Auction sales hit six-year high

Keshia Faculin20 Dec 2017

View of the Good Class Bungalow at 86 Chestnut Drive.

While the deal number only marginally rose from 41 to 46, the total value of properties that have been successfully auctioned off in Singapore reached $103.35 million so far this year. This is not only 9.44 percent greater than last year’s $94.43 million, but also the highest since 2011, according a new report from property consultancy JLL.

By value, dwellings accounted for 77.2 percent of the transactions. One of the priciest was a Good Class Bungalow (GCB) at 86 Chestnut Drive that was sold for $11.38 million.

Similarly, the overall value of mortgagee sales involving private residential properties hit $51.18 million in 2017, the highest in more than ten years.

The top three deals comprised a non-landed home at The Trillium in 112 Kim Seng Road as well as two landed housing in 27 Chiltern Drive and 80 Lorong G Telok Kura. These changed hands for $4.6 million, $5.5 million and $6.5 million respectively.

“As market sentiments improve, more buyers are expected to enter the market going forward. We expect increase in interest especially for mortgagee’s sale,” said JLL’s Head of Auction and Sales Mok Sze.


This article was edited by Keshia Faculin.


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