Overall the project is positive to drive economy activities along the whole area covered by HSR. When economy activities pick up. More taxes can be collected and this infrastructure is strategic to create partnership between Malaysia and Singapore. Lots of tangible and intangible benefits. I think cancellation of the project may not be a good idea.
But looking back into the leakage problem. A review on who to handle the project and cost of handling it may be good. Totally cancel of the project is definitely a strong U turn and many business planned due to this initiative will be dropped and write off.