By Andrew Batt:
A two-bedroom apartment at Euro-Asia Park in District 13 was the only property to be sold at yesterday’s monthly Jones Lang LaSalle property auction.
The 1,001 sq ft freehold property with vacant possession attracted a total of 21 bids before being sold for S$1.1 million.
Explaining why the unit attracted such interest, auctioneer Mok Sze Sze (pictured) told PropertyGuru: “This was mortgagee sale for a freehold property priced under S$1.5 million.” She added that it is fairly rare for properties like this to come under the hammer.
The only other lot of the five offered to attract bids was a shop unit at Sim Lim Square. It failed to sell despite bids of S$2.2 million against an original asking price of S$2.5 million.
Two units at The Scala, a condo project along Serangoon Avenue 3 which is expected to be completed in 2014, also came under the hammer but failed to attract any interest.
Mok explained that buyers were required to purchase multiple units when the development was launched in August 2010. Caveats lodged with the URA (Urban Redevelopment Authority) for sales of similar sized units on similar floors shows the owner was expecting to make around 10 percent gross profit should the units have reached their asking price.
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