In the first nine months of 2022, auction sales barely changed, reaching $70 million
The number of auction sales in Singapore was $70.2 million during the first three months of the year 2022 (9M2022) the amount of auction sales dropped marginally in 0.08% y-o-y, according to an SRI auction report that was released on October 10.
Copen Grand condo price of $603 psf ppr and enjoys a max GFA of 61,659 sq m. The residences will house around 620 residential units ranging from 1 to 5 bedrooms across its 12 blocks, rising up to 14 floors high, each with generous landscaping.
An increase in transactions were tracked in 9M2022, which stood at 31 as compared with the previous year’s 26 transactions as per the report.
The residential segment was the largest portion of auction sales in 9M2022 with 64.5%, while commercial and retail segments comprised 16.41% and 14.89% respectively.
The most expensive amount of a single transaction was for a townhouse intermediate located at 8. Nassim Hill which was transacted for $9.79 million According the report of Mok Sze Sze who is the managing partner of SRI Auction.
Nine properties were auctioned off in the 3Q2022, bringing total transaction volume for the quarter at $18.9 million. SRI auctioned three properties that totalled $7.63 million and Knight Frank sold two properties for $2.83 million. ERA auctioned one property for $5.01 million.
“Of the 9 properties sold at auction during 3Q2022, eight of them are sold in their initial auction” Mok writes. Mok.
The most recent auction of SRI on September 30 was timed with an announcement about the most recent cooling measures to increase the interest rate ceiling of Total Debt Servicing Ratio TDSR and Mortgage Servicing Ratio (MSR).
Despite the abrupt introduction of the policies, SRI witnessed strong bidding participation of more than 50 bids cumulatively on the two properties located at 685 Hougang Street 61 and 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was purchased to a buyer for $3.43 million, and 50 Pasir Ris Avenue was purchased at $3.6 million.
In addition, 2Q2022 and 2Q2021 had the highest quantity of properties sold, which was thirteen each. They also had the largest overall sales volume in their respective time frames, with $36.94 Million and $30.19 million, respectively.