http://www.businesstimes.com.sg/real...arket-up-in-q3

Singapore property auction market up in Q3

By Cai Haoxiang

[email protected]@HaoxiangCaiBT

Sep 30, 2015


THE Singapore property auction market picked up in the third quarter of the year compared to the second, said property consultant JLL.

Deals worth S$27.6 million were done, more than double the S$10 million seen in the second quarter. However, the third quarter auction value was slightly below the S$31.7 million done a year ago.

Mok Sze Sze, JLL head of auction and sales, said that the auction scene is looking up. "Most experienced a full house. All of the 10 sales JLL has seen in the last quarter have been successfully sold on their first appearance. This means the market is responding, and there is encouraging interest," she said.

JLL said that 10 sales were closed in the third quarter, up from five in the previous quarter, and on par with the number of deals done a year ago. Seven out of the 10 sales in the third quarter were residential properties worth S$13.6 million.

Among them was a JLL sale of a four-bedroom apartment at The Imperial on 5 Jalan Rumbia for S$3.44 million, 11 per cent above the opening price of S$3.1 million.

All seven residential properties that went under the hammer were mortgagee listings, or properties typically sold by banks after their owners defaulted on loan payments.

Two commercial properties worth S$12.8 million were sold in the third quarter. Both were owner sales. A refurbished two-storey shophouse at 362 and 362A Tanjong Katong Road was sold for S$6.35 million, while two adjoining shop units at 1 and 1B Figaro Street sold for S$6.45 million. The remaining property was a factory.

All 10 properties sold this quarter were new listings. In contrast, only half of the properties sold in the previous quarter were new listings, while many were sold only after multiple relistings.

Looking ahead, Ms Mok said she thinks there will be more mortgagee sales coming up. "We hope to see more being sold at the first auction."