Utterly self-serving speech delivered in typical PAP-style i.e. spreading fear and doom. Discerning Singaporeans know that PAP is getting increasingly nervous about its coming election prospects.
TRS is gone permanently. It will take it quite a long time to resurrect itself.
WP's town council is in a mess. Most sinkies now know that WP is incompetent in running a GRC. Few of them will trust WP to run a ministry, let alone the country.
The "LKY effect" will swing about 5-10% votes to PAP.
SG50 will remind Singapore all the contributions PAP did for Singapore, while subtly and openly reminding sinkies that all the opposition parties combined contributed ZILCH to Singapore's development as a nation.
Expect PAP to win back all the seats. If opposition gets lucky, they may get the Hougang SMC as a "sympathy seat". Or else all the opposition people be prepared to fight over the few NCMP positions.