A total of 45 houses were sold in auctions this year in Singapore, a marginal rise from last year’s 41. However, the value of the houses sold rose sharply by 9.44% from last year. The total value of the 41 houses sold last year was S$94.43 million, which rose to S$103.35 million in 2017. This value is the highest recorded since 2011.
According to a JLL (Jones Lang LaSalle) press release, residential properties continue to be the most popular at auctions. It stood at 77.2% of the total sales. A five-storey building located at 32 South Bridge Road meant for commercial use was sold at $6.68m in November. One Good Class Bungalow (GCB) was sold at a price of S$11.38m in April located at 86 Chestnut Drive.
A remarkable trend has been witnessed over the years, where there has been a continued surge in the amount of mortgagee properties in the sales listings. For example, there has been an increase of 9.1% in the number of mortgagee sales recorded on a year-on-year basis.
According to JLL, 2017 saw the entire value of sales of private residential mortgagee properties come to a total of S$51.18 million, which is the highest value recorded in over 10 years. Of the private built-up mortgagee listings, buyers were mostly keen on purchasing landed properties with freehold tenure.
As per the head of auction and sales of JLL, Mok Sze Sze, the industry is anticipating a growth in interest among people particularly for mortgagee’s sales. They are predicting that interested owners will choose auction as a stage to get a buyer via competitive bidding and take advantage of the in-built qualities of an auction sale. They are expecting to reap buying interest and get the best price within a particular timeframe.