It’s hard not to see black faces among HDB owners this past decade. Ever since the last property peak in 2013, resale HDB flats have mostly been locked in a long downward trend, with little light ahead: the dream of SERS, the days of $30,000 being the median Cash Over Valuation (COV), and the belief that flat prices “will never go down” have ended quite suddenly. But among those who keep a close eye on the HDB market, this all poses a bit of a puzzle. For example: for the whole of 2018, we saw the number of million-dollar flats climb to a record number of transactions (71 such transactions) – and this happened despite HDB prices being at a seven-year low at the time. Although admittedly, it is really only a minuscule 0.3 per cent of the resale HDB transactions for 2018. However in August of this year, there were five million-dollar flat transactions, with predictions of at least 70 such sales this year....