According to Jones Lang LaSalle, Singapore auction sales in Q1 2010 totaled $43.4 million, more than double that of the previous year’s results of just $17.94 million.

Interest in non-residential properties has risen steadily, reaching a total of $20.65 million, almost tripling the Q1 2009 auction results. Residential properties accounted for approximately $22.751 million, doubling in comparison to 2009 results of $10.29 million.

Jones Lang LaSalle’s auction house reported that the majority of properties sold at their Q1 auctions were commercial properties.

Mok Sze Sze, Head of Auctions for Jones Lang LaSalle said, “ We have been noticing increased demand for both commercial and industrial properties, both by an increase in pre-auction enquiries and by commitment on the auction day itself.”

“This can be attributed to the fact that office rents are starting to stabilize, and people are looking to take advantage of the higher rental returns attributed to commercial property,” noted Mok.