The local auction market experienced a "cooling" period in the first quarter of this year, with only three properties sold out of 84 properties auctioned, according to the latest report by property consultancy firm Jones Lang LaSalle. In the same period last year, 17 properties were sold out of 120 properties auctioned. Among the three properties sold during auctions in the first quarter of 2012, two...
Auctions
Auctions are no longer an exit strategy for distressed properties, as sluggish mortgagee listings for Q4 2011 reached their lowest since Q1 2009. In contrast, Jones Lang LaSalle (JLL) Auction brokered the sale of a S$6.6 million commercial property two quarters earlier. As buyers may have placed major decisions on hold until after the year-end celebrations, similar seasonal trends were seen between Q3...
The government's property cooling measures have dampened the performance of auctioned properties in 2011. Property consulting firm Colliers International said that out of 542 properties put up for auction this year, only 46 were sold. These raked in S$95.62 million in sales value. But it is much lower than the S$223.9 million achieved from the sale of 71 properties in 2010. This year's figure is also...
Jones Lang LaSalle on Friday said Singapore's auction sales in the first half of this year fell by 20.4 per cent to S$69.25 million, compared to about S$87 million a year ago. The share of residential properties auctioned off also fell from about S$59 million to S$19.3 million for the same comparative period. In comparison, non-residential properties were more sought after, with sales of commercial and...
The Singapore property auction market has experienced a healthier second quarter after a lacklustre start in the first quarter this year. According to Colliers International, the total value of properties sold increased by 48.5 per cent on a quarter-on-quarter basis to S$41.38 million in Q2. The improved total sales value registered in the second quarter is contributed by a number of high-value...
Auction sales in Singapore have hit approximately S$63.1 million so far this year, down 27 percent compared to the S$87 million recorded in June 2010, according to a Jones Lang LaSalle (JLL) Auction House report. The number of mortgagee sales was less than half the total sales registered over the same period last year, mainly attributed to the improved economy. Meanwhile, the proportion of owners’ sales...
The Singapore property auction market registered a significant drop in total sales value and number of transactions in the first quarter of the year, chalking up a total of 17 transactions worth only S$27.87 million, property consultants Colliers International said. Colliers said that it was the lowest sales value garnered since the auction market rebounded in the first quarter of 2009, after the global...
With more prime real estate changing hands, the sale value at property auctions in Singapore has shot up 33 per cent from the previous year to a total of S$223.9 million in 2010, according to international property consultant Colliers International. This rise above 2009's sale value of S$168.39 million is still 45 per cent lower than the decade-high of S$407.43 million recorded in 2007. The increase in...
The recently concluded Hungry Ghost Month may have scared away some property buyers in the auction market. Property consultant Colliers International said Wednesday only three properties worth a total of S$5.2 million were sold by all auction houses during the Hungry Ghost Month period. The three properties included two shophouses at Dunlop Street, an HDB shop at Bishan and a strata factory at Toh Guan...
"Going once, going twice, sold!" This is a phrase commonly heard at property auctions in Singapore, which have - over the years - gained favour with both sellers and buyers. Auction houses, such as Colliers International, DTZ, Jones Lang LaSalle and Knight Frank, typically conduct auctions on a monthly basis in a hotel. About 200 people on average show up at each session, comprising both local and foreign...