Singapore’s auction sales in the first half of 2011 dropped 20.4 percent to S$69.25 million, compared to S$87 million over the same period last year, according to property consultancy firm Jones Lang LaSalle (JLL).
JLL said it auctioned properties with a total value of around S$25.16 million, or 36.3 percent of the total market share.
Meanwhile, non-residential properties were the most-in demand compared to 2010, as auction sales for industrial and commercial properties in the first half totalled S$49.97 million, compared to S$28.07 million over the same period last year.
“Enquiry level for non- residential properties are generally better than the residential properties, as some investors have decided to stay on sideline due to the recent cooling measure and announcement on the increased supply of HDB flats coming on-stream,” said Mok Sze Sze, Head of Auctions for JLL.
“The performance in the stock market and financial issues in Europe and US also have affected the buying mood of investors.”
Some of the commercial properties sold at the JLL auction in June include a petrol station at Jalan Ahmad Ibrahim for S$9.61 million and a shop unit at Fook Hai Building, which attracted a total of 23 bids. It sold for around S$6.6 million, 20 percent higher than the opening bid of S$5.5 million.
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