I agree with the decision of the government to fix the price of land for the integrated resort.
Here are my reasons:
- the government is in a better position to determine what is the fair market value for the land.
- it avoids excessive speculation on the price of land
- the choice of the winner will be based on the design concept and other factors.
I hope that this principle will apply to other areas of pricing, including:
- certificate (COE) for ownership of vehicles
- land for public and private housing
Four decades ago, the government fixed the price of HDB flats and shops. This allowed the services to be provided at a low cost and keep the cost of living low. This was a period when the Singapore economy grew well.
When the government decided to let the market forces determine the prices, it caused the prices to escalate (due mainly to excessive speculation). This has resulted in a high cost of living in Singapore.
We can move back to the good old days where the prices are determined by the government (with access to professional valuers). This approach can allow the prices that reflect the market, but avoid excessive speculation.
Tan Kin Lian
(in my personal capacity)
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