Auction success rate could surpass 5% for 2021: KF

There was a total of 200 auction listings in the second quarter, 40 of which were residential properties.

Auction success rates for 2021 would surpass 5%, on the back of an increased inventory and optimistic gross domestic product growth, according to a report from Knight Frank.

There was a total of 200 listings, including repeat listings and excluding properties sold outside of the action, in the second quarter amidst the heightened alert restrictions. Owner sales accounted for half of the total listings, whilst mortgage sales made up 43.5%.

Success rate continues to trend upward, reaching 6.5% in the second quarter from the 3.5% the quarter previous. Thirteen properties sold for a total gross value of $36.9m.

Of the thirteen listings that sold, eight were mortgage sales and five were sheriff and estate sales.

Forty of the mortgage sales listings were for residential properties, 31 condominiums and nine landed homes.

Industrial mortgage listings declined to 18 following a record high of 56 listings in the first quarter.

Owner sale listings increased by 24 to 100 listings in the second quarter, as more owners used auctions in an attempt to divest their properties amidst high price expectations, particularly in the non-landed residential sector.

According to Knight Frank, there is a moderate increase in auction listings in the second half of the year based on the first half’s success.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Thanks to the renewal of interest in the Singapore market.
The electronics cluster showed the most optimism.
The initiative aims to improve the overseas service exports environment.
This is the group’s 2nd sustainability notes issuance in the SGD bond market.
A Jefferies report said Singapore banks have enough buffers.
HongkongLand, CapitaLandInvest, and ComfortDelGro showed the most growth.
Mizuho Securities Asia Limited will be the notes dealer.
The company’s first batch has been fully allocated in the country.
The total consideration of up to $539m over three years will take effect. 
This is to address the increased global demand for healthcare products.
Thanks to the company's improved distribution channels.
Hiring activities online increased by 55.7% in August.
CapitaLandInvest, Capland IntCom T, and Sembcorp Industries showed the most growth.
This low turnout is due to the large quantum of the project, experts say.