Are you sure private developers are given the land? I dont think
so, everytime they need land to build condo, they need to
request land from government, then the government release the land
if there is enough bidder to mark up the
price
That's why private developments are expensive.
They buy the land from the government at high prices, they put
in private funds and run the risk of losing it and most
importantly, they are in it for profit so the mark up the final
product.
This high cost is then beneficial to the government who will
quickly state "market rates" when leasing HDB flats to us at HUGE
profits even though:
1. The do not have to buy the land - it's maintained by
our taxes.
2. They do not run any risk of losing their private funds - the
flats are built with our taxes and CPF monies.
3. They are supposed to be providing affordable housing for the
Citizens, not making obscene profits off tax and cpf funded public
housing.
