Source: Straits Times, 5 Feb 2010

In order to allow the selling of development land more responsive to market, the Economic Strategies Committee is proposing to tweak the reserve list. Thus, land is only put up for tender after a developer indicates interest by committing to a minimum bid that the government deems fair. To prevent rental spikes and a property bubble, the ESC would like to accelerate the process for activating tender. However, while triggering a piece of land, there is a price to pay. Ways of minimising the cost are being looked at so that developers will not have to cross a high-cost barrier to trigger. Presently, the method involves a developer to put down a deposit of 5 percent of the smallest acceptable bid within two weeks of acceptance. However, a better method will be for the government to give an indicative price range.