Hi Jack,
First thing you should do is apply for dependant pass for the wife and kids, if you havent done so already, irregardless of whether they're living here or not.
SG will always value a family application at 42 more than an individual application especially if you're already a family unit.
AND if you have BOY/s and you dont apply pr for them the same time as yours.. then you should know what they'll be thinking of you, dun care malaysian chinese or not.
Even if you're successful individually, your wife and kids will still be foreigners on dp which is not beneficial to you as pr or them.
Now comes the complicated part and any parent's rightful worry - the kids' education.
If you want them to start here asap then you have no choice but to apply as foreigners.
refer:
https://www.moe.gov.sg/international-students/admission
as you can see, the kids will have to jump hoops.. if your kids are not currently in the chinese school system in MY, then compulsory mandarin as mother tongue will be tough. esp for the elder kid as PSLE looms.. not to mention SG's world reknown maths curriculum.. and all in english.
From my experience, foreigner MY chinese kids are highly prioritised foreigners for MoE schools placements while it can be almost impossible for other nationalities.
However if you want easier entry at MoE, then the pr for the kids will definitely help. BUT pr application results can take anywhere between 6 months to 2 years or more.. which may bring your elder kid closer to 12 with those 4 letters looming large again.. PSLE.
And i dont think they enroll kids directly to P6/PSLE anyways.
Easiest would be to enroll the kids in
International School (that again in itself is a whole different ball game with long waiting lists for the top ones..), whilst you apply and wait for everything else but affordabilty is in question even with your 120k pa.
And your kids will get a culture shock when you yank them from intl school and parachute them into MOE school later.
sorry. my first post trying to help and i'm already rambling...
so
1. get the dp.
2. apply MOE schools and apply pr as family concurrently.
3. most important is look after kids' mental wellbeing.
Let us know how you get on and good luck!
