Of all the information I read recently, this one really stands out.
How to Raise a Bilingual Child by tamarind
In it, she detailed her experience in teaching both her kids to read Chinese. By 7, her girl is reading thick chinese novel of 150-200 pages with a few hundreds words on each page. Her boy at 6 years old is reading long chinese passages of a few hundreds words.
Impressed by it, I continue to read on and see what she did. She gave valuable tips on what to do, and what not to do. What resource to get, and books to recommend. I will not repeat them here but encourage you to read her blog for the details.
In another blog entry, she shares how she teaches Chinese at home. The resource she use to teach is the series call 四五快读。It is from China and can be purchase from either Dang Dang (direct from China) or Shine Kids (Singapore book reseller).

The series is a set of 7 books and by the time you finish book 6, your kid will most likely be able to read quite well.
In my excitement, I immediately brought the full set from Dang Dang, along with one of her recommended book series 小猫当当系列 which is recommend for kids age 2-6. I bought the individual titles of the 7 四五快读 book instead of the set because it cost cheaper, which I later find out to be S$3-4 difference. It will cost around S$31 to buy the 7 books.
Buying from Shine Kids will cost your S$41.50 + S$6 delivery fees. But you do get your books much faster. The average delivery time for Dang Dang is from 5-7 weeks. So it is going to be a long wait, but the books there (many other great books) are really cheap.
Upon advise by tamarind and many parents from the forum, I used my Amex card and payment was a breeze. Immediately after payment they indicated an ‘OK’ word, but later direct you to a page that says your payment has problem. Do not worry, it is normal and within a day you should receive an email confirmation from them that they have received your payment.
As a first time user, they will also send you a separate email to ask you to verify your order (for security reason). After they verify your info, they will proceed to prepare for shipment (which is the stage I am in now).
If everything goes well, I should receive my shipment in early Mar 2011 (what a wait!). While other books can wait, I do regret not finding the Shine Kids site earlier (I also saw it AFTER I ordered). I will probably be willing to pay a bit more just for this set of 7 books, while I am willing to wait for the rest of the story books.