Singapore mortgagee sale listings drop to just 28 in Q3
This represents a 44% decline from the previous quarter.
A Knight Frank report reveals mortgagee sale listings in Singapore declined 44% q-o-q to just 28 listings in Q3.
Out of the 28 mortgagee sale listings, six mortgagee properties were sold during auction in Q3 2022.
Here’s more from Knight Frank:
The decline in mortgagee listings was observed across all segments, with the office sector falling the most from seven to two. Listings for residential and industrial properties also decreased by 41.4% and 44.4% q-o-q to 17 and five respectively.
Given the limited landed housing inventory in Singapore, two newly listed landed terrace homes in the suburban region were highly sought-after and knocked down at a gain of 3.3% to 6.7% above the opening price.
Three of the six mortgagee properties sold during auction this quarter were freehold shops. The looming headwinds of inflation, rising interest rates and other economic worries did not deter the interest of potential buyers, as two of these shops were sold between 5.8% and 12.7% above the opening price. With the recovery in the retail sector gaining traction after the removal of gathering limits as well as the inflow of tourists with reopened borders without quarantine restrictions, entrepreneurs and investors might be on the lookout for opportunities in the retail and F&B space.