Multiple-property owners may face increasing pressure as the market continues to soften. Rental yields and demand have fallen due to slowing global economic growth.
Photo: Axis @ Siglap
Real estate consultancies and auction houses are beginning to see an down-the-middle split in auction listings between owner listings and mortgagee listings. The latter are units put into auction by banks because of owners defaulting on their mortgage payments.
Not only are residential units being put up for auction, but office spaces, shophouses and retail units are also finding their way into these auctions. Home owners are increasingly favouring the path of auction listings are they garner higher exposure and are more likely to attract investors or buyers who may be willing to pay for quality or a good bargain.
Some of the auctioned properties out there are in the million-dollar range, including a 1,776 sq ft penthouse with roof terrace at Axis @ Siglap for $1.3 million, a 13th-floor 1,808 sq ft unit at The Orchard Residences going for $6.2 million and a $16 million single-storey detached Branksome Road house in Tanjong Katong.
Photo: Tanamera Crest
Affordable units sold below valuation are also available at these auctions, for example a 603 sq ft unit at The Greenwich in Seletar road going for $730,000 and $980,000 for a 1,205 sq ft unit at Tanamera Crest. These suburban units may be good bargains for buyer-occupiers while the higher-end listings are good fodder for investors in the know.