Are new HDB prices really not affordable now?

When I bought my 4-room HDB at $55K; I was earning around $9K on that year so this was about 6.1 times my annual salary.

I understand that a new 4-room at Punggol now is selling at about $300K; but these flats built now are of better design and quality. Mine was a standard rectangular block of flats.

I understand people now earn more.
Let assume someone earning:

• $48K a year, it is 6.3 times annual salary
• $36K a year, it is 8.4 times annual salary

I think the problem is on HDB Re-sale flats that are priced too high due to investment gains that are expected by the current owners to give up their prize flats.