{"id":114047,"date":"2020-02-04T11:02:04","date_gmt":"2020-02-04T04:02:04","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-review-found-no-sign-of-collusion-among-developers\/"},"modified":"2020-02-04T11:35:03","modified_gmt":"2020-02-04T04:35:03","slug":"government-review-found-no-sign-of-collusion-among-developers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-review-found-no-sign-of-collusion-among-developers\/","title":{"rendered":"Government review found no sign of collusion among developers"},"content":{"rendered":"


\nNational Development Minister Lawrence Wong shared that no cases of wrongdoing was found by his ministry.
\nA government-led review has dismissed a claim that developers have been colluding with each other when bidding on Government Land Sales (GLS) tenders \u2013 an act which National University of Singapore (NUS) academics had initially said led to the loss of hundreds of millions of dollars in state revenue.
\nWhile the four NUS Business School researchers had retracted the claim from their paper, Associate Professor Daniel Goh, Non-Constituency Member of Parliament from the Workers\u2019 Party asked in Parliament on Monday (3 February) whether developers could be exchanging information on government land sales which eventually led to lower winning bids.
\nIn his written response, National Development Minister Lawrence Wong shared that no cases of wrongdoing was found by his ministry, and that the Land Sales Programme had an \u201copen, transparent and competitive\u201d tender process.
\nHe noted that his ministry had looked into the 103 tenders awarded during the period referenced by the NUS researchers and discovered that all such tenders were awarded to the highest bidders, reported Today.
\n\u201cThese were broadly in line with or higher than independent estimates of the market value of the sites,\u201d said Wong of the awarded bids.
\nAll of the tenders received several bids, which ranged from three to as high as 23 bids for every site. In fact, more than 80% of the tenders attracted five bids or more, added Wong.
\nPublished in January, the study originally claimed that there was evidence of insider trading within the land market.
\nIt said that the top managers of real estate developers frequently played golf whenever a tender for government site was announced, and that the winning bids for the government sites were 14.4% lower compared to the winning bids submitted by those that did not play golf.
\nREAD:\u00a02 new launch condos near MRT in Q4 2019: Will buyers bite?
\nThe researchers believe the government incurred an average shortfall of around $147 million in revenue every year from November 2010 to May 2014.
\nHowever, the researchers retracted their claims, following Real Estate Developers\u2019 Association of Singapore\u2019s (Redas) categorical rejection that the industry is engaged in insider trading, price-fixing or collusion.
\nLed by NUS Business School\u2019s professor of economics and real estate Sumit Agarwal, the researchers said they could not establish evidence of insider trading and removed the term from their paper.
\nDespite the withdrawal of insider trading claims, Wong said MND continued with the review of the 103 GLS tenders.
\n\u201cIn the event there is reason to suspect any collusion or freak result, the government will take the necessary actions, including closing the tender without award, or take enforcement action should there be any infringement of the law,\u201d he added.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Government review found no sign of collusion among developers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

National Development Minister Lawrence Wong shared that no cases of wrongdoing was found by his...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-114047","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tFt","jetpack-related-posts":[{"id":97606,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-developers-may-be-needed-for-vers\/","url_meta":{"origin":114047,"position":0},"title":"Private developers may be needed for VERS","date":"September 11, 2018","format":false,"excerpt":"\r Redevelopment works of older HDB towns will keep to the aim of providing affordable and quality homes for Singaporeans. Private developers may have a role in the Voluntary Early Redevelopment Scheme (VERS), said Minister for National Development Lawrence Wong in Parliament on Monday (10 September). In responding to a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101490,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/non-consenting-owners-of-en-bloc-properties-still-have-to-pay-stamp-duty-wong\/","url_meta":{"origin":114047,"position":1},"title":"Non-consenting owners of en bloc properties still have to pay stamp duty: Wong","date":"November 21, 2018","format":false,"excerpt":"\r Minister Lawrence Wong was responding to a query on whether the seller\u2019s stamp duty is waived for those who do not sign the collective sale agreement. 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In a report by the Business Times, he said most of the housing pipeline\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22680,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-mulls-building-hdb-flats-in-prime-areas\/","url_meta":{"origin":114047,"position":4},"title":"Govt mulls building HDB flats in prime areas","date":"August 12, 2016","format":false,"excerpt":"\r Artist\u2019s impression of the Greater Southern Waterfront. Source: URA National Development Minister Lawrence Wong said the government is considering building public flats in prime areas, like the planned Greater Southern Waterfront, in order to make the city accessible to all, reported TODAYonline. 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