SINGAPORE – Total sales value of properties sold at auctions this year saw a five-year high of S$102.27 million.
The rise in total sales value was mainly contributed by big-ticket items sold earlier in the year, particularly in the residential and commercial sector, said property consultancy JLL on Monday.
Although the total number of properties successfully auctioned this year is the same as last year’s, at 34 properties, total value of sales increased by 41 per cent, from S$72.50 million.
The sale of a single-storey bungalow with redevelopment potential at 25 Branksome Road in September, which contributed S$16.30 million to the residential sector, marked the largest auction deal this year. The second largest sale was that of five adjoining shophouses on Teck Chye Terrace which contributed S$14.63 million to the commercial sector.
With the exception of 2013, the number of residential properties put up for auction since 2009 has consistently surpassed the combined number of industrial and commercial properties, said JLL.
The past two years have marked a significant growth in the percentage of mortgagee properties as a portion of residential auction sales, a departure from 2010 to 2013, which saw mortgagee listings making up less than 50 per cent of total residential sales.
JLL head of Auction and Sales Ms Mok Sze Sze, said: “In the environment of impending further increase in interest rates and softening of rental market, we are likely to see more mortgagee sales put up in 2016. The majority of these are likely to comprise residential properties.”