Playing the Tanjong course at Sentosa Golf Club, Wood made a blistering start as the Englishman reeled off three consecutive birdies, although play was suspended for four hours due to lightning between the second and the third.
The 22 year old - who shot to prominence with a top-five finish at The Open Championship in 2008 whilst still an amateur - added an eagle at the sixth to reach the turn in 31 and three more birdies in a row from the 11th saw him quickly move to eight under par and top the leaderboard.
"The course I played today was the one you are looking to get your score in because there are a lot of good chances out there," said Wood.
"The other course I'm playing tomorrow has a bit more meat to it so if I could shoot another one of those down there, I'll be happy."
He was joined by playing partner Kim Bi-o, who played the front nine in 33 before five birdies on the way back helped the Korean draw level with Wood.
And despite leading the 20 year old former Korean Amateur Champion was disappointed not to have recorded the first 59 in European Tour history.
"I had a lot of chances to make birdies as I missed about four birdies from inside ten feet," he said.
"I'm still fine and happy with eight-under but I'm going to head out to the putting green and work on my putting. Hopefully I can play as good in the next few days."
Igancio Garrido, meanwhile, was piecing together potentially the round of his career with the Spaniard eight under through just 11 holes.
The former Ryder Cup player began, like Wood, with three straight birdies and picked up three more to play the front nine in just 30. Garrido then recorded birdies at the tenth and 11th before play was brought to a halt due to darkness.
Shigeki Maruyama was one stroke back in the clubhouse after posting a 64, the Japanese veteran making six birdies and an eagle with his only blemish coming with a bogey at the par five 12th. He was level with Swede Rikard Karlberg, who has three holes to play.
Northern Ireland's Gareth Maybin also made a fine start with a 65 to finish the day two shots off the pace in a tie for sixth alongside Anthony Kang, who was six under through 14 holes.
Darren Clarke was well placed at five under par thanks to a bogey-free effort that left him in a group of 17 players which also included US Open Champion Graeme McDowell, Nick Dougherty, Miguel Angel Jiménez, Jamie Donaldson and Y E Yang.
McDowell and Dougherty were still to complete their rounds and with the Tanjong layout playing the easier of the two, the duo's efforts were even more encouraging given they were playing the Serapong course.
Dougherty had made five birdies in 11 holes while McDowell, eager to chase down Martin Kaymer in The Race to Dubai, began like a man possessed with five birdies in six holes from the third.
Phil Mickelson was at four under par, as was Italian teenager Matteo Manassero, following solid 67s, while defending champion Ian Poulter was even through six holes on the Serapong layout.
Last week`s World Golf Championships - HSBC Champions winner Francesco Molinari, meanwhile, was two-under after eight holes.
The 204-strong field will play both the Serapong and Tanjong courses through their first two rounds before the tournament reverts to the Serapong set-up for the weekend.