It looks like Hilton realized "whoops, we were SO high on drugs thinking this should be a Cat2, since everyone and their uncle is now booking out the inventory on points since it is very obviously underpriced for the Singapore market, it really should be prices as a Cat3 with a base of 20k a night".

If you want to call them out for that I suppose you can, but even buying Hilton points at USD $0.01 a point (the way inflated rate) you get arbitrage making a points redemption versus a cash room rate at 10k points; the rack refundable rate is $136 USD++ (throw in taxes and you're getting a nice discount, buy Hilton points at .5 US cpp during a sale and you're getting something like a hotel room at 1/3rd the going cash rate). I don't suppose Hilton corporate or the hotel operators would be particularly happy if a new property in a high-priced market was being hammered with points redemptions (and considerably less in the way of cash sales than planned) through December 2018.