here will still continue to use their motorbikes or take the slow rail). From M'sian point of view, the HSR only serves Sinkies, not their own people.
Only way out is allow MY to have 80% share in company, 80% of the profits and foot 80% of the cost. Win-win-win for both govts and the people.