The economic problem faced by Singapore starts with the policy to allow the price of leasehold property (both public and private) to increase to astronomical levels. This was due to the "asset enhancement policy".
It has a follow through effect in increasing the cost of doing business and the cost of living. It feeds into the eco-system at multiple levels and has an multiplier effect. It goes through endless rounds of increases, one level feeding on to another level.
There seemed to be no end to this spiraling increase. https://tklcloud.com/Feedback/feedback2.aspx?id=1417