Sales subdued at auction

Romesh NavaratnarajahSeptember 2, 2015

Property auction

A recent property auction organised by JLL saw one apartment sold out of seven residential and commercial properties submitted for sale.

The 2,174 sq ft loft unit at Orchard Scotts in District 9 comprises three bedrooms and was sold via mortgagee sale and with vacant possession for $2.8 million, despite being listed for $3.3 million.

The apartment comes with a 99-year lease with effect from January 2001.

Held at the Amara hotel last Thursday, the auction saw four properties put up for mortgagee sale and the rest through owner’s sale. Two other listings were withdrawn before the event.

The most expensive listing which didn’t sell was a two-storey maisonette at The Balmoral, with a price tag of $4.5 million.

JLL will hold its next auction on 23 September. For more information, email: auction.sales@ap.jll.com

 

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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