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

The housing segment constituted the bulk of auction sales amount in 9M2022 at 64.5%, while industrial and trade sectors made up 16.41% and 14.89% specifically.

The quantity of auction sales in Singapore got to $70.2 million in the first 9 several months of 2022 (9M2022), declining slightly by 0.08% y-o-y, according to an SRI public auction file launched on Oct 10.

A much higher number of transactions were clocked in 9M2022 at 31, as compared to last year’s 26, the history claims.

An overall of nine assets were reselled at sell-off in 3Q2022, carrying the complete quarterly transaction volume to $18.9 million. SRI sold three properties amounting to $7.63 million, while Knight Frank sold two real properties at $2.83 million as well as ERA sold a single residence at $5.01 million.

Regardless of the unexpected application of steps, SRI witnessed strong bidding involvement of near to 50 advancing bids for the two residences at 685 Hougang Street 61 and even 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was marketed for $3.43 million, whilst 50 Pasir Ris Avenue was marketed for $3.6 million.

“Of the 9 residences sold off at public auction in 3Q2022, eight are reselled on their launch auction sale,” indicates Mok.

Midtown Bay condominium

On the other hand, 2Q2022 and also 2Q2021 observed the most range of places marketed, at 13 each, plus the highest complete revenues quantity for their corresponding years, at $36.94 million also $30.19 million each.

The highest possible quantum for a single purchase was for an intermediate townhouse at 8 Nassim Hill that was transacted for $9.79 million, according to Mok Sze Sze, taking care of affiliate at SRI Auction.

SRI’s latest public sale on Sept 30 had actually accompanied the statement of the most up to date cooling steps to elevate the interest rate floor for Total Debt Servicing Ratio TDSR and also Mortgage Servicing Ratio (MSR).

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