There has been a sharp jump in the number of residential properties put up for sale by mortgagees. According to property consultancy Colliers International, the total number so far this year is 123, a seven-fold jump from just 17 in 2013.
Non-landed units accounted for 65.4 per cent of private homes in the mortgagee listings. These included condominiums in prime areas such as Marina Bay and Sentosa Cove, as well as those in districts 9 and 10.
Colliers said the higher numbers are due mainly to the “stricter regulatory and financing environment” in Singapore. It also noted that for the first time, shoebox apartments have been placed on mortgagee listings. Nine such units were put up for mortgagee sale, compared to none in the previous four years.
All in, a total of 529 properties were up for sale on the Singapore property auction market this year. Of these, 30 per cent were mortgagee sales – the highest number since 2010.
Source : Channel NewsAsia – 12 Dec 2014