Singapore auction listings increase by 24.4% to 102 in Q3

Almost half of the listings were from the residential sector.

According to a recent Knight Frank report, Singapore’s auction listings rose 24.4% q-o-q to 102 (including repeat listings and excluding properties sold outside of auction) in Q3 2023 from the 82 in Q2 2023, owing to an increase in both mortgagee and owner sale listings. 

There were 29 mortgagee and 70 owner sale listings in Q3, up from the 22 and 57 listings respectively in Q2 (Exhibit 1). Despite the quarterly gain, the total number of listings declined 17.1% y-o-y from the 123 recorded in Q3 2022. 

Here’s more from Knight Frank:

Listings increased across all property types in Q3, with residential properties accounting for 49.0% (50) of the total, higher than the 37 in Q2. Retail properties made up 25.5% (26) of the overall listings, slightly up from the 25 in the previous quarter. Industrial and office units comprised 19.6% (20) and 5.9% (6) respectively of the total listings in Q3, increasing from a corresponding 15 and 5 in Q2. 

Other types of sales (including estate, receiver, and bank sales) accounted for three listings in the quarter, with all three comprising residential properties. A 4-bedroom apartment at Signature Residence, which was newly listed as a sheriff sale listing in August 2023, was sold at the opening price of S$2.9 million. 

A total of 10 properties were knocked down in Q3, translating to a success rate of 9.8% and accounting for S$17.8 million in total gross sales value. This was more than three times the S$4.8 million accumulated gross sales in Q2. 

Of all the properties sold, eight were newly listed, suggesting that despite the slowing economy, fresh inventory on the auction platform appealed to prospective buyers, especially those who had been following the market long enough to be able to identify opportunities. 

Three out of the four industrial properties transacted were sold between 4% and 9% below opening price. Some industrial property owners might be under some pressure to either offload or right-size their assets given that their businesses might be underperforming, with interest rates remaining sticky and the manufacturing sector currently at a low point.