Auction blues: 3Q2018 sales reflect a 77% plunge y-o-y, says ET&Co report

/ EdgeProp Singapore
September 28, 2018 9:52 PM SGT
Correction: In an earlier version of this article, we cited that the three landed properties sold at auction in 3Q2018 were sold by ET&Co. Only one was co-brokered with ET&Co, the other two were sold by Knight Frank Singapore. The error is regretted.
For the three months from July to September 2018, sales at auctions totalled $10.44 million. This was a year-on-year (y-o-y) drop of 77.1% from 45.59 million in 3Q2017, which may have been a result of the new cooling measures effective on July 6 and the Hungry Ghost Month, says Edmund Tie & Co. (ET&Co) in its 3Q2018 auction report on Sept 28.
Only nine units were successfully sold under the hammer in 3Q2018: five were residential properties totalling $7.78 million, and the remaining four were industrial properties amounting to $2.67 million. While eight of the nine sold were mortgagee sales, several owners’ sales were sold before or after the auction via private treaty, notes ET&Co.
Source: Knight Frank
The units sold via auction in Q3 2018, excluding private treaty sales and units transacted before or after the auction, are as follows:
Auctioned amount
Property type
Eleven @ Holland, #01-11, 11 Holland Link (D10)
The Arte, #17-12, 23 Jalan Raja Udang (D12)
ECO, #02-52, 283 Bedok South Avenue 3 (D16)
Southaven 1, #06-05, 41 Hindhede Walk (D21)
Meadow Lodge, #03-14, 31 Chun Tin Road (D21)
The Commerze @ Irving, #07-13, 1 Irving Place (D13)
Ubi Techpark, #07-30, 10 Ubi Crescent (D14)
Tuas Lot, #02-13, 50 Tuas Avenue (D22)
Jurong Foodhub, #06-19, 15 Jalan Tepong (D22)
Source: Edmund Tie & Co.
Compared to the 10 properties totalling $19.64 million sold at auctions in 2Q2018, the sales in 3Q2018 reflected a 46.8% drop. In 2Q2018, there were three landed properties sold at auctions: a 3½ storey semi-detached house at 25 Pasir Ris Way ($5 million) which was co-brokered between ET&Co and Knight Frank; a semi-detached house at 42 Hoot Kiam Road ($3.2 million) sold by Knight Frank; and an intermediate terraced house at 26 Burghley Drive ($3.12 million), also sold by Knight Frank.
In contrast, the highest priced property sold under the hammer in 3Q2018 was for a strata-titled semi-detached house at Eleven @ Holland that fetched $3.25 million at ET&Co’s auction on Sept 26.