{"id":102146,"date":"2018-12-10T11:36:43","date_gmt":"2018-12-10T04:36:43","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/auctions-gaining-traction-among-ultra-rich-as-a-mode-of-sale\/"},"modified":"2018-12-10T12:04:14","modified_gmt":"2018-12-10T05:04:14","slug":"auctions-gaining-traction-among-ultra-rich-as-a-mode-of-sale","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auctions-gaining-traction-among-ultra-rich-as-a-mode-of-sale\/","title":{"rendered":"Auctions gaining traction among ultra-rich as a mode of sale"},"content":{"rendered":"


\nEven landowners and developers have been considering auctions as an effective mode of selling properties.
\nMore high-net-worth individuals are turning to auction as an effective mode of selling their properties, with one in four properties put up for auction during the first 10 months of 2018 valued at $5 million and above, reported Singapore Business Review citing JLL.
\nThe figure has increased significantly from 2010 when at least one in 10 owner listings were placed under the hammer.
\nThe report drew upon last year\u2019s $11.4 million sale of a good class bungalow (GCB) at Chestnut Drive as an example of high-value owner auction. A property at Chee Hoon Avenue was also sold in 2013 for $22.9 million, while a property in the White House Park area was sold in 2010 for $13.6 million.
\n\u201cThese were sealed at 13-26 percent above their respective opening bids,\u201d said Terry Poon of JLL Singapore.
\nEven landowners and developers have been considering auctions as an effective mode of selling properties. Sentosa Development Corporation was able to sell 12 oceanfront bungalow sites within the resort island of Sentosa Cove via an international auction in 2006 at $5.56 million to $8.15 million each.
\n\u201cFrenzied biddings amidst keen competition for the coveted land parcels resulted in benchmark land prices set,\u201d revealed Poon.
\nIn 2015, the developers of prime condo development Suites @ Newton put up two units for auction. Two seafront bungalows at Wak Hassan Drive were also placed for auction in 2017, with opening bid prices at above $5 million each.
\n\u201cAs seen in Singapore, there is a growing trend of owners of high-end properties turning towards auction as a form of sale,\u201d noted Poon. \u201cIt is hoped that as the negative light of auction properties begin to dim, more buyers will turn to it as a possible means of acquiring assets in Singapore.\u201d
\nWhat are property auctions? For more information, read our\u00a0buying guide.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Auctions gaining traction among ultra-rich as a mode of sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Even landowners and developers have been considering auctions as an effective mode of selling properties....<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-102146","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qzw","jetpack-related-posts":[{"id":102457,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-hit-7-year-low\/","url_meta":{"origin":102146,"position":0},"title":"Property auction sales hit 7-year low","date":"December 21, 2018","format":false,"excerpt":"\r The total sales value at auctions nearly halved year-on-year from $101.5 to $54.12 million. The overall value of properties that were successfully sold via auction nearly halved from $101.5 million in 2017, ending the year at $54.12 million, the lowest since 2012, according to a new report from JLL.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/12\/Total-sales-value-during-auction.jpg?fit=400%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":106167,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-prime-residential-properties-going-up-for-auction\/","url_meta":{"origin":102146,"position":1},"title":"More prime residential properties going up for auction","date":"April 17, 2019","format":false,"excerpt":"\r The hike in mortgagee listings for residential properties was attributed to higher interest rates, last year\u2019s cooling measures and the subdued rental market. The number of residential properties from prime districts 9, 10 and 11 that were listed under mortgagee sale rose 53.8 percent quarter-on-quarter, or 233.3 percent year-on-year\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-auction-market-posted-higher-success-rates-in-2020\/","url_meta":{"origin":102146,"position":2},"title":"Singapore auction market posted higher success rates in 2020","date":"January 26, 2021","format":false,"excerpt":"\r Despite a fall in auction listings from 1,387 in 2019 to 497 in 2020,\u00a0the auction market still posted higher success rates, increasing to 3.6% from 1.4% in the previous year. Singapore saw total auction listings, including repeat listings, for 2020 fell to 495 from 1,387 in 2019 as physical\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/property-auction.jpg?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":114842,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-listings-rose-34-to-a-new-high-in-2019\/","url_meta":{"origin":102146,"position":3},"title":"Auction listings rose 34% to a new high in 2019","date":"March 11, 2020","format":false,"excerpt":"\r Total mortgagee listings soared 59.1% year-on-year to 751, while owner listings increased 14.8% year-on-year to 707. Singapore saw total auction listings jump 34% year-on-year to a new high of 1,458 listings in 2019 as both owner listings and mortgagee listings registered strong increases, revealed Colliers International. Total mortgagee listings\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":92863,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-down-33-in-q2\/","url_meta":{"origin":102146,"position":4},"title":"Property auction sales down 33% in Q2","date":"June 30, 2018","format":false,"excerpt":"\r The lack of big-ticket items being auctioned this year led to the drop in sales value. Singapore\u2019s auction market registered a total sales value of $19.64 million during the second quarter of 2018, down 33 percent from $29.48 million over the same period last year, revealed Edmund Tie &\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104759,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-sales-slumped-46-5-to-55-3m-in-2018\/","url_meta":{"origin":102146,"position":5},"title":"Auction sales slumped 46.5% to $55.3m in 2018","date":"March 7, 2019","format":false,"excerpt":"\r Despite this, buyers are more discerning and cautious after the cooling measures, and they will likely seek auctions for good buys in the market, said an analyst. The overall value of properties successfully auctioned off in Singapore sharply declined by 46.5 percent year-on-year to $55.3 million in 2018, according\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102146"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=102146"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102146\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=102146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=102146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=102146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}