Okay, so after running a few of my diagnostic tests I've found a few things out. If you set your proxy to proxy.nus.edu.sg:8080 (as suggested earlier), your speeds will be capped, regardless of location (even if you're ON CAMPUS). I've been using FlashGet to verify my claims.
Therefore for maximum speeds, you need to configure your proxy to Direct Access (for now).
What I'm yet to figure out is that the Direct Access can't be quite direct - due to tunneling, and therefore need to figure out the proxy that they're using.
Any feedback will be greatly appreciated!
Till then if you still need an NUS IP for accessing the internet, proxy.nus.edu.sg:8080 will work albeit @ a speed of 128KB/s