Rise in number of properties put up for auction: Colliers International

There has been a sharp increase in the number of properties put up for auction as mortgagee sales.

According to Colliers International, there were 171 such listings in the first nine months of this year. This was 52.7 per cent higher, compared to 112 in the same period last year.

There were 32 landed properties – more than double the 15 listings when compared to a year ago – including a bungalow in Tanjong Katong, which was sold for S$16.3 million at an auction last month.

The others included shophouses at Teck Chye Terrace and Tanjong Katong Road, and apartments in Districts 9, 10 and 11 at The Grange, The Imperial and Orchard Scotts.

All in, S$90.8 million worth of sales was recorded in the first nine months of this year, a jump of 54 per cent year-on-year.

Colliers International said rising interest rates and a growing supply of homes for rent have contributed to the increase in mortgagee sales.

“This is due to the fact that larger landed properties come with larger price tag, borrowers may face difficulties when they want to sell them. Buyers have problems getting a loan because of loan curbs,” said Ms Grace Ng, deputy managing director of Colliers International.

Source : Channel NewsAsia – 6 Oct 2015

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