Singapore Business Review
RESIDENTIAL PROPERTY | Staff Reporter, Singapore
29 March 13
First quarter total to double by year-end.
In its latest outlook for the property auction market, Colliers said that after the Singapore property auction market saw a strong start to 2013, garnering a total sale value of S$76.08 million in 1Q 2013, the rest of the year should see a continued surge.
“Overall, auction activities are projected to turn in more than S$150 million worth of sales transactions for the whole of 2013," said Ms Grace Ng, Deputy Managing Director at Colliers International.
Driving the market will be the diversion of interest from the residential sector to the commercial and industrial sectors. Vendors are expected to take the opportunity to sell their properties through an auction to generate more publicity and to ensure that the sale price is maximised through competitive bidding. Going forward, owners should put up more high-value properties – in particular, the commercial and industrial properties – for auction sale, said Colliers.
“While the property auction market will continue to enjoy a healthy flow of transactions in landed residential, commercial and industrial properties, the number of residential apartments and condominiums transactions is expected to be low. This is attributed to the continued stalemate in the secondary residential market between buyers and owners," added Ng.
Colliers further noted that buyers will continue to adopt a ‘wait-and-see’ attitude, hoping for downwards price adjustments, while owners are expected to hold on to their prices due to the current low interest rate environment and the general reluctance to dispose the property now – a result of the subsequent higher acquisition cost from the Additional Buyers’ Stamp Duty imposed by the government.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)