Yes, but note that the offense is for unlawful possession of firearms, not lawful possession (though I imagine the conditions for lawful possession in Singapore are extremely restrictive).

Where I live (Finland) the ratio is 2:5 (2 million legal guns, 5 million people). That's the highest in EU. We also have among the highest homicide rate in EU, but these two rates are not really connected (i.e. very few of the homicides done with a gun.).