I have held a PEP previously and it was cancelled a couple of years ago because I was out of Singapore. I am on an EP but I have been told that my new PEP application will be approved if I apply. However, I will have to give up my EP and I am reluctant to do that because I do not know what will be the reaction of my employer.
Can you apply for a PEP and a PR at the same time if it will take time to have the decision from a PR application?
Who told you that your new PEP would be approved? A fortune teller ? As far as I know, nobody can predict the outcome of an application... In addition, it is stated clearly on the MOM website that "The PEP will be issued only once. It is valid for five years, and is non-renewable."
So, I'd say you are left with the PR option - do some research on this board, you'll read some experiences from other posters, outcome highly unpredictable, depends on your job & personal situation + where you come from...