Non-residential property values tripled in 2009
Dec 18, 2009 - PropertyGuru.com.sg
Singapore’s non-residential property values have more than tripled this year.
Auction house of Jones Lang LaSalle (JLL) said yesterday the quantum of non-residential properties surged to $101.18 million from last year’s $26.9 million.
It said the increase is mainly due to investor’s attraction to the higher rental yield of non-residential properties compared to the residential property investments.
Number of mortgagee sales dropped to 216 this year from 232 last year. The total number of properties held up in auctions had declined from 803 in 2008 to 729 up to date.
About 119 properties were sold at auctions this year with a total value of about $167.3 million. These figures are in contrast to the 68 properties sold in 2008, which amounted to a total value of $69.8 million only.
JLL foresees more owner sales in auctions by 2010. It also predicts an increase as owners will be more attracted to the competitive nature of the auction environment and the higher chance of achieving the best price for their property.
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