People in the streets would feel much safer knowing that someone is watching over them.They would not fear wearing expensive jewelry or checking for their belongings once in a while that much now.This would definitely cause a drop in crime rate as well.
When you say that the people would not fear wearing expensive jewelry because there is "someone" watching over them, I do not agree with that. What if, a robbery happens in some dark alley? I'm quite sure that the government would think that installing CCTV there is a waste of money. If this happens, I don't think that the people will still feel safe. Even if the government starts to step up the security, I don't think that they can cover the entire streets of Singapore, such that there is a 0% chance of no robbery here.