This week in property: Highlights from July 23 to July 27

By EdgeProp Singapore / EdgeProp | July 27, 2018 6:52 PM SGT
Property highlights of the week from July 23 to July 27:
Teck Guan Ville is a freehold site with just 14 units . Source: ERA
Singapore-listed TEE Land announced on Jul 26 that it has decided not to exercise its option to purchase Teck Guan Ville at 338 to 364 Upper East Coast. In its announcement TEE Land said that its decision to abort the deal was made “after taking into account the impact on market sentiments and purchasers’ interest arising from the latest property cooling measures announced by the authorities on Jul 5.”
The company is willing to forfeit its 1% deposit. A month ago, TEE Land had announced that it was acquiring the freehold site at Upper East Coast Road for $60 million, which translated to a land rate of $1,300 psf per plot ratio. Teck Ville comprises just 14 units, and all the owners had agreed to the sale. Had the deal been successful, the owners would have walked away with $4.285 million each.
A duplex unit at Rosewood Suites is among the residential properties that were put under the hammer recently. The 1,981 sq ft unit was put up at a guide price of $1.26 million ($636 psf) on July 25 (Picture: Samuel Isaac Chua/The Edge Singapore)
Properties put up for auction surged by 21.7% year-on-year (y-o-y-) to 454 listings (including re-listings) in 1H2018 – the highest level recorded since 2H2009, Colliers International revealed.
According to its Flash report – which tracked transactions and listings in the property auction market in Singapore – listings from all sectors rose on a y-o-y basis during the period, with the exception of the industrial segment where listings fell by 1.1% to 87.
Compared to a year ago,...