SINGAPORE – The auction market in Q1 2019 saw a total units’ sales value of $11.57m. This reflects a year-on-year (y-o-y) drop of approximately 42.1 per cent from $53.84m in Q1 2018, which may be due to the after-effects of last year’s cooling measures, which have softened the whole market since Q3 2018.
Other reasons include the New Year and Lunar New Year festive period in January and February as well as the March school holidays.
Many buyers appear to adopt a wait-and-see attitude, especially with many upcoming new launches, giving buyers a wide variety of choices.
The units sold via auction in Q1 2019, excluding private treaty sales and units transacted before or after the auction, are as follows –
|Property||Auctioned Amount||Property Type||Seller profile|
|#17-11, Grange Residences,
95 Grange Road, D10
|#10-05, Haig Court,
160 Haig Road, D15
|#03-82, Sim Lim Square,
1 Rochor Canal Road, D07
|#02-02, LW Techocentre,
31 Toh Guan Road East, D22
|#04-15, Northstar @ AMK,
7030 Ang Mo Kio Ave 5, D20
The highest transaction has done this quarter was mortgagee sale for #17-11, Grange Residences located in District 10 off Tanglin Road. The unit was successfully knocked down after it was offered for the first time at Edmund Tie & Company’s (ET&Co) auction on 27 March 2019.
With an opening price of $6.85m, a prospective buyer counter-offered with a bid of $6.6m. The unit subsequently attracted a total of 24 bids from several other prospects, ending the auction at $7.15m or $2,507 per square foot (sq ft).
The freehold, 3-bedroom + study unit, which is approximately 2,852 sq ft, is on the 17th level and one floor below the penthouse. It offers an unobstructed view of the Chatsworth Good Class Bungalow Area (GCBA) and the embassies in the area.
Head of auction & sales, Joy Tan, who was handling the sale of the unit commented, “In the ever-changing Singapore landscape, one will never know if a high-rise building may be built in front of your property affecting the views. For example, many buildings in District 1 currently enjoy unblocked sea views. However, with the draft URA Master Plan 2019 being announced for more residential buildings to enter the district, one might worry if their views are indeed permanent. Nonetheless, with our unit at Grange Residences, such a GCBA and embassy cluster is unlikely to be shifted. The new buyer will thus enjoy this breathtaking view for a long time.”
A stone’s throw away from the Orchard Road shopping belt, Grange Residences is located within the Tanglin estate, close to the upcoming Orchard Boulevard MRT station of the Thomson East Coast Line (TEL). Right opposite Tanglin Mall, the development provides residents with amenities aplenty.
Tan also commented, “The successful auction price of $7.15m is very attractive, given that another 17th level unit in Grange Residences was sold at $8m or $2,805 per sq ft in January 2018. Prices in Districts 9 and 10 are also surpassing $3,000 per sq ft in today’s market, with nearby new launches transacting at approximately $3,500 per sq ft.”
This article is contributed by Edmund Tie & Company.