No one wants government land anymore. We’ve entered the Government Land Sales (GLS) winter. For the third time, with the Media Circle land plot, there have been no winning bids. For long-time market watchers, this is a bit disorienting – like turning up at a free ice-cream pop-up van and finding zero other people in line. It’s not bad news per se: new launch prices are in the stratosphere, and perhaps flooding the market with supply may help a bit. But let’s take stock of the situation: Developers have five years to complete and sell a property, so we should have something resembling a five-year cycle: a period when developers rush to buy land to build on, followed by five years of developer sales, followed by another land-buying rush, etc. The last en-bloc rush was in 2017, so it was expected that developers would be buying up land by 2022....