Property auctions rebounded during Hungry Ghost Month

Total value of properties sold at auction highest in 3 years.

According to Colliers International, 4 properties with a total sale value of S$10.35 million were sold at property auctions during the Hungry Ghost Month period, which falls between 17 August and 15.

Colliers said that this is the highest sale value recorded in three years, since the financial crisis in 2008/2009 triggered by the collapse of the Lehman Brothers.

Ms Grace Ng, Deputy Managing Director of Colliers International, says, “The property auction market is much quieter this year, largely due to the twin effects of the continuous government curbs on the residential market and the reduction in the number of mortgagee sales.The high sale value registered during the Hungry Ghost Month this year is mainly attributed to the forced sale of a high-end condominium apartment at The Boulevard Residences (BLVD) at Cuscaden Walk, which was knocked down at S$5.7 million. This is 55 per cent of the total sale value achieved during the Hungry Ghost Month. Additionally, this is the first high-value residential property that was transactedabove S$5 million at auction since early 2011.”

The other three properties sold included a single-storey terrace house at Thomson Road which was sold for S$2.33 million, an apartment in Lake View Estate (Upper Thomson Road) for S$1.3 million, as well as an industrial flatted factory at Northlink Building (Admiralty Street) for S$1.02 million.

A total of 39 properties were put up for auction sale by the various auction houses in Singapore during the Hungry Ghost Month – of which the number of mortgagee sale remained low at 3 properties, and the remaining 36 properties were put up by property owners.

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