You seem to be asking what a cultural festival is.
Every peasant class stops working in the field at some point in
the year. That's usually after the harvest period. There'd be some
kind of celebration at this point in time. Over time this becomes
part of the culture as the celebration becomes more elaborate.
As times change, so does the culture. As we move further away
from a peasant hierachy, the traditions lose their meaning and
stops being practiced. New ones arise in it's place.
Part of the Malay culture has evolved to be built around
community and that hasn't changed much so their culture still
flourishes in their community. Indian culture is non-existent in
Singapore as it was purely class based before and there arn't
enough Indians in Singapore for this cultural practice to
survive.
Chinese culture in Singapore was peasant culture but is
fading as the younger citified Singaporean become a larger part of
the community.
The new culture is going to the bars/pubs/discos and drinking
alcohol and talking to strangers. It's almost seen as a rite of
passage to becoming an adult.
BBQs are the new steamboat.
Another new culture is the farewell party people throw when
someone leaves a company.
Another new culture is when people come back from holidays, they
bring a holiday treat with them for colleages.
You may be nostalgic for the peasant festivities but look
around, there are many new cultural practices growing in its place.
I'm more curious which ones will survive and which are just
fashions or fads.