More high-end homes auctioned off at massive losses to opportunistic buyers

Five central apartments were auctioned off in Q1.

More high-end homes were auctioned off to opportunistic buyers in the first quarter, a report from Colliers revealed.

The report showed that five apartments in the central region were sold at auctions in the first quarter, including an apartment in Pearl Bank (Outram) and Twin Regency (Kim Tian Road) located in District 3 that were hammered at S$1.35 million and S$2.3 million, respectively.

The other three were an apartment at Ville Royale (River Valley) sold for S$1.83 million, a unit at The Grange (Grange Road) sold for S$4.15 million and one in Estilo (Wilkie Road) sold for S$800,000.

“There is an increasing number of homes, particularly high-end properties, being transacted at 20-30 per cent below the peak prices in 2007/2008. Hence, we are seeing opportunistic buyers who are quick to take advantage of the drop in prices to snap up well-located apartments in the prime areas,” said Grace Ng, Deputy Managing Director of Colliers International.