The number of properties put up for auction in Singapore rose 38.5 percent from 273 in H2 2014 to 378 in H1 2015, revealed a Colliers International report.
Of the 378 properties, 105 were mortgagee sales, up 10 percent from H2 2014’s 95 mortgagee sales. The rest were owner sales. Non-landed private homes accounted for the bulk of the listings at 64.8 percent, while landed homes made up 14.3 percent.
Among them was a Good Class Bungalow (GCB) site at Binjai Rise. Colliers noted that this is the first time since 2007 that a GCB had been put up for auction sale by the bank. The report also noted a growing trend of large apartments, measuring over 1,500 sq ft, being put up by mortgagees for auction sale. In H1 2015 alone, there were 37 such properties, compared to 51 in 2014, eight in 2013 and five in 2012.
“Owners of large apartments are finding it challenging to sell them, as the large unit floor area translates into a higher price quantum,” said Grace Ng, Deputy Managing Director of Colliers International. “Some of these larger units are two-storey penthouses with large open terraces or balconies and a private swimming pool.”
Overall, a total of 17 properties were sold via auction during the first half of 2015, amounting to S$45.14 million. This is similar to the amount registered in H2 2014, and a significant increase from H1 2014’s S$27.145 million.
Looking ahead, Ng expects buying interest to remain high, particularly “for non-landed homes in the prime residential districts of 9, 10 and 11, where prices have shown relatively steeper correction in the last two years.”
Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email cheryl@propertyguru.com.sg
