Dip in mortgagee sales this quarter
SINGAPORE, 28 June 2018 – Q2 2018 has seen a total sales value of $19.64m in the auction market. However, there is a year-on-year (y-o-y) dip of approximately 33.0 per cent, from $29.48m in Q2 2017. When compared to quarter-on-quarter (q-o-q) to Q1 2018, the result in Q2 2018 has dipped marginally from the first quarter’s sales value of $19.97m.
The units sold via auction in Q2 2018 are as follows. Private treaty sales and units transacted before or after the auction are not included in the list.
|Property||Auctioned amount||Property type||Seller profile|
|International Plaza, #43-12, 10 Anson Road (D02)||$1,138,000||Residential||Mortgagee|
|Spottiswoode 18, #32-06, 18 Spottiswoode Road (D02)||$850,000||Residential||Mortgagee|
|Tanglin View, #15-04, 150 Prince Charles Crescent (D03)||$1,550,000||Residential||Estate|
|42 Hoot Kiam Road (D10)||$3,200,000||Residential||Owner|
|Botanic Gardens Mansion, #08-22, 18 Taman Serasi (D10)||$2,650,000||Residential||Estate|
|25 Pasir Ris Way (D18)||$5,000,000||Residential||Mortgagee|
|26 Burghley Drive (D19)||$3,120,000||Residential||Owner|
|I.Biz Centre, #02-06, 32 Old Toh Tuck Road (D21)||$670,000||Industrial||Owner|
|Tree House, #02-05, 60 Chestnut Avenue (D23)||$734,000||Residential||Mortgagee|
|Innovation Place, #07-02, 29 Mandai Estate (D25)||$725,000||Industrial||Mortgagee|
While the number of units hammered down y-o-y has maintained at 10 units, the decrease in sales value from 2017 may also be due to the lack of high quantum properties being sold this year. Q2 2017’s sales value was higher from the auctioning of several big-ticket items such as a bungalow at Chestnut Drive at $11.38m, a shophouse at Jalan Besar at $5.23m, and three other residential units above the $3m mark.
Head of Auction & Sales Joy Tan commented, “We have transacted several high-end properties this quarter before the auctions via private treaty. Even so, the only auctioned unit with a higher sales value was a semi-detached unit at 25 Pasir Ris Way, within the Pasir Ris Beach Estate. This mortgagee sale unit, which debuted on the ET&Co auction floor in May, attracted 15 bids from several keen parties and resulted in a successful bid of $5m.”
Shifting from previous trends, mortgagee sales and owner/estate sales were equally popular among bidders this quarter. Although they share the same number of transactions, owner/estate sales total to $11.19m, while mortgagee sales total to approximately $8.45m, a $2.74m difference. Comparatively, 2017 saw a total of 33 forced-sale units (under mortgagee’s, receiver’s, sheriff’s sale etc.) and 12 volunteered sale units (under owner’s, estate’s, trustee’s sale etc.).
Tan also commented, “In past years, we noticed that mortgagee sales have dominated the auction floor. However, owners’ listings have caught up and exceeded the number of mortgagee sales this quarter. This is a reflection of how the market has accepted auction as an alternative way to sell their properties.”
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About Edmund Tie & Company
Edmund Tie & Company (ET&Co) is a full-service, real estate consulting firm with more than 500 skilled professionals in the region. It is headquartered in Singapore and supported by offices in Kuala Lumpur, Malaysia, and Bangkok, Thailand. ET&Co offers a comprehensive suite of agency and professional services including investment advisory, commercial and retail, residential agency, auction and sales, valuation advisory, statutory valuation and property tax advisory, research and consulting, property management, and hospitality management. For more information, please visit www.etcsea.com