The resale market price is based on the indicative valuation of the respective HDB estates. It is also based on a willing buyer and willing seller basis. While you may try to bargain down the asking price, it is not likely the seller will agree to such a huge drop in price, especially if the median price of units in the estate is asking for that price.
A practical solution is to buy in an area that is within your budget.
Hope this answers your question.
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