SINGAPORE (EDGEPROP) – A three-bedroom unit at The Esparis, a condominium located at Pasir Ris Drive, was sold at an auction by Huttons Group on June 16. A mortgagee sale, the property fetched $1 million or 2% above its opening price, says James Wong, head of auction and sales at Huttons.
The Esparis is a 99-year leasehold property by City Developments that was completed in 2006. There are a total of 274 units at the condominium. It is within a short drive distance of amenities including Pasir Ris East Community Club, White Sands and Downtown East malls and Pasir Ris Park.
The unit sold measures 1,184 sq ft and is located on a middle floor. A total of five bidders participated in the auction for the unit. The successful sale of the condo at The Esparis comes not long after the auction and sales team at Huttons was formed. Since it was established in March, the initial team of four led by Wong has been expanded to six. “We pride ourselves as a boutique auction house, leveraging on the strengths of Huttons’ 4,380 associates to market the properties,” Wong says.
Looking ahead, Wong views that mortgagee sales could pick up during the rest of the year as relief measures for borrowers end and interest rate rises. “Owners have grown more receptive towards using auctions to sell their properties over the years and will be our key target segment. We see a growing auction market in 2022 and beyond,” he adds.