It was only a few years the govt had to cut back on EC land sale as many unsold.
Sigh.... 早知道....
Who knew what the developers had up their sleeves with their aggressive land bids?? Based on economic fundamentals alone, you think piermont can sell for $1,150 today?
Looking at what has happened, developers can push up prices however they like by bidding $5,000psf ppr for enbloc properties and create a market where people are willing to pay $6,000psf for condo with their enbloc proceeds. When others see 20 transactions at $6,000psf, they think it is the norm, start to panick and rush in. This is what happened last year.