\nQ4 auction sales accounted for over half of total sales in 2016. (Photo: JLL)<\/p>\n
Property auction sales for the fourth quarter of 2016 exceeded expectations, with total sales at $47.2 million, or 51 percent of this year\u2019s tally, said property consultancy JLL.
Q4 auction sales accounted for over half of total sales in 2016. (Photo: JLL) Property...<\/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-38189","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\/p75ss1-9VX","jetpack-related-posts":[{"id":32386,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-surge-in-q4\/","url_meta":{"origin":38189,"position":0},"title":"Property auction sales surge in Q4","date":"October 31, 2016","format":false,"excerpt":"\r View of the vacant land plots within Swiss Club Estate, which were sold through an auction for $15.22 million. (Photo: JLL Singapore) Property auction sales in Singapore gained momentum during the last quarter of 2016, with transaction volume reaching $44.02 million even before the end of October, revealed a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/10\/2016-auction-sales.png?fit=495%2C260&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":50960,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-condo-sold-at-6-6m-loss\/","url_meta":{"origin":38189,"position":1},"title":"Sentosa Cove condo sold at $6.6m loss","date":"April 5, 2017","format":false,"excerpt":"\r View of Seascape @ Sentosa Cove. (Photo: JLL) A condominium unit at Seascape @ Sentosa Cove was auctioned off at a $6.6 million loss when a Singaporean buyer bought it for just $6.2 million \u2013 making it the standout deal in the auction market for Q1 2017, reported the\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":38189,"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":104759,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-sales-slumped-46-5-to-55-3m-in-2018\/","url_meta":{"origin":38189,"position":3},"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":[]},{"id":102457,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-hit-7-year-low\/","url_meta":{"origin":38189,"position":4},"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":38712,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-december-2016\/","url_meta":{"origin":38189,"position":5},"title":"News Roundup (December 2016)","date":"December 21, 2016","format":false,"excerpt":"\r \u00a0 Our top Singapore property stories. \u00a0 BTO flat supply to taper in 2017: Lawrence Wong The government will gradually taper the supply of Build-To-Order (BTO) flats in 2017, with the HDB launching around 17,000 units, down from the 18,000 units launched this year, revealed National Development Minister Lawrence\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/12\/auctions-e1482291227621.jpg?fit=1200%2C600&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38189"}],"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=38189"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38189\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=38189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=38189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=38189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThe figure is more than three times the $10.83 million sales value registered in Q4 2015, and more than double the sales value in Q3 this year.
\nJLL revealed that fourth quarter performance was boosted by the sale of three vacant plots of land within the prime Swiss Club estate for $15.22 million, and the $12.3 million sale of a landed property at 4 Jalan Bahasa via liquidator\u2019s sale.
\nThe sales of these properties shows \u201cthere are keen buyers in the market on the lookout for sites with such potential\u201d.
\nSeveral other large quantum residential properties were also sold via auction during the period under review, including non-landed units at Seascape in Sentosa and Orchard Scotts, as well as a landed unit at Daffodil Drive in District 20.
\nJLL noted that the quarter saw a good mix of property types and seller profiles.
\nOf the 11 properties auctioned, 10 were listed for the first time and sold within two to four weeks of entering the market. This indicates that there are \u201cready buyers willing to commit to good deals in today\u2019s market, despite having to put down a 10 percent deposit on the spot\u201d, said JLL.
\n\u201cBeing ready was to the advantage of some buyers, who managed to snag deals below what the previous owners had paid.\u201d
\nA three-bedroom unit at Orchard Scotts, for instance, was auctioned for $2.35 million, which translates to a 44 percent loss for the previous owner who paid $4.18 million for the property. A four-bedroom duplex penthouse at Seascape at Sentosa Cove was also auctioned for $6.35 million, down from the $11 million paid by the previous owner in December 2011.
\nWith just two weeks left to the end of the year, total auction sales stands at $92.2 million.
\n\u201cThis, however, is still almost 10 percent shy of 2015\u2019s total sales value of $102.3 million,\u201d said JLL, noting that while more properties were sold by auction in 2016, last year witnessed more transactions of a bigger quantum.
\nMok Sze Sze, Head of Auctions at JLL Singapore, highlighted a year-on-year increase in the number of properties sold during auction since 2013, when the Total Debt Servicing Ratio (TDSR) was introduced.
\n\u201cThis suggests that buyers have, over time, come to terms with the cooling measures and are more willing to commit, as opposed to adopting a wait-and-see attitude. In addition, more transactions taking place during auctions also illustrates the meeting of price expectation between buyers and sellers,\u201d she said.
\nLooking ahead, JLL expects mortgagee sales \u201cto increase by 10 to 20 percent in 2017, considering that Singapore is going through a protracted cyclical downturn, and the economy is expected to stay sluggish next year\u201d.
\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…Property auction sales up significantly in Q4<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"