Residential properties dominate Q1 mortgagee listings

15 landed homes were put up for mortgagee sale in Q1 2016.

Out of the 70 properties that banks placed on the auction block in Q1 2016, 48 were residential units consisting of 15 landed properties and 33 non-landed homes, according to a Colliers International report.

“Many homeowners found it tough to secure their own buyers due to the weak buying sentiment, following multiple rounds of government cooling measures, loan curbs, as well as the generally uncertain economic conditions and interest rate risk,” said the report.

“There was also a wide gap in the price expectations between sellers and buyers.”

In particular, 15 units or 45 percent of the non-landed homes, were larger than 1,500 sq ft. Of this, five are located in prime districts 9, 10 and 11.

Large apartments and condos that lenders placed under the hammer in Q1 included units at The Serenade @ Holland in Holland Road, Prestige Loft in Telok Kurau, Turquoise at Sentosa Cove, Tan Tong Meng Tower in Thomson Road and The Sail @ Marina Bay.

Meanwhile, the number of landed homes among the mortgagee listings during the first quarter remained high at 15.

Many were detached houses, semi-detached homes and corner terraces with huge built-up areas or land areas in the range of 3,000 sq ft or above, and costing more than $3 million. These included two large detached houses at Woo Mon Chew Road and Branksome Road.

For the whole of 2015, the number of landed homes placed on the auction block more than doubled to 50 units compared to 19 in the previous year, noted Colliers.

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