Auction sales little changed at $70 mil in first nine months of 2022: SRI

The volume of auction in Singapore reached $70.2 million in the very first nine months of 2022 (9M2022), dropping slightly by 0.08% y-o-y, according to an SRI auction report released on Oct 10.

A total amount of 9 assets were reselled at auction in 3Q2022, carrying the total quarterly transaction quantity to $18.9 million. SRI sold three properties equaling $7.63 million, whilst Knight Frank sold two properties at $2.83 million and age sold one real estate at $5.01 million.

SRI’s most recent public sale on Sept 30 had accompanied the news of the latest cooling actions to increase the interest rate floor for Total Debt Servicing Ratio TDSR and also Mortgage Servicing Ratio (MSR).

The highest unit for a single transaction was usually for an intermediate townhouse at 8 Nassim Hill in which was bought for $9.79 million, according to Mok Sze Sze, taking care of associate at SRI Auction sale.

The non commercial sector made up the quantity of auction volume in 9M2022 at 64.5%, while industrial as well as reseller segments comprised 16.41% and also 14.89% respectively.

Newport Residences condo price

At the same time, 2Q2022 and 2Q2021 saw the best range of premises marketed, at thirteen per unit, and the highest possible complete purchases quantity for their corresponding years, at $36.94 million also $30.19 million each.

A greater variety of transactions were clocked in 9M2022 at 31, as compared to 2021’s 26, the report claims.

Despite the sudden execution of actions, SRI witnessed strong bidding process involvement of close to 50 cumulative bids for the two assets at 685 Hougang Street 61 and 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was reselled for $3.43 million, whereas 50 Pasir Ris Avenue was easily sold for $3.6 million.

“Of the 9 residences sold off at public auction in 3Q2022, 8 are sold on their launch auction,” mentions Mok.