[moonrab]

I am sure that not all S'poreans possess the drive to be the best version of themselves; many are content to only dream and not transform their aspirations into reality. I am not advocating that we put ourselves into long term debt and live from hand to mouth just to have a condo and a car. These are not "must haves" but our quality of life (as well as that of our loved ones) will improve significantly if we possess these items.  However, only purchase that condo and car if we are able to afford them while still having sufficient savings for retirement.

"I am not advocating that we put ourselves into long term debt and live from hand to mouth just to have a condo and a car"

Correct, it is not about ability to buy a Condo but the high gearing for a small flat unit doesn't make economical sense to many Singaporean. 
Especially when they have many choices to choose from HDB BTO. In terms of location, types of unit and 100% profitable after 5 years.

Only 17% of Singaporean/PR/Foreigner living in condo and 15% in landed homes.
If Singapore doesn't not has HDB housing scheme, I am very sure many Singaporean will buy a condominium. Similarly to the Honkies (50% homeownership).
Therefore owning a Condo is not a dream for the majority of Singaporean. 
It is just another choice, if one yearning for it. 

Many of my foreign friends wonders why Singaporean willing to pay for a condo $2 million over a HDB 500k. 
Same size, location and building condition. To them, the safety in Singapore is excellent for living, why need a surrounding wall to inconvenient ownself? A tiny swimming pool only for soaking but not swimming. A tiny gym that is always pack in morning and evening. And the $400 maintenance fee for all of these facilities. 
Plus the ROI depending on market sentiment, Singapore overall property price is well under Govt control. Ex the foreigner pay an ABSD rate of 60%...

Enough of my views about Condominium...🤣
Many owners will not like it..🤭 
Actually I sold off my sometimes ago. We only bought for investment and not staying. Many Singaporean buyers are the same. Not everyone making money.