So why does the same GoW cost ~$40 in Singapore (legitimate, not grey market release or pirate)? ~$40 is the standard price point for NTSC/J games (outside of Japan, natch). I picked up Prey in a major store for ~$20.
I doubt distribution in the US is that much more than in Singapore/Hong Kong. In fact, I'd strongly suspect it's less -- and the REAL answer is pure market economics. Nobody's buying $60 games in SEA as frequently as they would a $40 game.