Eight in 10 properties auctioned in 2013 and this year sold on first appearance

[gsmsimmax3]

http://www.btinvest.com.sg/markets/news/BTO1284079.html?source=btbn

Eight in 10 properties auctioned in 2013 and this year sold on first appearance, says JLL

25 Sep 2014 18:03
OF THE 44 properties sold through auctions last year and this year, 80 per cent were successfully hammered upon their first appearance, JLL said on Thursday.

These include the two largest auction transactions so far this year. One transaction comprised four strata office units in Orchard Shopping Centre, which fetched S$8.55 million in March; the other was a freehold residential development site in Brighton Crescent which sold for S$9.1 million on Wednesday at an auction conducted by Colliers International.

WOW.
If so good ,we should all use auction and not use agent to transact property.

This is an example of slanted reporting.
If anyone been to any property auction lately ,you will realise that less than 20% actually gets hammered down.
Its this 20% of successful hammered down out of which that is 80% of the first appearance that gets sold.

Am I correct ?

[dudick]

Same as launches lor, they will tell u 80% in phase 1 sold when they only released 5 units and 4 are sold out of total of 500 unit condo.

[bargain hunter]

but its still factual, 80% of properties making first appearance sold. the reason why u see 20% at every auction knocked down is becoz the remaining 80% goes on and on in every auction, unwilling to cut price, hence never gets sold.


http://www.btinvest.com.sg/markets/news/BTO1284079.html?source=btbn

Eight in 10 properties auctioned in 2013 and this year sold on first appearance, says JLL

25 Sep 2014 18:03
OF THE 44 properties sold through auctions last year and this year, 80 per cent were successfully hammered upon their first appearance, JLL said on Thursday.

These include the two largest auction transactions so far this year. One transaction comprised four strata office units in Orchard Shopping Centre, which fetched S$8.55 million in March; the other was a freehold residential development site in Brighton Crescent which sold for S$9.1 million on Wednesday at an auction conducted by Colliers International.

WOW.
If so good ,we should all use auction and not use agent to transact property.

This is an example of slanted reporting.
If anyone been to any property auction lately ,you will realise that less than 20% actually gets hammered down.
Its this 20% of successful hammered down out of which that is 80% of the first appearance that gets sold.

Am I correct ?

[bargain hunter]

http://forums.condosingapore.com/showthread.php/22373-Serangoon-Garden-bungalow-up-for-auction?highlight=brighton+crescent

interesting that the property indicated at 7.7m was sold at 9.1m.

[gsmsimmax3]

http://forums.condosingapore.com/showthread.php/22373-Serangoon-Garden-bungalow-up-for-auction?highlight=brighton+crescent

interesting that the property indicated at 7.7m was sold at 9.1m.

There were good press coverage and initial psf price at $888 psf was attractive.
Developer interest were also high as this is a bite size unit and good for re development, with no wastage.
URA guidelines allow this plot to be develop into 2 bungalows of 400 sq metre each or two pair of semi detached.(200 sq m ,each). or terraces.

https://www.ura.gov.sg/circulars/text/dchbr/pt2landedhousing-dchbr.pdf

You need required frontage and 800 sq metre (8611 sq feet) and this unit is 8666 sq feet --55 sq feet wasted.
At $9.1mio or $1050 psf ,I would think this fit the developer bill very well.