Property boom between 2008 and 2013 due to foreigners?

I refer to the article “Investing in commercial real estate in Singapore” that was published by Yahoo Finance on 30 Dec in 2016.
Property boom from 2008 to 2013
The article states that “Many Singaporeans rode the property boom in the years from 2008 to 2013 to build a substantial level of wealth for themselves. But the last three years have been unkind to Singapore’s property market.”
Private Prices increased by 62%?
The URA Private Residential Property Price Index increased by about 62 per cent from 95.3 (2009 Q2) to 154.6 (2013 Q3). [The sharp decline in 2009 was largely due to the financial crisis 2008-9]

Prices increased by 46%?
Apart from the increase of prices for private housing, HDB prices also increased during this period of time. The URA HDB Resale Price Index was increased by about 46 per cent from 101.4 (2009 Q2) to 148.1 (2013 Q3).

Incomes increased by only 28%?
In contrast,  the Median Gross Monthly Income From Work (Including Employer CPF Contributions) of Full-Time Employed Residents – increased by only about 28 per cent, from $2,897 in 2008 to $3,705 in 2013.

And we have not even adjusted for the median gross monthly income of all Singaporean (excluding PRs) workers (full-time and part-time) excluding employer CPF contribution!
0.5m increase in foreigners vs 0.1m increase in S’poreans?
Arguably, this was fueled by the huge increase in the non-Singaporean population from about 1.6 million in 2008 to about 2.1 million in 2013 (0.5 million increase), against the about 3.16 to 3.31 million increase for citizens (100,000 increase).