The overall auction sales value soared 134% q-o-q from $5.9 million in 1Q2016 to $13.8 million in 2Q2016. On a y-o-y basis, the overall auction sales value increased 102% from $6.8 million in 2Q2015. Residential units were the most sought-after asset class in 2Q2016, with only one of the six deals done being a non-residential property. There were three transactions crossing the $2 million mark. They were for a unit at Silversea, which was sold for $3.9 million; a unit at One Amber, which was sold for $3.7 million; and a unit at Turquoise, which was sold for $2.9 million. All three units were being offered for sale for the first time and were sold within weeks of entering the market.

According to JLL, the increase in the number of residential units sold could be due to the parliament’s reinforcement during Budget 2016 on March 24 that it is still too soon for the cooling measures to be lifted, thus reigniting buyers’ appetite for residential properties.

JLL observes that buyers are still on the lookout for a good deal in the residential sector and are ready to take action when the opportunity presents itself, although the price is above the “usual” sweet spot of $1 million to 1.5 million. These buyers have also managed to snag prices way below what the previous owners had paid.