Above : HDB flat per capita
While Singapore's population exploded more than 1 million from 1999 to 2009, less and less public housing are being built. From 1999 to 2003, 50 000 HDB flats came online. Just 3200 flats came online on 2008.
Together with government's money printing, low interest rate, one witness the biggest property bubble, during the biggest downturn since the Great Depression.