Only six percent of the properties on auction blocks were sold.
According to Colliers International, of the total 529 properties that were being put up for sale this year, only 32 properties were sold, garnering a total sale value of $72.5 million.
Residential properties made up more than half of the properties sold at auctions; most of which are apartments or condominiums, including units at Draycott 8, Orchard Scotts, and Ocean Park which were sold at $5 million, $3.3 million and S$2.34 million respectively.
Three landed properties were sold through auctions this year, with a freehold site at Brighton Crescent (pictured) in Serangoon Garden fetching the highest price at $9.1 million.
Office properties contributed 14.8 percent of the total sale value, while retail properties constituted 13.9 percent of the total sales. Industrial properties sold include strata factories at Enterprise Hub in Jurong (for $1.21 million), Vertex in Ubi (for $1.55 million) and Oxley Bizhub in Ubi (for $1 million).
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
