Unless I’m mistaken Krisflyer don’t do double upgrades anymore - you can buy economy and upgrade to premium, but not buy economy and upgrade to business. You would have to buy premium economy to upgrade to business using points. Maybe someone can correct me if that’s no longer the case?
One way business redemption costs
92k SIN-EU
106k PER-EU
116k SYD-EU
Oneway upgrade from economy standard fare
82k SIN-EU
88k PER-EU
89k SYD-EU
Oneway upgrade from economy flexi fare
67k SIN-EU
68k PER-EU
69k SYD-EU
I suspect as usual it would be best value for direct business redemption. Depending on how cheaply you can get economy flexi fares for you could consider that and a 8 x 69k upgrade. You need ~552k KF miles + cost of economy flexi return fares for 4 pax + finding 4 business saver seats.