Fewer Properties On Auction This Year But Sales Value Up

Source : TODAY, Friday, December 28, 2007

Fewer properties were put up for sale by auction this year, but the value of sales rose to an eight-year record as high-end condominiums and apartments with en bloc potential dominated in a vibrant market.

Next year, the auction market is likely to “focus on those sectors that have yet to experience sharp price increases”, said Ms Grace Ng, deputy managing director and auctioneer for Colliers International, the real estate consultancy firm which collated the data.

According to Colliers, 1,456 properties were put up for auction this year compared to 2,018 last year, but actual sales numbered 204 (172 last year), worth $407.43 million ($317.75 million last year). Sales by owners also increased to 810, a 10-year record, worth $264.71 million - double last year’s $129.54 million.

The shophouse sector recorded an increase of 172 per cent to $78.06 million this year, from $28.75 million last year. Although demand largely centred on properties in or near the Central Business District, high-value flats in the HDB heartlands were also transacted at record prices.