EDGEPROP (SINGAPORE) - The volume of auction sales in Singapore reached $70.2 million in the first nine months of 2022 (9M2022), dropping marginally by 0.08% y-o-y, according to an SRI auction report released on Oct 10.
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A higher number of transactions were clocked in 9M2022 at 31, as compared to last year’s 26, the report says.
The residential segment constituted the bulk of auction sales volume in 9M2022 at 64.5%, while commercial and retail segments made up 16.41% and 14.89% respectively.
The highest quantum for a single transaction was for an intermediate townhouse at 8 Nassim Hill which was transacted for $9.79 million, according to Mok Sze Sze, managing partner at SRI Auction.
A total of nine properties were sold at auction in 3Q2022, bringing the total quarterly transaction volume to $18.9 million. SRI sold three properties amounting to $7.63 million, while Knight Frank sold two properties at $2.83 million and ERA sold one property at $5.01 million.
“Of the nine properties sold at auction in 3Q2022, eight are sold on their debut auction,” notes Mok.
SRI's most recent auction on Sept 30 had coincided with the announcement of the latest cooling measures to raise the interest rate floor for Total Debt Servicing Ratio TDSR and Mortgage Servicing Ratio (MSR).
Despite the sudden implementation of measures, SRI witnessed strong bidding participation of close to 50 cumulative bids for the two properties at 685 Hougang Street 61 and 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was sold for $3.43 million, while 50 Pasir Ris Avenue was sold for $3.6 million.
Meanwhile, 2Q2022 and 2Q2021 saw the most number of properties sold, at 13 each, and the highest total sales volume for their respective years, at $36.94 million and $30.19 million respectively.
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