ET&Co sees sales of auction properties hit nearly $20 mil in July

At Cairnhill Plaza, the unit that was sold is a 3,305 sq ft, four-bedroom corner unit (Credit: ET&Co)
Sales for five auction properties under Edmund Tie & Co’s (ET&Co) auctions in July totaled almost $20 million.
Four of these properties – condo units at Cairnhill Plaza, Finland Gardens, and Leville iSuites, as well as a three-storey corner terrace at Penaga Place – were actually sold before the auction date, according to Joy Tan, head of auction and sales at ET&Co. This marks the first time this year that ET&Co has sold so many properties before the auction was held.
The buyers were Singaporeans looking for places for their own stay, shares Tan.
The fifth property, which was sold under the hammer, was a factory unit at 8 Kaki Bukit Avenue 4, off Bartley Road East. It is zoned for B2 industrial usage with a floor area of 3,079 sq ft. The factory includes a toilet and two private carpark lots. It lies opposite a food court and is near a lift lobby.
Tan believes that the higher property prices in the residential market have led to a rise in sales under auction listings. “As market prices increased in the past year across the island, buyers are now turning to the auction listings, probably in hopes of snagging good deals,” notes Tan. “The auction is also a more transparent negotiation process in which bidders are more comfortable to put in their bids progressively.”
The property at Finland Gardens, on East Coast Avenue, is a 1,324 sq ft, duplex penthouse unit with two bedrooms. The topfloor unit has split levels and was originally a three-bedroom unit: one bedroom had been opened up to enlarge the dining and dry kitchen area.
The unit went through a major renovation about three years ago, which cost the former owners about $300,000, shares Tan in an earlier interview with EdgeProp Singapore. It is “tastefully designed to feature a unique & quaint pitched-roof”, with a double-volume ceiling of about 5.5m for both levels, she adds. Quality finishes are utilised, such as flooring from riceLAB and lighting from Foscarini, appliance brands like Toto and Hansgrohe, and professional kitchen appliances from Brandt.
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