Mortgagee auction sales surged by 85 percent in 2015 from the previous year.
A total of eight properties were submitted for sale at a JLL auction held last Thursday (24 March) at The Amara Hotel, of which only one property was sold by mortgagee sale.
The sale involved a ramp-up factory unit at Woodlands Industrial Park, which was purchased under vacant possession for $820,000. Measuring 3,821 sq ft, there are fewer than 40 years left on the lease.
Six of the properties that went under the hammer were residential units, and the other two were factory spaces.
The most expensive property on the list was a two-bedroom luxury apartment at Orchard Residences, which was put up for mortgagee sale at $6 million.
According to a recent DTZ report, new auction listings for mortgagee sales soared 85 percent to 87 units in 2015, from 47 units in the previous year.
Meanwhile, the next JLL auction will be held on 28 April 2016. For more information, go to: www.jll.com.sg
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
