Singapore Business Review
RESIDENTIAL PROPERTY | Staff Reporter, Singapore
29 March 13
Method attracts a wider pool of buyers.
“It is observed that property auctions are also gaining traction with owners who own high-value properties which are traditionally put up for sale via other modes such as a private treaty, tender or expression of interest," said Ms Grace Ng, Deputy Managing Director at Colliers International.
"The phenomenon could be attributed to the organised marketing campaign which is carried out in a transparent and targeted process, and the ability to reach out to a wider pool of potential buyers from the generated publicity. In fact, the successful sale of the four high-value properties via auction this quarter bears testimony to the use of auction as an effective mode of sale across all sectors," she added.
The trend comment came as a total of 113 properties were put up for sale in 1Q 2013, of which 10 were listed by mortgagees and the remaining bulk of 103 properties were put up by owners. 3 of the 10 mortgagee sales were concluded for a total value of S$4.38 million. They included an apartment at Maplewoods (Bukit Timah Road) which was sold for S$2.1 million, and 2 industrial units at The Spire (Bukit Batok) and Admiralty Industrial Park (Woodlands) which were sold for S$660,000 and S$1.62 million, respectively.
Meanwhile, 5 properties put up by owners were sold, of which 4 were high-value property sales worth more than S$5 million. The remaining 1 property was a HDB shophouse located at Bedok that was knocked down at S$1.6 million.
Overall, the Singapore property auction market posted a strong performance in the 1Q 2013, garnering a total sale value of S$76.08 million, overcoming the lull in the secondary market because of recent government cooling measures implemented in the residential sector.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)