Jam-packed property auctions are the new norm in policy-battered Singapore

Some events are attended by over 200 people.

Jam-packed auctions are the new norm in Singapore’s policy-battered property market.

According to a report by Colliers, property auctions were noticeably better-attended in the first half of 2015 compared to previous periods.

“This year, the auction rooms continued to be jam-packed, with some sessions seeing an overwhelming attendance of more than 200 people,” said Grace Ng, Deputy Managing Director of Colliers International.

Colliers also noted that although more large apartments were put up for auction in the first half, buyers continued to prefer properties with price tags in the region of $1.5 million or lower.

For instance, residential units at Golden Mile Complex and The Plaza, both located in Beach Road, were sold for $1.4 million and $700,000, respectively. Another unit at Eastgrove in East Coast Road was hammered down at $950,000.

“The sales figures at auctions remained moderated, as interested buyers prefer to go for private negotiation after the auction. The total sale value for 2H 2015 is expected to be in the range of S$30-35 million. This will bring the total sale value for the entire year to be about S$80 million, slightly higher than the S$72.5 million recorded in 2014,” Ng said.