Chart of the Day: Singapore’s auction sales of freehold properties skyrocket by 241% in 3Q

See which sector dominated the scene.

Total properties sold via auction increased slightly from last quarter’s 9 to 10 this quarter, but a more positive spin reveals that sales value increased a whopping 241.2%.

A report by Knight Frank reveals that total auction sales for 3Q14 reached $31.6m, dominated by the residential sector (65%) where total sales value crossed the $20m mark, amounting to $20.5m.

According to Knight Frank, this was mainly accounted for by the successful transactions of a single-storey detached house at Brighton Crescent ($9,100,000) as well as an apartment at Orchard Scotts ($3,300,000).
Knight Frank adds that the shops and shophouse sector shone brightly this quarter as it made up 22% of the total sales value. Two properties were sold - one shop along Yio Chu Kang Road and one shophouse at Jalan Besar were sold at $1,880,000 and $5,200,000 respectively.

Here’s more from Knight Frank:

The remaining sales done were made up of a land site intended for petrol station (11 per cent of total sales value) and a factory unit at The Spire (2 per cent of total sales value).

Mortgagee properties made up approximately 29.6 per cent of the total sales value in 3Q 2014.