ERA Singapore sells house in eight minutes at its first virtual property auction

REAL estate agency ERA Singapore sold a two-and-a-half storey semi-detached house for S$3.4 million in eight minutes at its first virtual property auction on Monday.

Bidding for the house - located at 69 Toh Tuck Road and with a land area of 3,340 square feet - began at S$3 million. Four groups of buyers made a total of 15 bids, with the last seven bids "fiercely contested" within three minutes before the hammer fell at S$3.4 million.

Eight properties - including an industrial property, two commercial and five residential properties - were offered for sale at the virtual auction. Over 50 participants attended the 40-minute auction.

Jack Chua, chief executive of ERA Singapore, said the virtual auction was a "promising start to the property auction community", and that the number of individuals who registered for the auction "doubled as compared to physical auctions held previously".

He added: "With this benchmark set, we look forward to spearheading more innovative initiatives to boost the real estate market."