Sales of landed homes at auctions increase

Updated, Dec 19, 2017, 3:15 p.m., to change number of landed and strata-landed homes sold (owner and mortgagee sales only) in 9M2017 to 19 instead of 20 as previously published. The property at 86 Chestnut Drive was an estate sale and not as previously reported. The error is regretted.
One of the most significant mortgagee sales this year was that of a bungalow on Paradise Island in Sentosa Cove. The six-bedroom waterfront house was completed in 2009 and comes with a swimming pool and private berth. It has a built-up area of 8,800 sq ft and sits on a 99-year leasehold land area of 7,360 sq ft. It was put up for auction by Colliers International in June at an opening price of $13 million.
As there were no bids, the house on Paradise Island was withdrawn from auction. Colliers held a closed tender for the property on Aug 25. The bungalow is said to have been sold for less than $13 million.
Of the 19 landed and strata-landed homes sold at auction from 2011 to 2017 (as at end-September, mortgagee and owner sales only), 12 were mortgagee sales and seven were owner sales, according to Knight Frank Research.
This bungalow on Paradise Island, the first mortgagee sale of a Sentosa Cove bungalow, was sold for just below $13 million in a closed tender (Credit: Colliers International)
In the first nine months of 2016, 42 mortgagee sales (of landed and strata-landed properties) were put up for auction. None were sold under the hammer, based on data from Knight Frank Research. Even when it came to owner sales of landed and strata-landed homes, none of the 52 listed were sold. In the first nine months of 2017, five of the 48 houses listed for mortgagee sales were sold under the hammer. For owner sales, three of the 47 listed were successfully sold.
Number of owner sales versus mortgagee sales done at auctions (2011 to 3Q2017)
Year
Mortgagee Sale
Owner Sale
Total
2011
2
1
3
2012
0
2
2
2013
1
2
3
2014
2
0
2
2015
2
0
2
2016
0
0
0
9M2017
5
2
7
Total
12
7
19
Source: Knight Frank Research