Auction sales rise 31.2% to $20 mil in 1Q2018: ET&Co
By Angela Teo
/ EdgeProp |
Eleven units with a total sales value of $20 million went under the hammer in 1Q2018 (see Table 1). This is a 31.2% y-o-y increase over the $15.23 million in 1Q2017, when eight properties were sold, according to Edmund Tie & Company (ET&Co). The increase is due to positive market sentiment and resulting strong demand, says Joy Tan, ET&Co head of auction and sales.
“This marks a strong start to the auction market in 2018, continuing the upward trend seen over the last two years,” comments Tan. Mortgagee sales continue to be the most popular among bidders, making up 67% ($13.42 million) of total sales value, while owner sales and a rare public trustee’s sale contributed 22% ($4.32 million) and 11% ($2.23 million) respectively.
Older properties completed before 2000 have been attracting more interest in the past half-year from investors looking to ride the en bloc fever, notes Tan. “We often receive queries about the en bloc potential of a development during the marketing period of the units,” Tan says. Properties completed before 2000 made up 60% (six of 10) of non-landed auction sales in 1Q2018 (see Table 2).
A duplex, four-bedroom penthouse of 2,939 sq ft at the Berth by The Cove went under the hammer for $3.25 million in end-Feb (Credit: ET&Co)
Tan reckons that auction sales are expected to increase further this year, as en bloc beneficiaries who receive their payouts look for replacement units in the market.
Table 1 Auction sales in 1Q2018*
Property | Auctioned amount ($) | Property type | Seller profile |
|---|---|---|---|
The Berth by the Cove, #06-18,
214 Cove Drive (D04) | 3,250,000 | Residential | Mortgagee |
Harbour View Towers, #22-02,
21 Telok Blangah Drive (D04) | 1,080,000 | Residential | Mortgagee |
Spring Grove, #03-02,
53A Grange Road (D10) | 2,500,000 | Residential | Mortgagee |
The Ebony, #02-05,
35 Lorong Merican (D14) | 510,000 | Residential | Mortgagee |
The Sensoria, #02-01,
1 Jalan Ulu Sembawang (D27) | 1,050,000 | Residential | Mortgagee |
Orchid Park Condominium, #03-06,
95 Yishun Street 81 (D27) | 620,000 | Residential | Mortgagee |
International Plaza, #26-11,
10 Anson Road (D02) | 1,710,000 | Commercial | Mortgagee |
683 Hougang Avenue 8, #01-91 (D19) | 2,700,000 | Commercial | Mortgagee |
Leighwoods, #04-01,
37 Mount Sinai Rise (D10) | 2,900,000 | Residential | Owner |
The Summit, #04-07,
461 Upper East Coast Road (D16) | 1,420,000 | Residential | Owner |
17 Jalan Batai (D20) | 2,230,000 | Residential | Public Trustee |
Source: ET&Co
* Private treaty sales and units sold before or after the auction are not included in the list
Table 2 Auction sales involving properties completed before 2000, 1Q2018
Property | Completion date | Tenure | Property type | Unit type | Auctioned amount ($) |
|---|---|---|---|---|---|
International Plaza,
#26-11, 10 Anson Road (D02)# | 1976 | 99 years wef 1970 | Commercial | Mortgagee | 1,710,000 |
Harbour View Towers, #22-02, 21 Telok Blangah Drive (D04) | 1994 | 99 years wef 1990 | Residential | Mortgagee | 1,080,000 |
Spring Grove, #03-02,
53A Grange Road (D10) | 1996 | 99 years wef 1991 | Residential | Mortgagee | 2,500,000 |
Leighwoods, #04-01,
37 Mount Sinai Rise (D10) | 1985 | Freehold | Residential | Owner | 2,900,000 |
The Summit, #04-07,
461 Upper East Coast Road (D16) | 1991 | Freehold | Residential | Owner | 1,420,000 |
Orchid Park Condominium, #03-06,
95 Yishun Street 81 (D27) | 1994 | 99 years wef 1991 | Residential | Mortgagee | 620,000 |
Source: ET&Co
# Mixed-use development
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