Slower property auctions in March; freehold retail shop sold under guide price at S$1.455 million

After a burst of interest in property auctions last month, Knight Frank's March auction saw only one property go under the hammer this week, with two others sold before the auction event.

A freehold retail shop at Sim Lim Tower was sold at the single bid price of S$1.455 million, lower than the original guide price of S$1.53 million and opening price of S$1.46 million. Spanning 710 square feet (sq ft), the owner-sale property is just a stone's throw away from Jalan Besar MRT.

Knight Frank was unable to disclose the prices at which the two other units were sold.

One property at Marina Bay Residences, a mortgagee sale, remained unsold despite being put on the block a second time in March with a lower price. The 4-bedroom duplex penthouse has a floor area of about 4,434 sq ft and a 99 year leasehold with effect from Oct 11, 2005. It was put up for auction at an opening price of S$12.6 million in February, which was lowered to S$11.1 million this month. However, the condominium unit was withdrawn from both auctions.

Of the 9 properties that were listed for sale on Tuesday (Mar 22), 4 had been withdrawn. Auctions of properties at Moonstone Lane and Duchess Avenue were also postponed before Tuesday.

"Typically property auctions are postponed due to unanticipated situations that auctioneers have no control over," Knight Frank said.