Overall auction sales jump 42.8% in 3Q2016, says JLL

By Tan Chee Yuen / JLL | October 3, 2016 5:13 PM SGT
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The overall auction sales value soared 42.8% q-o-q from $14.8 million in 2Q2016 to $21.2 million in 3Q2016. This brings the total auction sales value to $45.6 million as at 3Q2016.
There were 14 properties sold in 3Q2016 and four of them were hammered above the $1.5 million mark. Residential properties dominated the auction floor with seven properties successfully sold at a total sales value of $11.8 million. Five industrial properties were sold with a total sales value of $4.8 million while two more commercial properties fetched $4.3 million.
The overall auction sales value was evenly contributed by mortgagee and owner sale listings with $7.5 million and $8.8 million being hammered down respectively. The only trustee sale at 105 Dunbar Walk also contributed $4.8 million to the quarter’s total sales figures.
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Mok Sze Sze, head of auction and sales at JLL says, “With the uncertain economic outlook and current buyer’s market, auction will likely become a preferred mode of sale for owners where a definite timeline is set for decision with no cooling off period.”
JLL anticipates that there will be an increase in mortgagee sales of between 10% and 20% next year.