Sungodsg

You could (must be) right about the entry criteria, but I would suggest that you look at it differently
1) The NUS MBA is a long established and widely sought after course - and the school's job is to build an ideal student profile in the class every year, which is not easy given that they get many applications. Apparently, this year, they received more than 5000 applications.
2) The S3 MBA is the first of its kind, with the first batch starting this year. I do not think anyone who received the offer started off by explicitly wanting to join this course. NUS would have probably gone through their waiting list of NUS MBA candidates, and decided on which of these would be suited to S3 based on the interview and application feedback.
The initial estimate, when the program was announced, was that this initiative would start with 60 students in Sep 2008. In my last email correspondence with the NUS folks, I found out that this number is whittled down to around 15 for this year. It is probably an indication that they are not trying to fill up the numbers with whoever they can find, but are making an attempt to see for which candidates the S3 may be a suitable fit, in terms of matching their background and career aspirations.
Like I said, it is still a tough call
- Ashwin