I have to challenge the "best reply" that the email is not from them. I messaged Apple again yesterday and indeed did get a similar type of response saying that its possible the email is not from them as "it doesnt sound like something Apple would do". But today I called support again and without a doubt, they confirmed that the email is 100% from Apple.
I also checked the message headers and can confirm that the message does indeed come from Apple's servers as well. There's no message routing, there's no sender spoofing, it is an authentic, genuine Apple email. It just comes from a slightly different department than usual.
If you look at the email subject, it says <ADV> Action Required:. The <ADV> part is a specific requirement for mass emails sent from Singaporean businesses. Indeed, the blue checkmark also confirms that it is from Apple. The other thing I can confirm is that I only received this email on the one iTunes account I have that actually has a stored balance. And in line with the MAS policy to remove gift cards from various retail stores last year, this is just in follow up to it.
The links in the email as well as the images used, every single one of them goes to Apple's marketing tracking system c.apple.com which is only accessible to Apple marketing teams.
So to reiterate: the email is 100% from Apple and the advise is 100% to complete your balance by 31st of March 2024 or risk it being wiped out the moment they remove the stored balance from your account. Face it, the money is with Apple, whether you choose to use it or not.