Residential properties formed the bulk of auction listings in 2025, accounting for 50.9% of total listings, according to research by ETC (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Mortgagee sales — also known as bank sales — dominated Singapore’s auction market in 2025, surging 82.5% y-o-y to 312 listings, up from 171 the year before. This marked the highest level since 2019, when 630 mortgagee sales were listed, according to an auction report released by Knight Frank Singapore on Feb 2.
Leonard Tay, head of research at Knight Frank Singapore, attributes the spike in mortgagee sales in 2019 to higher interest rates. “There’s a direct correlation between interest rates and mortgagee sales,” he says in response to queries from EdgeProp Singapore.
The increase in mortgagee sale listings last year was driven mainly by residential, retail and industrial properties that came under financial stress during the period of elevated interest rates in 2023 and 1H2024. Due to a lag effect, these properties only surfaced in the auction market as mortgagee sales in 2025, says Sharon Lee, head of auction and sales at Knight Frank Singapore.
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The rise in mortgagee sales also coincided with a broader increase in overall auction activity. According to an auction report by ETC, a member of the Realion Group, the total number of properties listed for auction in 2025 rose 24.9% y-o-y to 529 listings. This figure includes repeat listings but excludes properties sold outside the auction process.
Mortgagee sale listings accounted for 62.9% of total auction listings last year, while owner-led listings declined to 153 units, or just 28.9% of the total.
According to Joy Tan, head of auction and sales at ETC, the higher proportion of mortgagee sales in 2025 reflects tighter financing conditions and a more cautious economic environment, rather than a fundamental change in seller behaviour.
“The only other instance in recent years where mortgagee-sale listings exceeded owner-sale listings was in 2020, a year of market disruption that temporarily altered auction dynamics,” she says.
Mortgagee sales were lower in 2023 and 2024, as those years coincided with the recovery and adjustment period following the pandemic, which entered the endemic phase in early 2023. During that time, financial institutions adopted a more cautious and accommodative approach to repossession, Tan adds.
In 4Q2025, mortgagee sales continued to dominate the auction market. Of the 134 properties listed for auction during the quarter, 80 — or almost 60% — were mortgagee sales.
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These comprised 42 residential and 38 commercial properties. About 69% of the residential listings were condos or apartments. Notable listings included a penthouse at Sage on Nassim Road with an opening price of $16.8 million, a duplex penthouse at Lincoln Suites offered at $6.5 million, and a two-bedroom unit at Montrosa on Hillview Avenue with an opening price of $1.3 million.
Strata-titled retail units offered under mortgagee sale during the quarter included units at Midpoint Orchard and Sim Lim Square. Industrial mortgagee sale listings were found at Polaris @ Woodlands and REVV Building at Corporation Drive in Jurong.
Retail mortgagee sales in 4Q2025 were concentrated at MidPoint Orchard and Sim Lim Square (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Knight Frank’s Lee expects mortgagee sales to remain elevated in the early part of this year, before moderating later on.
In January, two B2 ramp-up factory units at REVV headline at ETC’s auction as mortgagee sales. The properties — measuring 3,380 sq ft and 1,755 sq ft — carried opening prices of $1.45 million and $620,000, respectively.
On the residential front, four non-landed properties were listed as mortgagee sales in Knight Frank’s January auction. These included a four-bedroom apartment at Marina Collection in Sentosa Cove with a guide price of $3.5 million ($1,602 psf), a two-bedroom apartment at the freehold Hilltops for $4.1 million ($3,283 psf), and a two-bedroom-plus-study unit at Kandis Residences in Sembawang for $1.08 million ($1,338 psf).
Owners’ sale listings fell 35% y-o-y to 153 units in 2025, from 236 in 2024. Other sales, including estate sales, sheriff’s sales and Management Corporation Strata Title-led sales, accounted for 43 listings, or about 8% of the total.
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ETC’s Tan attributes the decline in owner-led listings to sellers’ ability to transact via private treaty or other secondary-market channels, rather than through auctions.
Residential properties continued to form the bulk of auction listings in 2025, accounting for 50.9% of the total, according to ETC. Industrial properties followed at 22.5%, while retail and office assets accounted for 21.7% and 2.5%, respectively.
However, retail listings rose sharply in 4Q2025, increasing 50% q-o-q to 30 units from 20 in the previous quarter, according to Knight Frank. Lee attributes the increase to mounting operational cost pressures faced by the retail sector.
She adds that the rise in retail auction listings may also reflect a “change in positioning and loss of unique character and identity” among older retail developments, as Singapore’s brick-and-mortar retail landscape continues to evolve amid the rapid growth of e-commerce.
Knight Frank expects retail listings — especially in older strata developments — to remain prominent in 2026. However, pricing realism will be critical to closing deals, Lee cautions.
A total of 25 properties were sold at auction in 2025, with a combined value of $68 million — nearly 2.4 times higher than the $28.7 million recorded in 2024. The auction success rate also improved to 4.8% from 3.6% the year before.
ETC attributes the higher success rate to several high-value transactions above $5 million. Notable sales included a four-bedroom apartment at The Sovereign on Meyer Road, which fetched $7.7 million, and a sheriff’s sale of a detached house on Brighton Avenue that was sold 1.3% above its opening price of $7.6 million.
The largest auction transaction by absolute price was a three-storey B1 terraced factory at Tagore Industrial Avenue, which was sold for $9.08 million — a 6.8% premium over its opening price.
The largest transaction of 2025 involved a three-storey B1 terraced factory at Tagore Industrial Avenue, which sold for $9.08 million (Photo: ETC)
Buyer interest at auctions remains broad-based, spanning both entry-level buyers and those targeting unique or high-value assets, says ETC’s Tan. Properties with redevelopment potential, freehold tenure or sought-after locations near MRT stations or reputable schools tend to attract stronger interest.
Singapore’s auction landscape is also evolving beyond physical auction rooms. Knight Frank has introduced a proprietary online auction app, which allows bidders to participate remotely. Since its launch last year, two properties have been sold via the platform — including a sheriff’s sale unit at The Lakeshore that achieved a 19.3% premium over its opening price.
A sheriff’s sale of a three-bedroom-with-study unit at The Lakeshore was one of two successful sales that occured through Knight Frank Singapore’s auction app (Photo: EdgeProp Singpore)
Knight Frank expects auction activity to remain resilient this year, supported by easing interest rates and broader buyer participation. Lee believes prime homes in the Core Central Region will continue to attract the most interest, while industrial assets may also see stronger demand due to more affordable price points and end-user appeal.
Auction activity is expected to remain resilient in 2026, supported by improving financing conditions and broader buyer participation (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Auction success rates are expected to hover around 5% this year, broadly in line with 2025.
However, ETC’s Tan cautions that a growing pipeline of new residential completions could place mild downward pressure on rents, potentially affecting some investors’ ability to service loans. Coupled with macroeconomic uncertainties and cautious business sentiment, these factors are likely to shape auction activity in the year ahead, even as interest rates are expected to moderate further in 2H2026.