Auction property sales hit record high of S$22.7m in August

Auction sales of properties in Singapore hit a record high in August at S$22.7 million, 37 per cent higher compared to a year ago.

The increase was mainly due to the sale of four residential infill land sites by the Singapore Land Authority (SLA), despite taboos associated with property purchase during the Hungry Ghost month.

The report by Collier’s International said this confirms that investors are ready to buy property as long as the price and location are right.

Last month, buyers focused on commercial and industrial properties as they are seen to offer better yields than residential units.

A total of S$5.4 million worth of commercial and industrial properties were sold under the hammer versus S$3.5 million of residential properties.

A total of 66 properties were put up for auction sale last month, and 12 of them were successfully sold.

On a monthly basis, auction sales in August posted the highest value so far this year. The next highest sales value was in June at S$11.35 million.

Source : Channel NewsAsia – 2 Sep 2008

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