It’s unusual pricing as Singapore (rather notoriously) has a high cost of living and a lot of wealthy people kicking about. Usually digital service costs are comparable to US/European prices. There are a few other online shopping options (eg Lazada and Shoppee) that could be regarded as incumbents with likely higher market share, hence my suspicion on the predatory pricing, just as you say really.
If you watch a lot of video on your iPad, the Pro also has the advantage of a mini-LED backlight screen, which should look significantly better than the 2024 iPad Air’s conventionally backlit screen. I suspect the Pro will also have a wider colour gamut (ie better representation of colour), although that’s speculation on my part.