The first quarter of 2015 saw five homes auctioned off at massive losses, revealed media reports citing a Knight Frank report.
A unit at The Grange emerged as the biggest loss-making sale in the three-month period, selling for $4.2 million or down $2 million from its last transacted price of $6.2 million.
An Amber Residences unit was auctioned off at $2.7 million, achieving a loss of more than $403,000, while a Pearl Bank apartment was sold for $1.35 million, representing a loss of $300,000.
Meanwhile, an apartment in the freehold Estilo and a property at 60 Eng Kong Drive made losses of $108,000 and $38,000 after they were sold for $800,000 and $3.3 million respectively.
Residential properties accounted for the bulk of total auction listings in Q1 at 70.3 percent. The residential sector also led other sectors by selling nine of the 54 mortgagee sale properties available for auction.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
