Buyers hold back; only one property sold at auction during Hungry Ghost Festival

Don’t blame superstition though, as the record low is attributed to some other factors.

According to Colliers International, a total of 34 properties were put up for auction sale during this year’s Hungry Ghost Festival but only one property was sold. This is said to be comparable to the Hungry Ghost Festival in 1998, during which two properties were sold out of 29 put up for auction sale.

Deputy Managing Director of Colliers International, Ms Grace Ng, said this is mainly due to the current market conditions and buyers’ sentiment and not to the superstition associated with the Hungry Ghost Festival.

“The lull in the residential market, as a result of the government measures introduced since January this year, has impacted the auction property market and reduced the number of residential properties put up for auction sale,” she noted.

Ng added that sellers have held back from putting their properties up for sale amidst buyers and investors adopting a ‘wait-and-see’ attitude. She said property buyers are also holding back as they are worried about a double-dip recession.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia