No not really. If our “affordable” HDB flats were really, really subsidised as the PAP govt claims, our hsehold debts would be lower. In all the countries in the chart, mortgages are a major component.
At most two cheers for our millionaire PAP ministers.
Thoughts of a Cynical Investor 
That’s becos wages to GDP is the lowest amongst those countries by a long way. When our wages are only 43% of GDP, even a high debt to income ratio appears low when debt is shown as a proportion of GDP as above.