ANSWER TO WHY HDB SO EXPENSIVE

The biggest problem is that while HDB thinks that they are pricing to the market price, the market is actually looking at HDB prices to price their Real Estate.

Imagine I am the real estate company, and my condo is priced at 125% of what a similar size apartment by HDB (meaning HDB would cost 80% of the condo). And then HDB happen to decide that HDB apartments will be priced at 85% of the price of the condo. <--- so who win? both will just keep increasing their pricing to match their reference price.

Developer: Okay, my condo will cost 100k since the HDB apartment is 80k
HDB - 80k
Condo - (new) 100k

Garmen: Wah, market price increase liao. Cannot cannot cannot, we need to peg to market price!
Condo - 100k
HDB - (new) 85k

Developer: Wah, cannot lah... HDB already at this price liao. We need to adjust accordingly.
HDB - 85k
Condo - (new) 106.25k

Garmen: Wah, market price increase again. No choice.
Condo - 106.25k
HDB - (new) 90.3k

Developer: CCB.... this HDB want to push us out of business is it? HIKE HIKE HIKE!!!
HDB - 90.3k
Condo - (new) 112.9k

Garmen: We are very concern abt the housing situation, and we will be monitoring the real estate prices closely. (hiu lan lah, set to the market price!)
Condo - 112.9k
HDB - (new) 95.9k

Fiance to Fiancee: I think we can call of the wedding liao...

Developer: wah lao eh... HDB very tmd.... keep increasing, my show room no one come liao. But we cannot degrade our brand and lower the price. CHIONG AH!
HDB - 95.9k
Condo - (new) 119.9k

ChannelNewsAsia: The Singapore Property Market had yet raised for the 8th straight months since the start of the years. Market Analyst are expressing deep concern with the possibility of the housing bubble developing in Singapore.

Garmen: We will be implementing various cooling measures to control the housing prices, and we will continue to monitor closely in the coming months (must do something liao, set the HDB price to 84% of the Condo)
Condo - 119.9k
HDB - (new) 100.7k

Developer: We will not surrender! HDB 100k, we must go higher!
HDB - 100.7k
Condo - (new) 125.9k

Singaporeans: lets vote for the Opposition... cannot tahan liaoz.....

ChannelNewsAsia: PAP had lost Aljunied GRC to WP. This marks a new beginning in Singapore politics, and for the first time in donkeys years, we have more than 5 Opposition MPs in the Parliament.

Garmen: Law by Law.
Condo - 125.9k
HDB - (new) 105.7k

Singaporeans: ..........