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

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

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

“Of the 9 estates sold off at auction in 3Q2022, 8 are sold on their debut auction,” mentions Mok.

A total amount of nine properties were sold at sell-off in 3Q2022, bringing the complete quarterly transaction volume to $18.9 million. SRI offered 3 buildings equaling $7.63 million, while Knight Frank sold 2 residential properties at $2.83 million and age sold one residence at $5.01 million.

SRI’s latest public sale on Sept 30 had accompanied the announcement of the latest cooling actions to raise the interest rate floor for Total Debt Servicing Ratio TDSR as well as Mortgage Servicing Ratio (MSR).

At the same time, 2Q2022 and also 2Q2021 viewed the best variety of real estates marketed, at 13 per unit, plus the highest overall revenues volume for their respective years, at $36.94 million and $30.19 million each.

The housing sector made up the quantity of auction sales amount in 9M2022 at 64.5%, while business and even retail segments comprised 16.41% and 14.89% specifically.

Rivière Condo floor plan

Regardless of the unexpected execution of measures, SRI witnessed strong bidding involvement of close to 50 cumulative bids for the two investments at 685 Hougang Street 61 and even 50 Pasir Ris Avenue, according to Mok. 685 Hougang Street 61 was cost $3.43 million, whilst 50 Pasir Ris Avenue was marketed for $3.6 million.

The highest possible unit for a solitary purchase was for a fair townhomes at 8 Nassim Hill that was negotiated for $9.79 million, according to Mok Sze Sze, managing partner at SRI Auction.

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