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As the report identified, our authorities land gross sales system comprises a bias pushing up costs and serves to protect those that have bid foolishly excessive in previous rounds. In boosting average land values, it also increases property taxes. It's a system that maximises revenue for the government and lays out a safety internet beneath costly developers, on the expense of Singapore's long-time period competitiveness. This instance also undercuts the government's claim that land values are left to market forces.
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