Diana, for some HDB estates, it pretty much worked in that manner as well. Why i know? Bcos my wife and i dropped by many HDB flats, and all the seller's agents quoted a min price above valuation... and the highest bidder wins.
Lucky for my flat, my agent happened to be friends with the seller's agent, and i managed to pay for it slightly below the asking price.
Believer, you referring to private hor? But, i think some HDB estates, as i explained earlier, are still very 'hot' and still the same manner of selling...