The JLL auction on 29 May saw a B1 factory unit sold at $1.55 million. The unit on the fifth storey at the Vertex in Ubi was the only property sold at the auction among a list of six properties.
Properties left unsold at the auction includes a three-storey corner terrace on Eng Kong Drive and a four-bedroom apartment at the Aalto.
On 27 May, three properties were sold before the Knight Frank auction, all of which were residential units.
However, despite the good crowd turnout at the auction, none of the 18 properties put up for auction were sold.
There was an even mix of residential and commercial or industrial units and some of the properties have been up for auction for at least two months.
Sharon Lee, Head of Auctions at Knight Frank Singapore said they often receive enquiries after auction as some potential buyers may prefer not to bid, and the exposure garnered for the properties through the auction may stir some interest later.
Some owners are adjusting their expectations and dropping their pricing unlike in the past, and ultimately it boils down to a price that could match buyer and seller. Describing it as a buyers’ market, Lee said, “There are keen buyers but it also depends on whether owner can drop prices to the extent that they want.”
PropertyGuru observed some of the properties which were put up for auction in March and were still available in May had slightly lower opening prices at the latter auction by a difference of $100,000 to $300,000, while a couple others maintain the same opening price.
Photo by Muneerah Bee