Despite the Hungry Ghost Month which is traditionally seen as an inauspicious period, the property auction market has achieved its highest sales value in three years, with four properties sold totalling S$10.35 million.
The high sales value was mainly attributed to the forced sale of a luxury apartment at The Boulevard Residences (pictured) that was knocked down at S$5.7 million, said Grace Ng, Deputy Managing Director of Colliers International.
Located at Cuscaden Walk, the condo sale accounted for 55 percent of the total sales value during the Hungry Ghost Month and is “the first high-value residential property that was transacted above S$5 million at auction since early 2011”, Ng added.
The three other properties sold include a single-storey terrace house at Thomson Road (S$2.33 million), an apartment in Lake View Estate (S$1.3 million), and an industrial flatted factory at Northlink Building (S$1.02 million).
Nonetheless, Ng reckons that the property auction market has been “much quieter this year, largely due to the twin effects of the continuous government curbs on the residential market and the reduction in the number of mortgagee sales”.
Of the 39 properties put up for auction sale during the Hungry Ghost Month, 36 were put up by owners while three properties were by mortgagee sale.
In addition, Ng noted that vendors have become more practical, “avoiding putting their properties up for sale during the festive season or school holidays”, when buyers could be away on vacation.
“To date this year, the property auction market in Singapore has knocked down 17 properties for a total sale value of S$50.565 million. It is expected that Year 2012 could achieve more than S$70 million worth of sales transactions,” she added.
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