Banks placed 70 properties on the auction block in first quarter of 2016, 48 of these were residential units consisting of 33 non-landed homes and 15 landed properties, Colliers International reported.
Due to the weak buying sentiment, many homeowners consider it hard to secure their own buyers, following the several rounds of cooling measures implemented by government, loan curbs and generally unresolved economic conditions and risk in interest rate.
Specifically, a total of 15 non-landed units or 45% were larger than 1,500 sq ft. Out of 15, five are situated in prime districts 11, 10 and 9.
Condos and large apartments that placed under the hammer by lenders in first quarter included properties at Prestige Loft in Telok Kurau, The Serenade @ Holland in Holland Road, The Sail at Marina Bay, Tan Tong Meng Tower at Thomson Road and Turquoise at Sentosa Cove.
Meanwhile, among the mortgagee listings in Q1, the number of landed homes remained high at 15.
Most of landed properties were semi-detached homes, detached houses and corner terraces with huge land areas ranging from 3,000 sq ft or above costing more than $3 million.
According to Colliers, for the whole year of 2015, more than doubled to 50 landed homes units were placed on the auction block compared to 19 in the previous year.