{"id":6662,"date":"2016-08-08T02:39:10","date_gmt":"2016-08-07T18:39:10","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=6662"},"modified":"2022-07-01T04:03:18","modified_gmt":"2022-06-30T20:03:18","slug":"peak-mortgagee-sale-listings","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/peak-mortgagee-sale-listings\/","title":{"rendered":"A record peak in mortgagee sale listings"},"content":{"rendered":"
<\/div>

In the year’s second quarter, properties that were put up for mortgagee sale hit a record high, data\u00a0from consultancy Knight Frank showed.<\/p>\n

From April to June this year, there were 31 properties newly listed for mortgagee sale, of which 21\u00a0were residential units. The rest were offices, industrial sites, shophouses and retail spaces.<\/p>\n

\"Residential
Residential units formed the majority of mortgagee listings<\/figcaption><\/figure>\n

Should an owner fail to service the mortgage, a bank will set these properties aside for auction,\u00a0according to The Straits Times<\/a>.<\/p>\n

\u201cIn light of heightened market volatility, freshly listed properties put up for auction under\u00a0mortgagee sale look set to remain above the 50-unit mark for the second half of 2016,\u201d Knight\u00a0Frank said in a report.<\/p>\n

Just four out of 61 units were sold via mortgagee sale in the second quarter, including repeated\u00a0listings, the consultancy said. This meant that the success rate was 6.6 percent, a drop from 10 percent in the previous quarter.<\/p>\n

However, there was an upswing in sales value, gaining 105.9 percent from the first quarter to $12.1\u00a0million.\u00a0Topping the chart was an apartment at Silversea in Marine Parade, sold for $3.9 million. This was\u00a0followed by a 23rd-floor unit at One Amber, located in the same district, that fetched a price of $3.7\u00a0million.<\/p>\n

Buyers forked out $2.92 million for an apartment at Turquoise in Sentosa Cove, and $1.58 million\u00a0for an industrial locale at the Entrepreneur Business Centre.<\/p>\n

Of the 185 properties put up for auction in the second quarter, 124 were freshly listed. Seven of\u00a0these were sold and raked in $14.81 million.\u00a0Still, the first half of 2016 saw $24.43 million of sales from auctions. This was 46.7 percent lower\u00a0than a year ago.<\/p>\n

Knight Frank said that properties may have been sold through private negotiations instead.<\/p>\n

It added that the residential, shops and shophouses sectors \u201c are likely to continue forming the bulk\u00a0of the properties put up for auction in the remaining months of 2016.\u201d<\/p>\n

Visit The Straits Times<\/a> for the full report.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the year’s second quarter, properties that were put up for mortgagee sale hit a record high, data\u00a0from consultancy Knight Frank showed. From April to June this year, there were 31 properties newly listed for mortgagee sale, of which 21\u00a0were residential units. The rest were offices, industrial sites, shophouses and retail spaces. Should an owner…<\/p>\n","protected":false},"author":17,"featured_media":54383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","9":"entry","10":"has-post-thumbnail"},"acf":[],"yoast_head":"\nA 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