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Singapore's fertility rate is one of the lowest in the world at < 1.2, lower than Japan's, and well below the replacement rate of 2.1. I'd say they're aware of it, but maybe not in the way you might imagine.

Yeah, we lived in Singapore for a few years - even considered buying property there, didn't - and the markets just aren't comparable imo. In a country where 80% of the population or thereabouts lives in an HDB, that's their 'standard', just as the three-bedroom house on a block of land is ours...