Auction market rebounds in Q3 as shophouses go under the hammer

Overall sales value reached $27.63m.

Singapore’s property auction market has rebounded in the third quarter, with overall sales value more than doubling compared to the previous quarter.

According to JLL, the overall auction sales value achieved to-date in 3Q15 is $27.63 million, compared to $9.99 million seen in 2Q15, However, this is 13% below the $31.65 million achieved a year ago.

In terms of volume, 3Q15 saw 10 sales closed, up from only five in the previous quarter, and on par with the 10 deals achieved in 3Q15.

Overall sales value picked up because residential mortgagee sales commanded better prices than in the previous quarter, while commercial properties re-entered the market following their absence in 2Q.

Two commercial properties were sold during the quarter, commanding a total sales value of $12.8 million.

These include a refurbished two-storey shophouse at 362 & 362A Tanjong Katong Road sold at $6.35 million, and two adjoining shop units at 1 & 1B Figaro Street sold for $6.45 million.

This is a leap in value after no sales seen in the second quarter, and more than double the value sold in 3Q14, contributing to the overall auction sales this quarter.