Repeated warnings on property market exuberance may have muted impact
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DESPITE a series of warnings from the government on the risks of excessive exuberance in the property market, it remains to be seen whether market participants will pay heed and exercise prudence - going by the still-bullish land bids tabled since the latest warning.
The government and developers are not even seeing eye-to-eye about the state of the property market and its attendant risks to stability to begin with.
Just after the central bank joined National Development Minister Lawrence Wong in urging market participants to act prudently, two collective-sale sites in Bukit Timah were sold the following day at stunning prices to Allgreen Properties, a developer run by property tycoon Robert Kuok.
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