there are a large group of hdb owners who bought BTO and fulfilled their MOP and currently looking into buying a 2nd properties.
These group of people will made up of the demand for pte ppty assuming they are keeping their hdb to rent out.
They are currently racing time with the govt, either they raise cash fast enough to fulfill their dream of staying in PC and rent out hdb or govt release new cooling measures to at least keep them away for a few years.