Singapore’s auction market saw total sales value drop 42.1 percent year-on-year to $11.57 million in the first quarter of 2019, due to the after-effects of the government’s latest property cooling measures, revealed Edmund Tie & Company (ET&Co).
Singapore’s auction market saw total sales value drop 42.1 percent year-on-year to $11.57 million in the first quarter of 2019, due to the after-effects of the government’s latest property cooling measures, revealed Edmund Tie & Company (ET&Co).
Other reasons for the dip in sales “include the New Year and Lunar New Year festive period in January and February as well as the March school holidays”.
More: 7 Questions About Property Auctions
The highest transaction registered during the quarter was the mortgagee sale of a three-bedroom-plus-study unit at Grange Residences, which enjoys views of the Chatsworth Good Class Bungalow Area (GCBA) as well as embassies within the area.
Put up for auction for the first time on 27 March, the 2,852 sq ft unit on the 17th floor had an opening price of $6.85 million. It attracted 24 bids, ending the auction at $7.15 million or $2,507 psf.
“In the ever-changing Singapore landscape, one will never know if a high-rise building may be built in front of your property affecting the views. For example, many buildings in District 1 currently enjoy unblocked sea views. However, with the draft URA Master Plan 2019 being announced for more residential buildings to enter the district, one might worry if their views are indeed permanent,” said Joy Tan, head of auction and sales at ET&Co.
The new buyers of the Grange Residences unit, however, will “enjoy the breathtaking view for a long time” as the GCBA and embassy cluster will unlikely be shifted, she noted.
Tan also described the $7.15 million auction price as “very attractive, given that another 17th level unit in Grange Residences was sold at $8 million or $2,805 psf in January 2018. Prices in Districts 9 and 10 are also surpassing $3,000 psf in today’s market, with nearby new launches transacting at approximately $3,500 psf”.
What are property auctions? For more information, read our buying guide.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
