https://www.channelnewsasia.com/news/singapore/hdb-flats-depreciate-better-private-non-landed-housing-nus-study-11237604

The study was co-authored by a team at NUS, consisting of Prof Sing, Prof Agarwal, NUS Business School professor Low Tuck Kwong and PhD student Zhang Xiaoyu.

这图表太吓人了.