mr funny
02-07-11, 00:35
http://www.businesstimes.com.sg/sub/news/story/0,4574,445608,00.html?
Published July 1, 2011
More commercial sites in Q2 auction
By UMA SHANKARI
FOLLOWING a lacklustre start in Q1 2011, the Singapore auction property market experienced a healthier second quarter, Colliers International said yesterday. The total value of properties sold rose by 49 per cent quarter on quarter to $41.38 million in Q2 this year.
The improved total sales value registered in Q2 was contributed by a number of high-value non-residential deals - instead of residential sales, which usually form the largest proportion of auction sales.
'The second quarter presented an atypical phenomenon, in which the auction property market witnessed an absence of high-value residential transactions, as well as a general drop in the value of residential sales,' said Grace Ng, deputy managing director of Colliers International. 'Instead, there was a major shift in buyers' focus to commercial and industrial properties.'
She added that this could be attributed to buyers' increasing price sensitivity and their 'wait-and-see' attitude amid the more stringent cooling measures introduced in the residential sector.
The total sales value in H1 2011 fell to $69.25 million from the sale of 33 properties. This is 49 per cent down from the $136.91 million in H2 2010 and 20 per cent down from the $86.99 million in H1 2010. In Q2 this year, 162 properties were put up for auction, of which 153 were put up by owners while nine were mortgagee sales.
The low proportion of mortgagee sales reflects the improved financial position of borrowers on the back of Singapore's healthy economy, the continued low interest rate environment and good rental market which allows mortgagors to service their loans, Colliers said.
Looking ahead, Colliers expects the number of properties put up for sale via auction to stay at a healthy level, with owners' sale continuing to dominate and mortgagee sales remaining low.
Published July 1, 2011
More commercial sites in Q2 auction
By UMA SHANKARI
FOLLOWING a lacklustre start in Q1 2011, the Singapore auction property market experienced a healthier second quarter, Colliers International said yesterday. The total value of properties sold rose by 49 per cent quarter on quarter to $41.38 million in Q2 this year.
The improved total sales value registered in Q2 was contributed by a number of high-value non-residential deals - instead of residential sales, which usually form the largest proportion of auction sales.
'The second quarter presented an atypical phenomenon, in which the auction property market witnessed an absence of high-value residential transactions, as well as a general drop in the value of residential sales,' said Grace Ng, deputy managing director of Colliers International. 'Instead, there was a major shift in buyers' focus to commercial and industrial properties.'
She added that this could be attributed to buyers' increasing price sensitivity and their 'wait-and-see' attitude amid the more stringent cooling measures introduced in the residential sector.
The total sales value in H1 2011 fell to $69.25 million from the sale of 33 properties. This is 49 per cent down from the $136.91 million in H2 2010 and 20 per cent down from the $86.99 million in H1 2010. In Q2 this year, 162 properties were put up for auction, of which 153 were put up by owners while nine were mortgagee sales.
The low proportion of mortgagee sales reflects the improved financial position of borrowers on the back of Singapore's healthy economy, the continued low interest rate environment and good rental market which allows mortgagors to service their loans, Colliers said.
Looking ahead, Colliers expects the number of properties put up for sale via auction to stay at a healthy level, with owners' sale continuing to dominate and mortgagee sales remaining low.