The residential sector claimed 44 percent or S$25.5 million of the total S$57.9 million worth of properties auctioned this year, according to Jones Lang LaSalle (JLL).
This is a marked improvement from last year when commercial properties took up 50 percent of deals following by housing with 32 percent.
This year, the commercial sector contributed S$22.9 million or 40 percent of the total auction sales value. The main contributor was the sale of a petrol station at Jalan Ahmad Ibrahim for S$12.7 million, secured by the consultancy.
Mok Sze Sze, Head of Auctions at JLL (pictured) said: “Sentiments in commercial properties have been improving, especially in the strata sales segment. We are likely to see continued interest in the near term.”
Meanwhile, JLL remains the market leader in property auctions with 52 percent of the S$57.9 million tally for 2012, followed by Colliers, Knight Frank and DTZ respectively.
In a separate statement, Colliers International said that the total auction sales value this year is 34.7 percent lower than in 2011 and the lowest in 15 years.
“The decline in the total sale value was due to, among others, the series of cooling measures being implemented by the government in the residential sector – the latest one being effective from October 20121, which resulted in a lacklustre secondary residential market and thinner interest in the high-end/luxury residential market,” said Grace Ng, Deputy Managing Director, Colliers.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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