Where did the savings of Singaporeans go to?

The bulk of Singaporean's savings in CPF will all be siphoned off in paying for that million dollar flat very soon, but that will still turn to dust after 99 years. I really worry and feel sorry for the future generations not knowing whether they will be able to afford those flats. But never mind, the Government still maintains that however HDB flat prices escalated, HDB flats are 'still affordable'. End of story.
No wonder some people have been saying that our money in CPF is actually their money, just like the USA Government telling countries holding reserves with them and people it does not like but who holds money in Western banks. The Singapore Government assured us that using our CPF to buy a HDB flat will provide a valuable asset that will increase in value for our retirement, with the narrative discreetly avoiding the zero value time bomb. They know you and me have no other choices. That golden opportunity for a big CPF withdrawal at age 55 became a mirage and turned to dust for every Singaporean.

Then there was the tall tale by the tall one, that touted for years, that upgrading will increase the value of your flat. Someone pricked the upgrading balloon asking what happens to HDB flats when it reaches 99 years. That was the end of the upgrading myth, otherwise it will still be a carrot that will be dangled in front of voters when GE comes around. And Singaporeans will continue to bite. But strangely not Hougangers, even when offered upgrading for votes.