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I tend to be quite skeptical at the HDB valuations but if there is no COV then your colleague must be quite hard pressed for money to sell it away....
i suspect that there will be a lot of such sales coming soon when the private condos start to get TOP and no decent rental is available.....usually for those "upgraders" it will be more prudent to let go of the HDB and realise some of the cash from the HDB and put it into reducing the loan loading....
I assume most Upgraders stayed 5-15 years (Minimum 5 years occupany) in their HDB, so most will still enjoy $100-300K of profits, despite weaker HDB prices. The next one to watch is Duxton, 5-years occupany is reaching soon and current prices (for those approved to sell slightly earlier) are translating to min $300K profit for many of the first batch of buyers.