I was a losing bidder for G-30-3A 
Really wanted the place. Studies the place. Went for numerous site visits. Talked to friends living there.
Alas lost it to really eager buyers who were rushing. sigh.

But what makes you think that it is a syndicate? It could be that the bidder really wanted the unit.
At that time I was also thinking why on earth would anyone jump 20k and then 10k. Why would anyone overpay?
Another take is that the bidders could be the bank.

I would think so as the banks are the only one who would benefit from the gain in price

I see only banks as the ones that can benefit from this trick.
I am not sure what the syndicates can gain from this. What if the honest buyer refuses to up the price then they (the syndicate( end up with the winning bid.