Two freehold properties will be up for auction as a result of an estate sale, said property firm and consultancy Colliers International yesterday.
The properties up for sale, resulting from the owner’s death, are a two-storey conservation shophouse in Beach Road and a terraced house in Devonshire Road.
This comes amid a rebound in the number of mortgagees who have put properties up for auction, as more borrowers default on loans. The home owners find it harder to sell their properties on their own.
But, as a whole, the auction market has not fared as well, thanks to government measures such as the additional buyer’s stamp duty.
So far, $57.6 million worth of properties has gone under the hammer in the first three quarters, well down from the $87.7 million that changed hands over the same period last year, according to earlier reports.
The shophouse, which has tenants, has an indicative price of $5.1 million and a land area of 1,381 sq ft.
Values of shophouses in the area have registered healthy growth, according to data from the Urban Redevelopment Authority. The average transacted price of shophouses in the Kampong Glam district was $4,700 per sq ft (psf) this year, up 20 per cent from a year ago.
The two-storey terraced house to be auctioned also has tenants, and has an indicative price of $4.4 million.
The property’s land area is 1,405 sq ft, with a plot ratio of 2.8, said Colliers.
“The property has a unique facade, which will appeal to a niche group of buyers who appreciate properties that are architecturally distinct,” said Ms Grace Ng, deputy managing director of Colliers.
Both properties will be auctioned on Oct 29, at Amara Hotel.