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Slower sales in auction market due to holidays

By Tan Chee Yuen

/ JLL, The Edge Property |

December 23, 2015 11:50 AM SGT

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Only four properties were successfully sold by auction in 4Q2015, a drop from 12 successful deals in 3Q2015. This led to a decline in sales value by 76.3% q-o-q from $46.65 million in 3Q2015 to $10.83 million in 4Q2015, according to a press release by JLL.

Despite the doleful quarter in view of the holiday season, 2015 was an eventful year for the auction market, with total sales achieving a five-year high of $102.27 million. This is a 41.1% upsurge from $72.5 million received in 2014 from a similar sales volume of 34 properties successfully transacted.

The largest deal concluded in 2015 was from a single-storey bungalow at 25 Branksome Road. The house, which is understood to have redevelopment potential, was sold in September for $16.30 million. This is followed by the sale of five adjoining shophouses at Teck Chye Terrace in January for $14.63million.

Residential sales continued to lead the pack, accounting for 68% of total sales value in 2015. Since 2009, the number of residential auction listings has consistently surpassed the combined number of industrial and commercial properties, except in 2013, which accounted for 46% of all the listings.

There was a significant growth in the proportion of mortgagee properties from residential auction sales for the past two years. In 2015, 88% of the 26 residential properties sold were mortgagee listings. Similarly, 16 of the 20 residential properties successfully hammered, or 80%, were mortgagee listings in 2014. In comparison, mortgagee listings made up less than 50% of residential sales from 2010 to 2013.

Ms Mok Sze Sze, Head of Auction and Sales at JLL, says: “In the environment of impending further increase in interest rates and softening of rental market, we are likely to see more mortgagee sales put up in 2016. The majority of these are likely to comprise residential properties.”

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