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The total number of properties placed on the auction block here surged 25 percent year-on-year to 177 units in Q1 2017, reported Singapore Business Review, citing a Knight Frank report.
According to data from the property consultancy, the total value of properties successfully auctioned off soared 39.6 percent to $9.62 million on an annual basis. However, it slumped 71.6 percent from the $13.43 million recorded in Q4 last year.
Knight Frank added that the number of properties put up for auction under mortgagee sale in Q1 2017 reached a record high of 83 units. While this represented a sharp increase of 38.3 percent over the same period a year ago, sales declined 30.3 percent as only two units were sold.
By category, the residential segment accounted for most of the mortgagee listings with 48 units available for sale, while those from the industrial sector significantly climbed to 16 units.
Similarly, the number of industrial properties offered to bidders surged 131.8 percent year-on-year to 51 units in Q1 2017. This also translated to a two-fold increase versus the 25 units registered in the preceding quarter.
Meanwhile, the number of office properties placed under the hammer jumped 75 percent quarter-on-quarter to seven units in Q1 2017, but the number remained unchanged from a year ago.
Out of the total 177 listings, 85 were from the residential segment. Although this sector still dominated the auction market, it posted a 9.6 percent quarterly drop in the number of available units, the lowest since Q3 2014.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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