After play was delayed for four hours in the morning due to thunderstorms, Wood carded six birdies and an eagle in his eight under par effort to join playing partner Kim Bi-o at the head of the field.
Playing the Tanjong course at Sentosa Golf Club, Wood made a blistering start as the Englishman reeled off three consecutive birdies before adding an eagle at the sixth to make the turn in 31.
Three more birdies in a row from the 11th saw him quickly move to eight under par and top the leaderboard. Kim, meanwhile, played the front nine in 33 but five birdies on the way back helped the Korean draw level with Wood.
Jamie Donaldson signed for a five under 66 to lie joint third. The Welshman, also playing the Tanjong layout like most of the early pacesetters, sank seven birdies and bogeyed two holes to remain in touch three shots back from the leading duo.
He was joined by Northern Irishman Gareth Maybin, who was five under through 15, Japan's Shigeki Maruyama - who had completed nine holes - and Korean Ted Oh, who had just finished the eighth.
Darren Clarke was handily placed at four under after ten holes following four birdies on the front nine where he was joined by, among others, Padraig Harrington, Miguel Angel Jiménez and former US PGA Championship winner Y E Yang.
The leading players on the Serapong course came in the shape of Taiwan's Chan Yih-shin and Kang Kyung-nam from Korea who were three under.
Phil Mickelson was one under after 11 holes while Graeme McDowell, Martin Kaymer and defending champion Ian Poulter were yet to begin their first rounds.
In a departure from previous Singapore formats, each player will complete 18 holes at the Tanjong and Serapong courses over the first two rounds, with the weekends action taking place over the Serapong set-up.