Singapore’s auction sales market was off to a strong third quarter start, with total sales value at S$34.8 million for the month of July alone, revealed an Edmund Tie & Company report.
While it is just the start of the quarter, the figure is already 18.1 percent higher than the S$29.5 million registered in Q2 2017. It is also 41 percent higher from the S$20.5 million posted in Q3 2016.
Of the twelve units sold, only The Paterson #20-04 was sold on its second attempt – indicating a revival of buyers’ interest, particularly in the residential sectors.
Edmund Tie & Company attributed the improvement in buyer’s sentiments to the recent release of the Monetary Authority of Singapore’s (MAS) annual report, “where it was stated that the property cooling measures are not likely to be eased in the near future”.
In fact, buyers showed no preference to a specific price segment, snapping units priced from S$550,000 for a one-bedroom unit in Centra Suites, Geylang to several big-ticket deals above the five million mark like two penthouses in District 9 – The Paterson and The Suites @ Central.
Aside from the two District 9 units, three more units in Districts 9 and 10 were sold – bringing it to a total of five out of 12 units sold are located in the prime districts.
“This could indicate buyer’s readiness to commit to good deals in the CCR,” noted the report.
Looking ahead, Edmund Tie & Company auction head Joy Tan is excited “to see how the second half of the year plays out in the auction market, as we enter the quarter with already S$79.5 million under the hammer, year-to-date”.
“This is just 15.9 percent shy of 2016’s total sales value of S$92.2 million.”
This article was edited by Denise Djong.