Maglev101, don't be fooled - this is just government propaganda.
From personal experience, the major cause of the rent increase in Singapore is not rich foreign workers with company housing packages - there are very few expat packages here these days (unlike Tokyo). The problem seems to be greedy Singaporean landlords and cheap credit.
I moved from Tokyo just over 2 years ago and at the end of my 2 year housing contract my Singaporean landlady asked for a 25% increase in rent for me to stay on. Obviously her costs hadn't gone up 25% in those 2 years. She didn't seem to care when we pointed out that the identical unit below us (except that it had a large terrace and newly fitted out kitchen and bathrooms) had been empty for over 7 months and was advertised at a lower rent than she wanted to charge us.
You can still get an 80% mortgage here for 30 years at less than 2% interest - wish I could get that on my properties elsewhere!
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