It was once argued to me that having an Election Deposit in Singapore was justified, as they had the same practice in the United Kingdom.
Reading a story on the Looney Party alerted me to the fact that in the UK, the election deposit is a paltry £500 - which you only lose with <5% of the vote.
In comparison, in Singapore the deposit is S$13,500, forfeited if you get <12.5% of the vote.
I'm so glad we take our politics seriously here.