More high-end homes went under the hammer at significant losses to opportunistic buyers during the first quarter of 2015, revealed Colliers International and reported in the media.
The Colliers report noted that five units in the central region were sold at auctions in Q1 2015, including two apartments at Twin Regency in Kim Tian Road and Pearl Bank in Outram that were auctioned off at $2.3 million and $1.35 million respectively.
The others were a unit at The Grange (Grange Road) which went for $4.15 million, an apartment at Ville Royale (River Valley) which sold for $1.83 million, and an Estilo unit (Wilkie Road) purchased at $800,000.
“There is an increasing number of homes, particularly high-end properties, being transacted at 20-30 percent below the peak prices in 2007/2008. Hence, we are seeing opportunistic buyers who are quick to take advantage of the drop in prices to snap up well-located apartments in the prime areas,” said Grace Ng, deputy managing director of Colliers International.
Meanwhile, buyers on the hunt for better deals at auctions can head down to Amara Hotel tomorrow afternoon. Knight Frank is organising a public auction at 2.30pm offering 26 properties. 17 are residential units and include posh apartments at The Sail @ Marina Bay, Altez in Tanjong Pagar and Orchard Scotts (Newton).
For the full list of properties available at the auction, go to: http://bit.ly/1CQdjcr
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
