Property auction sales hit new highs at $103.35m

One property was sold at $11.38m.

The total value of successfully auctioned properties rose 9.44% YoY from $94.43m in 2016 to $103.35m in 2017, the highest since 2011.

JLL said in a press release that residential properties remained the bulk of deals, which stood at 77.2% of the total sales.

The largest sales hammered in 2017 includes a Good Class Bungalow (GCB) at 86 Chestnut Drive in April which was sold at $11.38m, as well as a five-storey commercial building located at 32 South Bridge Road which was sold at $6.68m in November.

"A notable trend observed over the years was the sustained increase in the proportion of mortgagee properties reflected in the sales listings," JLL said.

The number of mortgagee sales recorded an increase of 9.1% YoY.

Subsequently, this year saw the sales quantum for private residential mortgagee properties totalled to $51.18m, which is the highest recorded value in over 10 years. Of the private residential mortgagee listings, purchasers were largely interested in landed properties with freehold tenure, JLL said.

JLL head of auction and sales Mok Sze Sze commented, "We expect an increase in interest especially for mortgagee’s sales. We foresee that motivated owners are also likely to be attracted to use auction as a platform to secure a buyer through competitive bidding and to take advantage of the inherent qualities of an auction sale in order to garner buying interest and achieve optimal price within a specific timeframe."