No taker for mortgage auctions

More people are showing a keen interest in monitoring auction sales of properties in order to bag a distressed sale. But the BIG mortgagee sales that many are waiting for have yet to surface in any significant manner. Right now, the banks are restructuring the loans of potential defaulters, who may be offered interest-free holidays or allowed to stretch the loan period. Banks are unlikely to want to take back too many properties when they may not recoup their losses.

Today Straits Times also reported that there is no taker for a few auctions shown below:

Earlier, there are some other project with units under auctions, here are the details and price information:

The guide price for the Sentosa Cove bungalow, which comes with a swimming pool, is between $12 million and $13 million, which works out to $1,449 per sq ft (psf) to $1,570 psf. While the absolute sum is high, this is lower than the $17 million that another owner of a similar- sized house had asked for last month, and which had failed to attract any buyers.

The 3,757 sq ft unit at the 999-year leasehold St Regis has an indicative price of $2,400 psf, or about $9 million. Some units at this condo had previously sold for more than $3,000 psf.

At Jones Lang LaSalle's auction, there is an uncompleted condo for sale - a four-bedder at The Regency at Tiong Bahru.

Also there is a one-bedder at uncompleted condo The Clift in McCallum Street at DTZ's auction, indicative prices are $1,500 psf for the 506 sq ft unit at The Clift.

The 1,722 sq ft Costa Rhu unit in Tanjong Rhu. Knight Frank withdrew the latter from its auction last month as there were no takers at $1.55 million.

The indicative price for the 2,260 sq ft free hold Regency Park unit in Nathan Road is $1,000 psf to $1,200 psf. It comes with a $9,500-a-month tenancy which will expire in January next year. A bigger 3,175 sq ft unit was sold at $1,036 psf last month.

A mortgagee sale takes place when a bank force-sells a property at an auction after foreclosing on a mortgage. But auctions are also conducted for sales made by owners. The source can be found at Business Times.


Click here for more Auction Bargains