The Urban Redevelopment Authority has again proved that they are setting the property prices in Singapore. They have rejected the only bid for a commercial site at Sims Avenue / Tanjong Katong Road. Reason? The price is too low. Comparison? A similar site that was sold previously around the same area.
And they still say that the property prices are dictated by market forces. Nevermind that the previous price may be a result of someone overbidding. Nevermind that the current bid is taking into account current market forces, which was lower than the previous sale.
They got the chance to prove that the property prices are dictated by market forces and they blew it. Pity.
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