My observation.. 1) Private property prices havent nearly got any closer to majority HDBs, there were some HDB price spikes, but not the majority. 2) Could be the fat wallets who benefitted from the en-bloc couple of years ago, but as far as en-bloc is concerned, the number of new blocks should be higher than the number en-bloced. HDB upgraders? 3) don't want to comment on that.