Only ugly ducklings can be transformed into swans. The difficult question is are we looking at an ugly ducklings or devils disguised as saints? I think the answer is both. It doesn't boil down to the party but its members. George Yeo is an "ugly duckling". He had been transforming himself. Some of his colleagues are "devils". The transformation of the party will therefore have to leave some people behind. Question is who? And if no one fall by the wayside, then the "devils" win and the transformation is only in the packaging. They would be fooling themselves.
What is an ugly duckling? Not shorthand here that I can't remember unless I give myself at least one example. A smoker who is addicted but feels that it is a bad habit and wants to give it up but still failing to is an ugly duckling. A "devil" would be one who regularly pleaded for understanding from his family about his bad habit, promising change sometimes but actually enjoyed the habit. Such a person would not change until he becomes an "ugly duckling".
Therefore to ask if the party can be transformed is simplistic. The question ought to be who among the leadership are "ugly ducklings" or "devils", and which of these "devils" can become "ugly ducklings"
In Star Wars, Anakin Skywalker became Darth Vader. He was an "ugly duckling" because he was a victim of bad luck and human weakness that was seduced to the Dark Side. Palpatine or Darth Sidious never tried or wanted to be good, that was a "devil".
Yes, "swans" can become "devils" when corrupted by power, which Henry Kissinger rightly put down as the ultimate aphrodisiac. So be careful about illustrious or even a sacrificing personal track records.