Property developers who tee off together cost government $147 mil a year in land sale revenue: NUS study

By Stanislaus Jude Chan / The Edge Singapore | January 16, 2020 4:45 PM SGT
SINGAPORE (Jan 15): A study by the National University of Singapore (NUS) Business School has raised a red flag over property developers who exchange information on the green.
Senior executives of real estate development firms who have informal exchanges with their peers while golfing acquired government land parcels at 14.4% lower bid prices, according to the study.
Between November 2010 and May 2014, these lower bid prices translated to losses in land sale revenue for the government of more than $147 million per year.
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On average, this amounts to about 0.2% of government revenues and around 1% of total land sale proceeds.
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