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

The volume of auction in Singapore reached $70.2 million in the initial 9 months of 2022 (9M2022), going down partially by 0.08% y-o-y, according to an SRI public auction report published on Oct 10.

SRI’s newest public sale on Sept 30 had actually coincided with the statement of the latest cooling measures to elevate the interest rate floor for Total Debt Servicing Ratio TDSR as well as Mortgage Servicing Ratio (MSR).

The non commercial segment comprised the bulk of auction volume in 9M2022 at 64.5%, while business and even reseller sections composed 16.41% and also 14.89% specifically.

The highest possible portion for a solo deal was usually for an intermediate condominium at 8 Nassim Hill which was transacted for $9.79 million, according to Mok Sze Sze, handling affiliate at SRI Auction sale.

A total of 9 real estates were reselled at sell-off in 3Q2022, bringing the overall quarterly transaction quantity to $18.9 million. SRI offered three residences totaling up to $7.63 million, whereas Knight Frank marketed two real properties at $2.83 million and ERA marketed 1 building at $5.01 million.

Sceneca Residences MCC Land (Singapore) Pte Ltd

A much higher variety of purchases were reported 9M2022 at 31, as compared to 2021’s 26, the report claims.

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

Despite the abrupt execution of actions, SRI saw strong bidding involvement of near to 50 advancing bids for the two assets at 685 Hougang Street 61 and 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was sold for $3.43 million, whereas 50 Pasir Ris Avenue was marketed for $3.6 million.

At the same time, 2Q2022 and also 2Q2021 observed the best variety of properties marketed, at 13 per unit, and the highest overall revenues number for their respective years, at $36.94 million and $30.19 million respectively.

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