A total of 103 units put up for auction in second quarter of 2016, showing a 21.2 percent increase in quarter-on-quarter basis, Knight Frank reported.
While residential properties accounted for the majority of auction listings in Q2 2016, Knight Frank noticed the prime residential segment shows lack of transactions.
As a matter of fact, the count of residential properties posted for auction in prime areas of districts 1, 9, 10 and 1, totalled only to 21 units, the lowest number since second quarter 2014.
Of these, 7 units were posted under mortgagee sale auction. This made up 16.3% of 43 total units in residential properties that put up for mortgagee sale, fell from 30.8% in first quarter, with a number of 12 units out of 39 units.
Meanwhile, the count of landed properties that put up for auction under mortgagee sale reached a record high of 50% or 17 units of 34 units.
Noticeably, the total count of landed properties put up under the hammer jumped by 6.2% in quarterly basis but dropped by 19% in yearly basis.
According to Knight Frank, the record of 16 units were the highest number of non-prime landed properties placed for auction under mortgagee sale in second quarter of 2016.