The woman was pronounced dead at the scene by a paramedic from the Singapore Civil Defence Force (SCDF).
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The Maritime and Port Authority of Singapore said in a statement that all 271 passengers on board were safely evacuated. Of these, 139 are Singaporeans.
Preliminary investigations indicate that the fire was likely of electrical origin and started in the living room.
SCDF said there was no one inside the restaurant at the time of the incident, and no injuries were reported.
The wet weather follows an earlier forecast issued on February 16, when the weather agency said that moderate to heavy thundery showers were expected over most parts of Singapore.
SCDF said that about 100 residents from the affected block had evacuated before firefighters arrived.
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The Maritime and Port Authority of Singapore (MPA) said that it will investigate the circumstances surrounding the incident.
According to the police, the pedestrian was found unconscious at the scene and was taken to Singapore General Hospital. He later succumbed to his injuries.
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The Mercedes driver, who was found unconscious, was taken to Ng Teng Fong Hospital, where he later died.
According to SCDF, the paramedics assessed two individuals for minor injuries at the scene, but both declined to be taken to hospital.
Despite the bouts of heavy rain, overall rainfall across Singapore in the first half of February was below average.
The SCDF said three individuals were assessed for smoke inhalation and subsequently conveyed to Singapore General Hospital.