This is my theory. Now recession so everyone try to spend less. Expat and FT will save cost by renting HDB instead of condo previously causing condo rental to fall but HDB rental to hold steady or even increase. PRs / Singaporeans that are currently renting a HDB will get pissed off that rental keeps increasing. Since they are eligible to buy a HDB, those that have enough money for downpayment will buy a HDB causing there to be an increase in demand for HDB flats. Prices for HDBs tend not to fall during a recession (especially for 3 room type or in old estates) as the mortgage payments for a HDB are normally affordable or in the case of an old estate the mortgage has probably been paid off. So if the offer price from a potential buyer is too low, ppl will just hold on to their HDB until better times before selling. This causes a contraction in the supply of HDB and acts to impose a downward limit to prices. In fact if we look at pass recessions HDBs really do not fall much. Those that fall are normally those in ulu places. Townships like Toa Payoh, Queenstown etc where everyone would want to live will have steady prices. So if you want to buy a HDBm, don't have too high hopes that prices will fall much.