Property auction sales surge in Q4
View of the vacant land plots within Swiss Club Estate, which were sold through an auction for $15.22 million. (Photo: JLL Singapore)
Property auction sales in Singapore gained momentum during the last quarter of 2016, with transaction volume reaching $44.02 million even before the end of October, revealed a JLL report.
This surpasses the $9.62 million in sales during Q1, $14.81 million in Q2 and $20.53 million in Q3. In fact, it is almost on par with the combined figure of $44.96 million for the previous quarters.
“We are off to a good start for the last quarter of the year, with October sales value making up almost half the total sales value of $88.9 million year-to-date,” said Mok Sze Sze, Head of Auctions at JLL Singapore.
The high transaction volume for the three-month period was boosted by the sale of three vacant plots of land within the prime Swiss Club estate for $15.22 million, with the said properties attracting a total of 14 bids.
The three plots are flanked by Swiss Club Link, Jalan Kampung Chantek and Bukit Tinggi Road, and surrounded by established institutions such as The Swiss Club, The British Club and the Hollandse School.
Another deal that propelled the auction market in Q4 was the sale of a landed property at 4 Jalan Bahasa off Dunearn Road for $12.3 million, after it drew 18 bids inspite of a high starting price of $11.5 million.
Located near the Swiss Club plots, the corner site is currently occupied by a two-storey detached unit suitable for redevelopment, given its prime location in District 11.
JLL also closed the estate sale involving 21 Daffodil Drive located off Upper Thomson Road, which was sold for $4.35 million after receiving nine bids. The single-storey detached unit is suitable for redevelopment due to its proximity to Thomson Plaza, MacRitchie Reservoir and Nature Reserve, the Singapore Island Country Club and the upcoming Upper Thomson MRT station.
“We see renewed interest in the auction market, especially for landed units in favourable locations with redevelopment potential,” noted Mok.
The consultancy also auctioned off a four-bedroom duplex penthouse at Seascape at Sentosa Cove for $6.35 million ($1,497 psf). The previous owner bought the unit from the developer for $11 million ($2,594 psf) in December 2011, which translates to a 42.3 percent loss of $4.65 million.
Source: JLL Singapore
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
