Auction sales little changed at $70 mil in first nine months of 2022: SRI
SRI’s latest auction on Sept 30 had actually coincided with the news of the most recent cooling measures to increase the interest rate ground for Total Debt Servicing Ratio TDSR and Mortgage Servicing Ratio (MSR).
A total amount of 9 real estates were closed at sell-off in 3Q2022, carrying the overall quarterly transaction quantity to $18.9 million. SRI sold three properties totaling up to $7.63 million, while Knight Frank marketed two residential properties at $2.83 million as well as ERA offered one building at $5.01 million.
“Of the 9 residences sold off at public auction in 3Q2022, 8 are sold on their debut auction,” mentions Mok.
Regardless of the sudden execution of measures, SRI saw solid highest taker engagement 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 sold for $3.43 million, while 50 Pasir Ris Avenue was promoted for $3.6 million.
The volume of auction in Singapore hit $70.2 million in the initial nine months of 2022 (9M2022), declining marginally by 0.08% y-o-y, according to an SRI auction record released on Oct 10.
The non commercial sector comprised the mass of auction sales amount in 9M2022 at 64.5%, while commercial and retail segments composed 16.41% and 14.89% specifically.
A higher variety of deals were clocked in 9M2022 at 31, as matched to 2021’s 26, the report says.
The greatest unit for a single purchase was for an average condominium at 8 Nassim Hill which was bought for $9.79 million, according to Mok Sze Sze, taking care of partner at SRI Auction.
On the other hand, 2Q2022 including 2Q2021 viewed the highest number of real estates offered, at thirteen per capita, and the highest possible overall purchases number for their corresponding years, at $36.94 million also $30.19 million respectively.