This is how it works, PR's come in and drive up the prices, And when the market is at its peak,, they sell , possibly to other foreigners for a hefty profit and go back to retire in their own countries. Singapore loses as none of these exploiters will want to take up residency here due to the monetary benefits of their exploitation loophole
This is also the reason why in Australia, if u sell yr home , u need to pay taxes.
I would recommend a housing tax scheme for PRs who sell their home or impose a cap on the selling price. Because of these PR farkers, locals have to pay artificially inflated pricing.