Auction sales crashed 42.1% to $11.57m in Q1

It is attributed to buyers adopting a ‘wait-and-see’ attitude, waiting for upcoming new launches.

Auction sales crashed 42.1% YoY to $11.57m in Q1 from $19.97m in the previous quarter amidst the lingering effects of the property cooling measures, according to an Edmund Tie & Co report.

It is also attributed to the New Year and Lunar New Year festive period in January and February as well as the March school holidays. Many buyers appear to adopt a wait-and-see attitude, especially with many upcoming new launches, giving buyers a wide variety of choices.

The units sold via auction in Q1 2019, excluding private treaty sales and units transacted before or after the auction are Grange Residences that was auctioned for $7.15b, Haig Court $1.85b, Sim Lim Square for $1.7m, LW Technocentre for $350,000 and Northstar @ AMK for $520,000.

“In the ever-changing Singapore landscape, one will never know if a high-rise building may be built in front of your property affecting the views. For example, many buildings in District 1 currently enjoy unblocked sea views. However, with the draft URA Master Plan 2019 being announced for more residential buildings to enter the district, one might worry if their views are indeed permanent,” said Joy Tan, head of auction & sales at ET&Co.