Single BTO flat at $16K!

Where on earth can one buy a 2 rm flat for $16k? Surely not in Singapore
when housing prices are hitting the roof. A small 3 rm govt built flat
in the city could cost $400k or more in the resale market. But it is
true. This is the latest govt offer to singles at a net price of $16k
for a 2 rm BTO flat.
 
Now for the details. A 2 rm BTO flat is priced at $76k, how to get it at
$16k? There is