Don't think you will be sucessful. The definition of income is pretty specific. They are looking at your salary. Variable components like allowances, bonuses, stock options etc are not included.
In terms of granting PR, there is not much difference on whether you are a P2 or a P1. Very often, applications are not sucessful not because of you but because your govt has not responded to the querries of SIR. As you are applying to stay in Singapore permanently, SIR needs to authenticate your documents and run a background check (simple police check usually) to ensure that you are of good standing. Depending on where you are from, this might take a little or a lot of time. If they do find anything wrong and you get classified as a prohibited immigratant, SIR is bound by the Immigration Act to immidately inform you, cancel your pass and order you to leave Singapore.
If you are unsucessful in your PR application first time round, you should therefore appeal and keep on trying. This will keep your case open. If you give up, your case will close and the certifications that your govt eventually sends would lapse. You would then have to start the whole process all over when you reapply.
