HDB flats are only worth $1.2M as long as PAP is in charge of Singapore. There is plentiful land in JB to buy a landed property, yet most sinkies won't do so even if the property is a freehold at a fraction of the price of a HDB flat here.
People are willing to pay a premium to live under a PAP government. PAP is not perfect, but it is better than nearly any government in the world. Look at the fucktards running countries like UK, US, Zimbabwe or Malaysia. You would rather have PAP in charge.