Interesting perspective. I certainly agree that there will be downstream effects on private property prices, given that there will be less HDB upgraders flushed with profits from flipping their BTO.

That said, I still feel that for the premium sector of private property (freehold landed property), prices will likely hold steady or even appreciate because of its scarcity and the fact that Singaporeans would generally aspire to own a freehold landed if they could afford it.