Proven formula? Which other country does this? It is a formula that no one will want it for their own country but other people's country no problem.
If everyone has this formula, Singapore would not be amongst richest, will not be the most desired place for expats, would not be the safest in the region, will not be amongst the most secure banking system.
There's no shame in copying a successful formula, anyway. Malaysia still have long way to go to copy that.
Be prepared for increased public carpark costs and new assessment / council rates as these are based on increased rental values.