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Singapore sees auction pickup
Healthy bidding for three Swiss Club estate has seen Q4 beat the rest of the year.
Auction sales have seen an uptick in numbers over the quarters, with total sales value of $45.0 million concluded by 3Q16, and SGD 44.0 million hammered thus far in 4Q16.
According to JLL, total auction sales in 4Q16 was given a boost by the sale of three vacant plots of land within the prime Swiss Club estate for $15.2 million, as well as a landed property at 4 Jalan Bahasa for $12.3 million.
JLL noted that three vacant lands within Swiss Club estate attracted a total of 14 bids. The three plots of land are flanked by Swiss Club Link, Jalan Kampung Chantek and Bukit Tinggi Road, off prime Dunearn Road / Bukit Timah Road and are surrounded by prestigious institutions such as Swiss Club, The British Club, Hollandse School, Singapore Korean International School and German European School.
JLL Singapore Head of Auctions Mok Sze Sze said this is a good start for the last quarter of the year, as October sales value making up almost half the total sales value of $88.9 million year to date.
"We see renewed interest in the auction market, especially for landed units in favourable locations with redevelopment potential,” Mok stressed.
More so, the firm also also closed the estate sale of 21 Daffodil Drive, located off Upper Thomson Road, which was sold at $4.35 million after nine bids were received.
"The subject property is currently a single storey detached unit which is ideal for redevelopment, given its corner and square land plot, and its proximity to Thomson Plaza, MacRitchie Reservoir and Nature Reserve, Singapore Island Country Club, and upcoming Upper Thomson MRT station," the firm stated.
Meanwhile, 4 Jalan Bahasa, located off Dunearn Road, and near the Swiss Club plots, was the third successful landed property sold by JLL at $12.3 million. Also a corner and square land plot, the subject property is currently a 2-storey detached unit suitable for redevelopment, given its prime District 11 and CCR (core central region) locality. This unit attracted 18 bids after it opened at SGD 11.5 million.
"These three successful sales indicate that there are keen buyers in the market looking for landed units within good locations that are suitable for redevelopment. One such potential property is a two-storey beach-front bungalow along Pasir Ris Road, located directly opposite Pasir Ris Beach, on a land of approx. 10,991 sq ft, with opening price of $8.45 million. While not successfully auctioned off, it has garnered keen interest post auction," JLL explained.
JLL also auctioned off a 4-bedroom duplex penthouse unit at Seascape at Sentosa Cove for SGD 6.35 million or SGD 1,497 per square feet. The previous owner purchased the unit from the developer at SGD 11.0 million or SGD 2,594 per square feet in December 2011, translating in a loss of SGD 4.65 million or 42.3 per cent.
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