{"id":5932,"date":"2016-05-18T04:34:16","date_gmt":"2016-05-17T20:34:16","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=5932"},"modified":"2022-07-01T04:02:19","modified_gmt":"2022-06-30T20:02:19","slug":"buyers-effect-rising-mortgagee-sales","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/buyers-effect-rising-mortgagee-sales\/","title":{"rendered":"Rising mortgagee sales: Will buyers bite?"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p><span style=\"font-weight: 400;\">More new properties seem to be appearing in mortgagee sales. According to a Straits Times report, 13 properties that were completed within the last three years, or are still being built, have already been up for mortgagee sales this year. This is up from just three such sales in the same period last year. While that would usually send buyers into a frenzy, the response has nonetheless been slow.<\/span><\/p>\n<figure id=\"attachment_6001\" aria-describedby=\"caption-attachment-6001\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-6001\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/05\/silversea-condo.jpg\" alt=\"Rising mortgagee sales indicate a higher incidence of buyers being unable to foot the bill on their investments\" width=\"1024\" height=\"684\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/05\/silversea-condo.jpg 931w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/05\/silversea-condo-600x400.jpg 600w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/05\/silversea-condo-440x294.jpg 440w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-6001\" class=\"wp-caption-text\">Rising mortgagee sales indicate a higher incidence of buyers being unable to foot the bill on their investments<\/figcaption><\/figure>\n<h3><b>What is a mortgagee sale?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Mortgagee sales occur when the home owner defaults on the property loan, or voluntarily allows the bank to foreclose. The bank will then place the property up for auction, and attempt to secure the best possible price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The last time we saw high mortgagee sales was in the aftermath of the Global Financial Crisis in 2009, during which 63 such sales were announced.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At present, the new \/ under-development properties up for mortgagee sale are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/jardin\"><span style=\"font-weight: 400;\">Jardin<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.99.co\/singapore\/s\/sale\/landed\/18-jalan-selamat-st9e5bab80f22329bc0455?name=18%20Jalan%20Selamat&amp;query_coords=1.3224550700124609%2C103.91607119121007&amp;query_type=cluster&amp;query_ids=st9e5bab80f22329bc0455&amp;listing_type=sale&amp;zoom=15&amp;radius_max=1000\"><span style=\"font-weight: 400;\">18 Jalan Selamat <\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.99.co\/singapore\/landed\/estrivillas-de8EmdT5m7HTSXuCP4xAeH6K\"><span style=\"font-weight: 400;\">Estrivillas<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Novelty Bizcentre<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/silversea\"><span style=\"font-weight: 400;\">Silversea<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/the-greenwich\"><span style=\"font-weight: 400;\">The Greenwich<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/euhabitat\"><span style=\"font-weight: 400;\">euHabitat<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">OUE Twin Peaks<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/seletar-park-residence\"><span style=\"font-weight: 400;\">Seletar Park Residences<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.99.co\/singapore\/s\/sale\/landed\/60-burghley-drive-st19a2b765660c924d5e08?name=60%20Burghley%20Drive&amp;query_coords=1.3604734959315739%2C103.86024191033259&amp;query_type=cluster&amp;query_ids=st19a2b765660c924d5e08&amp;listing_type=sale&amp;zoom=15&amp;radius_max=1000\"><span style=\"font-weight: 400;\">60 Burgley Drive<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.99.co\/singapore\/s\/sale\/landed\/62-berwick-drive-sta8bc6d3c938e7f805edd?autocomplete_name=62%20Berwick%20Drive&amp;cluster_id=sta8bc6d3c938e7f805edd&amp;listing_type=sale&amp;map_bounds=1.350351%2C103.843511%2C1.374248%2C103.875482&amp;name=62%20Berwick%20Drive&amp;page_num=1&amp;page_size=20&amp;query_coords=1.362299913648063%2C103.85949653065725&amp;query_ids=sta8bc6d3c938e7f805edd&amp;query_limit=radius&amp;query_type=cluster&amp;radius_max=1000&amp;rental_type=unit&amp;show_future_mrts=true&amp;zoom=15\">62\/62A Burwick Drive<\/a> (note: <\/span><i><span style=\"font-weight: 400;\">two <\/span><\/i><span style=\"font-weight: 400;\">separate<\/span> <span style=\"font-weight: 400;\">properties, as they are semi-detached houses next to each another)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">122 Mimosa Crescent <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The mortgagee sale of a unit at OUE Twin Peaks is especially significant. The sale of a three-bedroom unit, on the 18<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> floor, is one of the first mortgagee sales of a prime\u00a0<\/span><span style=\"font-weight: 400;\">District 9 (near Orchard Road) property to date. The bidding for this unit opened at $4 million, about $500,000 below the original sale price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The property was <\/span><i><span style=\"font-weight: 400;\">not sold<\/span><\/i><span style=\"font-weight: 400;\">, and the bid was withdrawn. It is a telling sign of the current state of Singapore\u2019s property market, when a prime condo cannot find any takers at $500,000 below cost. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On 99.co, we note that listings for OUE Twin Peaks <\/span><a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/twin-peaks\"><span style=\"font-weight: 400;\">average just $2,300 per square foot<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><b>Why are mortgagee sales of new properties on the rise?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Most residential property loans in Singapore are pegged to the Singapore Interbank Offered Rate (SIBOR.) In the aftermath of the last financial crisis, a zero interest rate in the United States caused SIBOR to fall to record lows. This allowed for property loans at rates below 1.5 per cent per annum. This made property more affordable to a wider range of buyers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was one of the causes of the property boom in 2012 \u2013 2013. Many investors saw the opportunity in purchasing a property at 1.5 per cent interest or under, and financing most of it through their CPF (which grows at 2.5 per cent for the Ordinary Account.)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, SIBOR has risen significantly since 2015, as the United States attempts to \u201cnormalise\u201d interest rates. A typical property loan rate in Singapore is now around 1.9 per cent, and is set to rise further.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, a structural change to loans in the form of the Total Debt Servicing Ratio (TDSR) may make refinancing more difficult for some investors. The TDSR restricts debt to 60 per cent of a borrower\u2019s monthly income, on top of other regulatory restrictions. Borrowers who seek to refinance into cheaper loans may find themselves unable to do so, as the TDSR imposes strict new limits on borrowing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgagee sales may also happen as a result of owners being unable to find a buyer. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In most cases, banks will grant significant leeway to property owners to find and sell the unit on their own, before foreclosing. This is helpful to both parties, as the bank often risks incurring a loss upon foreclosure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, offloading property can be a difficult proposition in the current market. The economic downturn means there are fewer potential upgraders. In addition, foreign buyers are increasingly drawn to regions such as the UK and Hong Kong instead of Singapore, as property markets appear more lucrative.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A potential landlord might take the property off the owner\u2019s hands, if it is undervalued enough. But Singapore\u2019s rental market is not doing well either, with ERA predicting a five to eight per cent fall in rental prices for 2016. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Being unable to find buyers, the owners simply allow their bank to foreclose, and mortgagee sales rise.<\/span><\/p>\n<h3><b>Why aren\u2019t buyers eager to snap up these properties?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">We have already pointed out most of the reasons above: weak rental markets, economic downturn, loan restrictions, and (among foreign buyers) competition from other regional markets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, we note that owner-occupiers (those looking for a home and not an investment) could stand to benefit from these mortgagee sales. The problem is simply that many owner-occupiers do not know where to find these auctions, or how to take part in them!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We have observed that most of these auctions draw small, close-knit crowds of seasoned investors, or industry professionals. On the upside, most of the good deals will eventually filter down to us at 99.co, which is a good reason to set up alerts on 99.co and <\/span><a href=\"https:\/\/www.facebook.com\/99dotco\/?ref=br_rs\"><span style=\"font-weight: 400;\">follow us on Facebook<\/span><\/a><span style=\"font-weight: 400;\">. Otherwise, you should contact a property agent and raise your interest. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We feel that, for owner-occupiers who can afford them, prices for high-end properties are at their lowest in years. The current environment provides many opportunities that you should seize while you can.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors, of course, have other considerations. If you want to buy properties to rent out, it may be best to wait for the rental market and our economy to stabilise. Given the looming recession, a luxury unit is an expensive risk. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While recent news about an increase in mortgagee sales would normally send buyers into a frenzy, the response has been unusually 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