there is a significant difference in Hong Kong's and Singapore's housing situation. For the former, land is in the hands of the developers/tycoons. a legacy of the colonial government. Singapore, thanks to LKY and his colleagues for the Land Acquisition Act in 1966, land in Singapore is thus majority owned by the Government through its apparatus the likes of SLA, URA, JTC and HDB. Not saying our dear Government is not interested in generating revenue but through controlling the land supply and ownership, it basically has everybody's balls in its hands.
Issue now is, the spawns of the PAP old guards are pretty much very into GDP/figures/revenue. at all costs. so there is a real possibility that there will be more social tension going forward. humans are evolutionary territorial. never designed to survive in a tiny space. trying to squeeze 10m population in a 710 sqkm is just gonna create a country of angry, fiesty and self centered nut cases. once the social fabric and what defines a nation is torn, it's game over for you and me. not for THEM for sure.