The volatility of Singapore’s property auction market was again highlighted when only one of 15 properties was sold during a Knight Frank property auction this month.
The property sold was a 1,206 sq ft factory unit at Woodlands Industrial Park, for about S$460,000. This was S$160,000 above the opening bid, following intense competition between two bidders.
Several lots received bids which were below the reserve price and were not sold, while 10 lots did not attract any bids at all.
A mix of industrial, commercial and residential properties was auctioned, with a three-year-old two-storey detached house in Coronation Road West being the most expensive. Although it received a bid of S$7.48 million, it failed to meet the reserve price of S$7.7 million.
“A few years ago, you could pick up a bargain at property auctions, but not now. I think sellers have got too greedy. The majority of properties offered for sale were ‘Bailiffs Sales’," said an auction attendee interviewed by PropertyGuru.
Data published at end-August showed that the total sales value of properties sold at auctions hit S$80.4 million so far, just a third of the S$223.9 million total achieved last year.
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