If u noticed, dividend rates and interest rates in SG is lower than in Msia. I'm talking both borrowing and lending rate.
Further, from macro point of view Msia has higher risk (lower rating) than SG, so the fixed (or somewhat fixed) return rate in Msia should be higher than SG.
If CPF rate matches EPF rate, that would not make sense.
So (assuming ceteris paribus, which is a BIG assumption), it's better to put in EPF/FD in Msia than in SG.

Anyway, that being said, if i remembered correctly ur CPF for the first SGD60K is paid at 2.5% + 2% = 4.5% (I think i saw that on some fund manager advertisement inside the MRT train, i think its aberden asset mgmt)