The police has updated that the “suspicious item” is a toy resembling a grenade:
https://www.facebook.com/singaporepoliceforce/posts/10156859220504408
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The Singapore Police Force has urged members of the public to avoid the Penang Road area, near the Istana, as they investigate a grenade-shaped object found there.
In a Facebook post today at 4.15pm, the police said that a “suspicious item” is being investigated near the Istana grounds:
“Case of Suspicious Item Found
“The Police are currently attending to a case of a suspicious item reported along Penang Road. Please avoid the area.
“Members of the public are advised not to speculate on the cases. Updates will follow.”
https://www.facebook.com/singaporepoliceforce/posts/10156859016734408
The local broadsheet has reported that the item was found near the the junction of Penang Lane and Penang Road, and that it was reported to the police by a caller around 2pm.