SINGAPORE (EDGEPROP) - The success rate of properties at auction in Singapore increased to 6.5% in 2Q2021, from 3.5% in the previous quarter, according to an auction market report by Knight Frank. This includes repeat listings and excludes properties sold outside of auction. (See also: Success rates of auctions hit 3.5% in 1Q2021, better than in 2019: Knight Frank)

In all, 13 properties were sold last quarter for a total gross value of $36.9 million. Eight of the 13 listings sold last quarter were mortgagee sales and the remainder consisted of sheriff and estate sales.

Despite a 31.6% increase in the number of owner sale listings, no owner sales were closed during auctions. “While owners increasingly ventured onto the auction route to divest their properties, price expectations remained high as many were not in immediate distress,” says Sharon Lee, head of auction & sales at Knight Frank.

There were 87 mortgagee sale listings in 2Q2021, compared to 35 recorded in the previous quarter. There were 40 (46%) residential mortgage sale listings in 2Q2021; of this number, 31 were non-landed and nine were landed properties.

A 3,208 sq ft unit at the freehold The Tate Residences in District 9 was sold for $8.6 million ($2,680 psf), which is 9.1% above its opening price. A 1,507 sq ft apartment at the Sea Horizon in District 18 was sold for $1.6 million ($1,062 psf).

The number of auction listings was expected to spike in 1H2021 due to the pandemic-led recession in 2020. But this did not materialise, and auction listings remained stable with 201 in 1Q2021 and 200 in 2Q2021, similar to the 198 in 4Q2020.

“Nevertheless, listings are expected to increase moderately in 2H2021, along with increased success rates during auctions and as ‘pent-up supply’ resurfaces later in the year. Both owner-occupiers and investors are likely to continue to target value-purchases,” says Lee.

Check out the latest listings near The Tate Residences, Sea Horizon