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Why would they invest in your apartment if they have to pay taxes on it? Unless they can charge the tax to you as well.
You're going to need the public to build your apartment. And sadly, in Singapore where this is the case, rent is ridiculously high.
Lower revenues for residential property means lower prices for land. It means lower prices for buying houses and makes it cheaper for people to own their house or flat. If you are a developer that builds properties, you sell them to individual owners that live there instead of institutional investors like corporations or real estate funds. Wealth tax only applies for people that own big estates. When done well it does not apply to people that own their own property or rent out a few flats.
That way, super rich people that look for investment opportunities for their enormous wealth make less profit with real estate and move towards other assets. Land owners (who are usually really wealthy themselves) and large investors are the only losers here, and that's exactly the intention.