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News Release

Singapore

An Active Auction Sales Market In The First Half of 2009


SINGAPORE, 26 June 2009 – Four properties were successfully sold at a combined total of $11,290,000, at Jones Lang LaSalle auction sale today. They include #12-24 Leonie Towers Blk 20, Land at Fernhill Road, Lot 341P of TS 25, #04-28 Yishun Emerald Blk 32 and #06-26 Pantech Business Hub Blk 194.

The property auction market in Singapore in the first half of 2009 was active, with a total of 334 properties put up for sale as of 26 June 2009. Of this total, 53 properties were successfully sold under the hammer, yielding a total sales value of SGD 72,333,000. This represents a 90% increase in value over the same period in 2008, with a success rate of 15.8% that is an improvement from the 8% success rate in 2008. However, this is 27.9% decrease in number of properties put up as compared to 1H 2008.

Residential properties have become the most prominent type of property sold at auctions in the first half of this year. 28 units were sold as compared to the 8 units for same period in 2008. Commercial/Industrial properties make up of 24 out of 53 properties sold which accounted for 45.3% of sales volume. Total owner’s sales increased from 13 properties to 20 properties, reflecting some 54% increase in number.

Some of the notable residential properties transacted include the following:

  1. #12-24 Leonie Towers Blk 20 (Sheriff’s Sale) sold for $3.45 million.
  2. Land at Fernhill Road, Lot 341P of TS 25 (Trustee’s Sale) sold $6.4 million
  3. 36 Sennett Road & Lot 3977 Mukim 27 (Owner’s Sale) sold for $4.52 million

The following table reflects the sales performance of the auction market of different sectors for 1H 2008 and 1H 2009.

Ms Mok Sze Sze, Head of Auction at Jones Lang LaSalle says, “The performance of the auction sales market has been encouraging in comparison to 2008. We are definitely seeing a healthy increase in number of properties being sold through auctions, particularly for owner’s sales. We expect to see auction sales to continue its growth momentum as we go into the second half of the year.”