Auction sales little changed at $70 mil in first nine months of 2022: SRI

The quantity of auction sales in Singapore hit $70.2 million in the initial 9 months of 2022 (9M2022), declining partially by 0.08% y-o-y, according to an SRI auction file launched on Oct 10.

The highest portion for a single deal was usually for an average townhouse at 8 Nassim Hill in which was bought for $9.79 million, according to Mok Sze Sze, taking care of partner at SRI Auction sale.

On the other hand, 2Q2022 including 2Q2021 viewed the highest number of real estates sold, at 13 per unit, and also the highest total revenues volume for their respective years, at $36.94 million and $30.19 million respectively.

A greater amount of purchases were reported 9M2022 at 31, as contrasted to 2021’s 26, the record claims.

The home segment constituted the mass of auction quantity in 9M2022 at 64.5%, while business as well as retail sections made up 16.41% and 14.89% respectively.

Canninghill Piers condominium

An overall of 9 real estates were sold off at sell-off in 3Q2022, delivering the complete quarterly deal quantity to $18.9 million. SRI offered 3 buildings amounting to $7.63 million, whilst Knight Frank marketed two properties at $2.83 million and ERA offered one property at $5.01 million.

“Of the 9 residences sold at auction in 3Q2022, 8 are retailed on their launch auction,” mentions Mok.

Regardless of the abrupt implementation of procedures, SRI observed solid bidding process engagement of near 50 advancing bids for both properties at 685 Hougang Street 61 including 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was sold for $3.43 million, whereas 50 Pasir Ris Avenue was marketed for $3.6 million.

SRI’s most recent auction on Sept 30 had coincided with the statement of the latest cooling steps to elevate the interest rate floor for Total Debt Servicing Ratio TDSR and Mortgage Servicing Ratio (MSR).

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