Game of musical chairs. Buyers only need to accept the pricing if they are very sold by the idea of condo living and yearn heavily to it.
There are a few thousand people who are displaced by enbloc sales. They are price insensitive and have contributed to thousands of sales at the "new" prices.
I would imagine a different market today, if there were no enbloc sales and all land were sold through government land sales. Without the thousands of enbloc millionaires, will the market be as "good" as it is today?
Demand for condo living is always there. People just have to sacrifice more now to fulfil their desire to stay in condo. The enbloc millionaires are the sole winners.