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More residential mortgagee sales from Jan to Sep 2015 than entire 2014: DTZ

By Tan Chee Yuen

/ DTZ, The Edge Property |

October 14, 2015 5:27 PM SGT

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About 55 homes were put up for mortgagee sales from January to September 2015, exceeding the total for the entire 2014, according to DTZ.

The surge is due to consolidation and restructuring of the financial and commodity sector, volatile equity and commodity markets and foreign labour restrictions.

In the upcoming DTZ auction, some rare apartments to be put up for mortgagee sale include an apartment in the The Sail@Marina Bay and a pre-war apartment at Tiong Bahru.

The 1,755 sq ft apartment at The Sail@Marina Bay has an indicative valuation of $3.9 million. It is located on the 63rd floor and has a panoramic view of the Bay and CBD skyline.

Meanwhile, the privatized conserved apartment at Moh Guan Terrace, Tiong Bahru has an indicative price of $870,000. The 790 sq ft unit has a balance lease of 51 years.

DTZ regional head (SEA) of research Dr Lee Nai Jia, said, “The shorter lease tenure will mean a higher yield for the conserved apartment compared to surrounding condominiums, and will appeal to investors. For those planning retirement, the property is likely to offer better returns than an annuity. Additionally, the yield for the unit may go up in the future if the government approves short-term leasing.”

“We have received many enquiries and viewing requests for both properties, and we expect a stronger turn out in the upcoming auction. There are more prospective buyers in the market compared to a year ago as these prime properties are priced attractively”, added DTZ head of auction Joy Tan.

The DTZ auction will be held at Level 3, Amara Singapore Hotel on October 21, 2015 (Wednesday) at 230pm.

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