Property Auction Hits New High During Ghost Month

RESIDENTIAL MARKET

Ghost Month auction values hit 3-year high

The successful auction of four properties saw property auction sale values during the Hungry Ghost Month period rebound to hit a three-year high of $10.35 million this year.

This was largely attributed to the forced sale of a high-end condominium apartment at The Boulevard Residences (BLVD) at Cuscaden Walk, which was knocked down at $5.7 million.

This represents 55 per cent of the total sales value achieved during the Hungry Ghost Month, which falls between Aug 17 and Sept 15 this year. It is also the first high-value residential property that has transacted above $5 million at auction since early 2011.

The other three properties sold included a single-storey terrace house at Thomson Road ($2.33 million), an apartment in Lake View Estate at Upper Thomson Road ($1.3 million), and an industrial flatted factory at Northlink Building at Admiralty Street ($1.02 million).

A total of 39 properties were put up for auction sale, of which three were mortgagee sales. The remaining 36 properties were put up by property owners.

The property auction market in Singapore has knocked down 17 properties for a total sale value of $50.6 million to date this year.

Source: Business Times – 14 September 2012