33 bids for a property is ‘abnormal’, says Joy Tan, Head of Auction and Sale at Edmund Tie. The highest number of bids recorded at last year’s property auctions was over 20. Image: Google Street View
A five-bedroom, semi-detached house within the Siglap area in District 15 was sold for $3.89 million, after receiving 33 bids at the first public property auction of the year, reported The Business Times (BT).
Bidding for the two-and-one-half storey house along Aida Street opened at $3.25 million. The selling price was $490,000 above its $3.4 million guide price.
Nestled on a 2,896 sq ft site, the house had a built-up area of 3,872 sq ft. The previous transaction for the property was $1.5 million in 2002.
Joy Tan, Head of Auction and Sale at Edmund Tie, described the number of bids received as the largest she had seen in a while.
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She noted that the highest number of bids recorded at last year’s property auctions was over 20.
They were for a semi-detached house in Lorong Ah Soo within District 19. Nestled on a 5,144 sq ft site, the freehold six-bedroom house had a built-up area of 8,826 sq ft. It was sold for $5.5 million, with the starting bid at $5 million.
“It’s abnormal to have more than 30 people chasing for a property,” said Tan as quoted by BT. She added that it could be because freehold semi-detached property of this size are seldom available.
The house at Aida Street was the only one sold during the auction on Wednesday (13 January). Of the 16 listings, 14 were mortgagee sales while the other two were owner sales.
Tan believes the high proportion of mortgagee sales may be a sign of COVID-driven stress, noting that such sales would make up 50% of listings at typical auctions, said BT.
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Meanwhile, the other listings at the auction were withdrawn due to low offers received. Among those withdrawn was the mortgagee listing for a 6,042 sq ft “remnant land” in Sixth Avenue.
Surrounded by state land, the freehold site had a guide price of $3 million and attracted over 100 enquiries pre-auction.
“Remnant land” refers to irregularly shaped or small plots of land left over following development that are considered unsuitable for independent development because of their shape or size. However, they have the potential to enhance the adjoining land’s economic value and use.