Sales of auctioned properties in the 4th quarter alone have accounted for more than half of the total sales for 2016, that is almost 5 times more than the $10.3 million in the same quarter in 2015. At $47.2 million, and possibly more when the numbers are tallied come end December, this sales figure already stands at 51 per cent of the entire year’s property auction segment sales.
Property analysts report that this is unusual for the year-end period which is usually a slower time for the property sector due to the festive season and school holidays. Most of the transactions hailed from big-ticket prime land plots as well as larger, highly-priced residential properties. 3 vacant land plots within the Swiss Club estate in Bukit Tinggi, Jalan Kampong and Kampong Chantek and another at Jalan Bahasa boosted sales in a big way. Developers have increasingly been on the lookout for land plots to replenish diminishing land banks and prime sites with development potential are always hot property.
Other significantly-priced properties which were sold off at the auctions included a 3-bedder apartment in Orchard Scotts for $2.35 million and a 4-bedder duplex at Seascape @ Sentosa Cove for $6.35 million. Property analysts are expecting property auctions to continue attracting bidders next year as the economy is expected to remain sluggish and most buyers are getting used to the property cooling measures. More are now quicker to commit, and may be even more keen to close deals before the end of 2016 arrives.