Rising auction sales hint at a recovery

Romesh NavaratnarajahSeptember 30, 2015

Singapore property auction

Singapore’s property auction market rebounded in the third quarter of 2015, with overall sales reaching $27.63 million or more than double the $9.99 million in the second quarter, but still below the $31.65 million achieved during the same period last year, revealed property consultancy JLL.

A total of 10 sales were closed during the quarter, up from five in Q2 and on par with the 10 deals recorded a year ago.

JLL noted that 70 percent of sales involved residential properties worth $13.62 million, up significantly from the previous quarter’s $6.83 million.

Among them was the sale of a four-bedroom apartment at The Imperial on 5 Jalan Rumbia for $3.44 million, which was 11 percent higher than its opening price of $3.10 million.

“Overall, the attendance at auctions has been encouraging, with most experiencing a full house. All of the 10 sales that JLL has seen in the last quarter have been successfully sold at first appearance, which is indeed a positive result,” said Mok Sze Sze, head of auction and sales at JLL.

 

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

Lee Joo Mong
Sep 30, 2015
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