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

Despite the sudden execution of actions, SRI saw strong highest taker engagement of near to 50 advancing bids for the two assets at 685 Hougang Street 61 and 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was sold off for $3.43 million, while 50 Pasir Ris Avenue was easily sold for $3.6 million.

An overall of 9 properties were closed at auction in 3Q2022, bringing the complete quarterly deal volume to $18.9 million. SRI marketed three buildings totaling up to $7.63 million, whilst Knight Frank marketed 2 residential properties at $2.83 million as well as age sold 1 building at $5.01 million.

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

The housing sector constituted the quantity of auction sales amount in 9M2022 at 64.5%, while business as well as trade sections composed 16.41% and also 14.89% specifically.

The highest possible unit for a solo purchase was usually for a fair townhouse at 8 Nassim Hill in which was bought for $9.79 million, according to Mok Sze Sze, managing affiliate at SRI Auction sale.

The Arden price

SRI’s newest auction on Sept 30 had actually coincided with the news of the latest air conditioning measures to raise the interest rate floor for Total Debt Servicing Ratio TDSR and Mortgage Servicing Ratio (MSR).

On the other hand, 2Q2022 and also 2Q2021 saw the highest range of real estates marketed, at thirteen per capita, plus the highest total revenues quantity for their respective years, at $36.94 million also $30.19 million respectively.

“Of the nine estates offered at auction in 3Q2022, 8 are reselled on their debut auction,” notes Mok.

A higher amount of deals were clocked in 9M2022 at 31, as compared to 2021’s 26, the record claims.

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