Auction sales little changed at $70 mil in first nine months of 2022: SRI
SRI’s latest marketplace on Sept 30 had coincided with the news of the most recent cooling measures to elevate the interest rate ground for Total Debt Servicing Ratio TDSR and also Mortgage Servicing Ratio (MSR).
The volume of auction sales in Singapore reached $70.2 million in the initial 9 several months of 2022 (9M2022), declining marginally by 0.08% y-o-y, according to an SRI auction file published on Oct 10.
Despite the abrupt implementation of measures, SRI observed solid bidding process engagement of near to 50 advancing bids for the two properties at 685 Hougang Street 61 and even 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was sold off for $3.43 million, whilst 50 Pasir Ris Avenue was sold for $3.6 million.
A greater amount of deals were clocked in 9M2022 at 31, as compared to 2021’s 26, the report states.
The non commercial sector comprised the bulk of auction volume in 9M2022 at 64.5%, while business and reseller segments comprised 16.41% and 14.89% respectively.
Meanwhile, 2Q2022 including 2Q2021 viewed the most number of real estates marketed, at thirteen each, and also the highest full purchases number for their corresponding years, at $36.94 million including $30.19 million respectively.
A total amount of 9 assets were sold off at auction in 3Q2022, delivering the total quarterly purchase quantity to $18.9 million. SRI sold three buildings totaling up to $7.63 million, whilst Knight Frank offered 2 residential properties at $2.83 million and also ERA sold one residence at $5.01 million.
“Of the 9 properties sold at auction in 3Q2022, eight are reselled on their debut auction,” mentions Mok.
The highest portion for a single purchase was usually for an average condominium at 8 Nassim Hill that was negotiated for $9.79 million, according to Mok Sze Sze, handling partner at SRI Auction.