I've thought about the same thing. I probably would compost if I had a yard and garden, although some people compost and don't garden. I've thought about composting anyway. I just don't have a bin (those are expensive) and building my own bin and drilling holes seems too difficult because I might not do it the "right way."
The Singapore Gardening Society and Zero Waste Singapore have some useful information on composting at home, including how to prepare a bin (if you're up for the challenge).
I also found this online:
http://compostinginsingapore.wordpress.com
From what I read on that site above, the composting worms can be pricey here. However, worms aren't absolutely necessary -- they just break down the waste faster.