What should be a reasonable EC new launch price
Those were the good old days.
Property prices in Singapore peaked in 2013. New EC launches were priced at about $790 psf - $810 psf during the market peak in 2013. ECs launched in the market peak (2013) were well-received. It is common for 50%, 60% to be sold on the launch. This is because private condos were much more ex.
In end-2013, the government introduced various measures to "cool" the the EC market such as the resale levy, reduction of MSR to 30% etc. This affects the new EC launches, except those in better locations.
A good example would be last weekend EC launch in Woodlands where only about 20 units were sold.
More significantly, property prices have been steadily declining since the market peak in 2013.
Check for yourself how much property prices have declined since the peak in 2013 and the likely trend going forward. Ask why the government has yet relaxed the various cooling measures?
Check for yourself the number of unsold properties in Singapore, the resale HDB prices (between the market peak in 2013 and now)...
You should have a better sense of what should be a reasonable EC new launch price.