Singapore's property auction sales dropped by 37% in 3Q

Total transactions amounted to $51m compared to $82m a year ago.

According to Jones Lang LaSalle, the third quarter of 2012 saw total value from residential auctions outperforming; contributing 75% of all successful transactions done. $12.4 million out of $16.7 million auction sales in the third quarter came from the residential market.

This is a stark improvement from the previous two quarters where residential deals took up only 17% and 24%
respectively. The strong market fundamentals – low interest rate and strong population growth, has
led to more interest in this sector.

Year to date, a total of 19 properties have been transacted through auctions, amounting to a total of $51 million, albeit lower than the 40 deals (totally $82 million) concluded in the same period last year.

Notwithstanding, the improvement in the value of residential sales, the non-residential sector remained dominant, concluding 11 deals at a total of $31.4 million.

This shows that 62% of the total $51 million in value sold under auction came from the commercial, industrial and other non-residential property sectors.

Since 2011, the proportion of non-residential deals to total deals concluded has been on the rise; primarily due to the punitive residential policies in place.

Mok Sze Sze, Head of Auctions at Jones Lang LaSalle said, “We can see that sellers view auctions as an effective tool in achieving fair value for their property, the recent tenancy auction shows further confidence in the market.”

Although the success rate of close to 8% secured to date has clearly reflected the uncertain global market conditions looming over most of the year, it might not be as gloomy in the coming term. Ms Mok adds, “While we are likely to end the year a shade lower compared to 2011’s $95.6 million, we could see confidence in the market returning with the recent news of QE3.”

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