Auction sales little changed at $70 mil in first nine months of 2022: SRI

A total amount of 9 assets were sold at auction in 3Q2022, carrying the overall quarterly deal volume to $18.9 million. SRI marketed 3 buildings equaling $7.63 million, whilst Knight Frank offered 2 residential properties at $2.83 million and also period offered 1 residence at $5.01 million.

Regardless of the unexpected execution of procedures, SRI observed solid bidding participation of near to 50 cumulative bids for both properties at 685 Hougang Street 61 including 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was cost $3.43 million, while 50 Pasir Ris Avenue was sold for $3.6 million.

The non commercial section comprised the quantity of auction amount in 9M2022 at 64.5%, while industrial and even retail sections made up 16.41% and 14.89% specifically.

Lentor Hills Residences Guocoland, Hong Leong and TID Pte Ltd

The volume of auction sales in Singapore reached $70.2 million in the initial nine several months of 2022 (9M2022), dropping marginally by 0.08% y-o-y, according to an SRI public auction record launched on Oct 10.

SRI’s latest auction on Sept 30 had accompanied the announcement of the current cooling steps to raise the interest rate ground for Total Debt Servicing Ratio TDSR and Mortgage Servicing Ratio (MSR).

A higher amount of transactions were clocked in 9M2022 at 31, as matched to 2021’s 26, the report claims.

The greatest quantum for a solo transaction was for an intermediate condominium at 8 Nassim Hill that was transacted for $9.79 million, according to Mok Sze Sze, taking care of associate at SRI Auction sale.

“Of the nine properties sold off at public auction in 3Q2022, eight are sold on their first appearance auction sale,” mentions Mok.

At the same time, 2Q2022 and 2Q2021 viewed the highest range of premises offered, at thirteen per unit, and also the greatest complete purchases number for their respective years, at $36.94 million also $30.19 million respectively.