Singapore Property Auction Market Wraps Up 2022 at S$88.93 Million in Total Sale Value
  • Auction & Sales
  • 21 December 2022

Singapore Property Auction Market Wraps Up 2022 at S$88.93 Million in Total Sale Value


Singapore Property Auction Market Wraps Up 2022 at S$88.93 Million in Total Sale Value

Number of owner listings surpasses mortgagee listings for the 2nd consecutive year; Share of owner listings at 58.2%, the highest in 7 years


Singapore, 21 December 2022 – The Singapore property auction market successfully hammered a total of 39 properties in the whole of 2022, which amounted to a total sale value of S$88.93 million. This reflected a 22.3% decrease in total sale value when compared to 2021, during which 32 properties were sold for a total of S$114.42 million. 

Ms Joy Tan (紫萍), Head of Auction and Sales at EDMUND TIE, says, “Against the robust primary and secondary markets this year, bolstered by the strong rental market particularly in the residential segment, 2022 is still, nonetheless, a relatively healthy year for the property auction market.”

“The lower total sale value this year is in part due to fewer high-value transactions of S$5 million and above. Plus, most of the high-value transactions in 2021 were in the higher range of between S$7 million and S$10 million, whereas in 2022, most were in the S$5-8 million range,” explains Ms Tan.

She continues, “Additionally, the total sale value excludes deals closed via private treaties. Anecdotally, this year, the market witnessed several deals that were closed via private treaties before and after auctions. For instance, EDMUND TIE Auction & Sales team sold a land plot at Joo Chiat Road for S$22 million in May, and a seafront detached house at Ocean Drive for S$18.3 million in August, both of which are high-value transactions closed before auction.”

Residential properties accounted for the lion’s share of the properties sold by auction in 2022, followed by commercial properties.


Total number of properties sold via auction and total sale value in 2022

Property type

Number of properties sold

Total sale value (S$)



$ 52,705,000



$ 4,423,000






$ 8,750,000









$ 88,927,000



Notable residential transactions included a townhouse unit at 8 Nassim Hill that was knocked down at S$9.79 million in February, and a semi-detached house at Nim Green at S$6.33 million in April, which was S$500,000 above the opening price after an intense bidding session. Commercial transactions included a medical suite unit at Mount Elizabeth Medical Centre that was auctioned off (sheriff’s sale) at S$8.44 million in May.


Fewer distressed sales this year, on the back of a healthy residential market

A total of 459 properties were put up for auction this year; of which 267 (58%) were owner listings, and 158 (34%) were mortgagee listings. The remaining comprised other types of listings, including estate, sheriff, and MCST. 

Ms Tan says, “Given record residential prices this year, there were reasonably fewer distressed sales.  2022 saw the number of owner listings surpass mortgagee listings for the second consecutive year.  In fact, the share of owner listings rose to 58.2%, the highest in 7 years.  

This is testament to owners’ growing acceptance of using auction as a mode of property disposal, and their confidence in using auction as a platform to fetch them the best possible price in today’s competitive market. In fact, we have observed that many owner-investors are leveraging the healthy real estate market this year to divest their properties as part of their portfolio restructuring, and tapping into auction as an additional disposal vehicle.”



Looking into 2023, more distressed sales are expected to emerge, especially for the second half of the year when borrowers might start to feel the strain of their increased monthly mortgages due to the rising interest rates.

This is even more so for private residential owners, as there will be challenges for them to downgrade to a HDB apartment, should there be any tension on their financial situation, on the back of the end-September property measures announcement.

Given the economic uncertainties and the one-percentage-point rise in GST in 2023, there might also be some pressure on the industrial and commercial owners.

Ms Tan says, “At the same time, buyers might also look to moderate their offer prices in an environment of rising interest rates and economic volatility. As such, sales at auction are likely to only pick up from 2Q 2023, when buyers and sellers adjust their price expectations accordingly, following a clearer sense of the market.”

“We also expect the steady number of owner listings to continue into the new year.  All in, we foresee the property auction market to offer different property types that can cater to different buyer profiles in the new year.  And with in-person auction sessions now fully back in action, 2023 is going to be a pretty busy year for the Singapore property auction market,” concludes Ms Tan.



For further information contact:

Joy Tan (紫萍)(Ms)


Auction & Sales

DID: +65 9151 9009


Media please contact:

Seah Li Ching (Ms)

Corporate Communications

DID: +65 6393 2369



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