Hi folks,
I was talking to an agent about a mass mkt condo that is launching soon.
As usual, agents will boost about how good the response was and the 'Singapore is land scarce' argument to attract buyers.
Then came her claim on GLS min. bid when I mentioned there was an adjacent plot of land beside the new launch. This plot of land is currently on GLS reserve list.
Her claim was that developers will have to offer at least the sale price of the land of the new launch for this reserve site before Govt open it for tender. Is this true?
E.g.
Plot A was sold for $300M and is launching soon
Plot B is just beside Plot A and on GLS reserve list.
Developers have to indicate a minimum bid of $320M before Govt open it for tender? (assuming the size of land is the same)
The agent was trying to convince me that when Plot B was sold and launch, the price will definitely be even higher. So it is better to buy the new launch from Plot A now.