2022-07-24-莱坊-Singapore_Auction_Market_Update_Q2_2022_2页_600kb

Singapore Auction Market Summary - Q2 2022

Core Content

The Singapore auction market in Q2 2022 showed a rebound in both the number of listings and success rates, maintaining a double-digit success rate streak. The overall auction listings increased by 47.5% quarter-over-quarter (Q-O-Q) to 118, which included repeat listings and excluded properties sold outside of auction. This growth was driven by a significant rise in owner sale listings, which increased by 121.4% Q-O-Q to 62, surpassing the growth in mortgagee sale listings, which rose by 6.4% Q-O-Q to 50.

Main Points

• Auction Listings Growth:

  • Total auction listings in Q2 2022 reached 118, up from 80 in Q1 2022.
  • Owner sale listings increased by 121.4% Q-O-Q to 62, while mortgagee sale listings rose by 6.4% Q-O-Q to 50.
  • Residential listings accounted for the majority of the growth, with both landed and non-landed properties contributing to the increase.
  • Retail and industrial owner sale listings also saw an increase in inventory.

• Success Rates:

  • The auction success rate remained at a double-digit level, reaching 11.0% in Q2 2022.
  • A total of 13 properties were knocked down, generating a gross sales value of S$30.2 million, up from S$21.1 million in Q1 2022.

• Mortgagee Sales:

  • Of the 13 properties sold, 10 were mortgagee sales, indicating a strong presence of such properties in the auction market.
  • Most of the successful mortgagee sales were residential, with suburban properties in the eastern part of Singapore being particularly sought after.
  • A condominium in The Sail @ Marina Bay (D1) sold for S$2.43 million, and a 3-bedroom apartment in Reflections@ Keppel Bay (D4) sold for S$2.65 million, which was 3.9% above the opening price.

• Owner Sales:

  • Residential owner sale listings increased to 22 from 7 in Q1 2022, with half of them located in prime districts 9 and 10.
  • A ground-floor shop unit at Katong Shopping Centre was the only owner sale listed this quarter, sold for S$720,000 or S$3,186 psf, a 6.3% discount to the initial opening price.

• Market Outlook:

  • The ongoing rise in interest rates is expected to increase mortgage-related stress, leading to more listings in the coming months.
  • The number of mortgagee sale listings is anticipated to rise in the remaining quarters of 2022, following a drop in Q1 2022.
  • Owner sales are also likely to grow as more individuals become open to the auction process, seeking better prices in a healthy market.

Key Information

• Total Auction Listings: 118 (up 47.5% Q-O-Q)
• Gross Sales Value: S$30.2 million (up 43.1% Q-O-Q)
• Success Rate: 11.0%
• Mortgagee Sale Listings: 50 (up 6.4% Q-O-Q)
• Owner Sale Listings: 62 (up 121.4% Q-O-Q)
• Residential Listings: 22 (up from 7)
• Non-landed Residential Listings: 50 (42.4% of total auction listings)
• Notable Sales:
  • A 4+3-bedroom semi-detached home at Seletar Hills Estate sold for S$6.33 million.
  • A corner terrace at Verde View sold for S$2.30 million.
  • A B2 factory at E9 Premium sold for S$595,000.
  • A ground-floor shop unit at Katong Shopping Centre sold for S$720,000 or S$3,186 psf.
  • A medical suite at Mount Elizabeth Medical Centre sold for S$8.44 million, 1.9% above the opening price.
  • A condominium at The Sail @ Marina Bay sold for S$2.43 million.
  • A 3-bedroom apartment at Reflections@ Keppel Bay sold for S$2.65 million (3.9% above opening price).

Contact Information

For further information on the report, please contact:

• Sharon Lee Head
  Auction & Sales
  +65 6228 6891
  sharon.lee@sg.knightfrank.com

• Leonard Tay Head
  Research
  +65 6228 6854
  leonard.tay@sg.knightfrank.com

Additional Notes

• The report highlights the growing interest in the auction market, driven by factors such as rising interest rates, economic uncertainties, and the desire for larger living spaces.
• Knight Frank Singapore, a leading global property consultancy, provides this data and insights, with a strong presence in the region through its head office and subsidiaries.
• The report is for general information only and does not represent the views of Knight Frank on specific properties or projects. Reproduction is allowed with proper attribution.