This is what it looks like after the speculative bubble burst - in this case in Spain, but could theoretically apply to any country.
1,200,000 unsold new homes in Spain.
Just some of the many ghost towns with completed or half completed blocks of buildings but zero/few residents.
Won't happen in Singapore, but just for a sense of scale of the problem in Spain, imagine all of Toa Payoh, Ang Mo Kio, etc.....with buildings nearly 100% empty with zero/few residents.
Spain's most famous ghost town
Spain haunted by ghost towns built during boom years as unemployment tops 5million | Mail Online
The ghost towns of Spain: Images that are desolate symbols of collapsed property market - Telegraph
Valdeluz - Valdeluz, il quartiere fantasma di Madrid - Fotostory di viaggi - Zingarate