Recently 159 mortgages were put up on the auction block, which is 5 times the amount put up in 2013, from 32, as reported by Colliers International in the media.
Out of this 159, 78% were for residential properties and the remainders were for commercial or industrial parcels of real estate for Symphony Suites.
Symphony Suites Sales
Many of the properties were in prime districts such as #9 and #10 in areas such as The Verv in River Valley, the Thong Sia Building on Orchard Road, and adjacent to Napier Road in Botanic Gardens Mansions.
High-end apartments were offered up from popular prime districts such as #1 and #4. Meanwhile, lenders were trying to sell residential units at The Sail@Marina Bay, Marina Bay Residences, Reflections at Keppel Bay, and Turquoise in Santosa Cove.
Symphony Suites Yishun
A $1.38 million mansionette with a floor space of 1,755 ft.² was sold at Pearl Bank Apartments in Outram as well a 517-ft.² single-bedroom apartment at Estilo in Wiki Road.
Many of today’s homebuyers for Symphony Suites are not only looking for deals, but they see mortgages as a sure thing as they know, that the properties are being sold with serious intent by their owners. This also has the effect of driving up bidding prices as well.
Bank sales are also very popular because of buyer knows they can get a good quality apartment at low market rates. According to DTZ Auctions Head Joy Tan
She went on to say about Symphony Suites, “”there may be some discounts given for properties that have been put up for auction more than once, although the extent of the discount will depend on the quantum price.””
She cited as an example, the seller may offer larger discounts for properties costing more than $5 million, compared to units priced within $1 million to $1.5 million.
Out of the 159, mortgages up for sale in 2014, only 22 properties were sold at auction, but the rest are likely to be sold by privately held negotiations after the auction’s close, this according to Deputy managing Director, Grace Ng of Colliers International.