The point I was making in post#48 is enbloc sales will be hit by both ABSD and QC rules if bought by non-Singaporean company. Developers would rather buy from GLS since only ABSD rules applies.
And FEO also won't be landbanking new land since ABSD rules apply for both enbloc and GLS unless they want to get hit by a one time payment of ABSD. They, like other developers would buy and sell new land within a span of 5 years, no more holding it for generations. They would however hoard their old lands like a miser hoard his money.