Homes being Auctioned offA large number of Singapore uncompleted and newly built houses have been arranged to auction block so far this 2016, amidst a weak rental market and a supply glut start from the market heydays in year 2011 up to 2013.

Currently, a total of 13 units of completed homes and under construction homes over the last 3 years have been placed for mortgagee sale.

A mortgagee sale is properties auction taken back by banks after the property owners cannot repay their housing loan.

Recently built units that were auctioned off last April include the Silversea apartment in Marine Parade, which was completed in year 2014. The four-bedroom apartment unit was purchased for $3.9 million ($1,529 psf).

Another built homes placed for mortgagee sale last month was a 3-bedroom unit of OUE Twin Peaks that was completed in 2015.

According to Mok Sze Sze, JLL’s Head of Auction for Singapore, the market is considering an influx of latest completed properties 3 years after the project boom years from 2011 to 2013.