Posh penthouses go under the hammer as market weakness escalates

37 large apartments were put up for sale in 1H.

Owners of upscale penthouses and other large non-landed homes are turning to auction houses as the property market's weakness intensifies.

According to Colliers International, there was an increasing trend of large apartments with unit floor area of more than 1,500 sq ft being put up by mortgagees for auction sale in the first half of the year.

“Owners of large apartments are finding it challenging to sell them, as the large unit floor area translates into a higher price quantum. Some of these larger units are two-storey penthouses with large open terraces or balconies and a private swimming pool,” said Grace Ng, Deputy Managing Director of Colliers International.

A total of 37 large apartments were put up for auction in the first six months of the year. These include a 4,133 sq ft unit in Seascape@Sentosa Cove, a 5,059 sq ft unit in Residences at Killiney in District 9, and a 2,863 sq ft unit in Stevens Court in District 10.

“These sizable non-landed homes, which were popular during the market boom in 2007/2008, are now languishing in demand – suffering from a wane in both foreign and local buying interest due to affordability concerns that followed stringent loan curbs," she added.