In conventional business registration process, the first thing you need is a unique company name. Similarly, you'll need a domain name for your website and it must be unique in terms of worldwide.
One of the reasons is due to less competitiveness and less demand, Singapore domain names are more expensive than global domain names. But .com.sg is definitely more readily available than .com domain names.
It charges the same as registration and your domain subscription will be extended for one year from its current expiry date.