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

Despite the unexpected implementation of actions, SRI experienced strong bidding process participation of near 50 advancing bids for the two assets at 685 Hougang Street 61 including 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was cost $3.43 million, whereas 50 Pasir Ris Avenue was easily sold for $3.6 million.

The highest quantum for a single transaction was usually for an average townhomes at 8 Nassim Hill which was negotiated for $9.79 million, according to Mok Sze Sze, handling associate at SRI Auction sale.

A total of 9 assets were reselled at auction in 3Q2022, bringing the overall quarterly transaction volume to $18.9 million. SRI sold 3 buildings equaling $7.63 million, while Knight Frank marketed 2 properties at $2.83 million and age marketed one real estate at $5.01 million.

At the same time, 2Q2022 including 2Q2021 observed the best range of premises marketed, at thirteen each, plus the highest possible full sales quantity for their respective years, at $36.94 million and $30.19 million each.

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

Pasir Ris 8 condominium

A greater number of purchases were clocked in 9M2022 at 31, as compared to last year’s 26, the record says.

The non commercial sector constituted the mass of auction sales quantity in 9M2022 at 64.5%, while commercial and retail sections made up 16.41% and also 14.89% respectively.

The quantity of auction in Singapore reached $70.2 million in the first nine months of 2022 (9M2022), going down slightly by 0.08% y-o-y, according to an SRI auction record published on Oct 10.

SRI’s newest auction on Sept 30 had accompanied the news of the latest cooling steps to elevate the interest rate ground for Total Debt Servicing Ratio TDSR as well as Mortgage Servicing Ratio (MSR).

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