60-year leasehold industrial property sold at 20% above opening price via auction

Huttons Sales & Auction successfully knock down a mortgagee sale property on 18 Aug 2022.

From left: Ms Wendy Yap (Senior Director, Mortgagee Sale Specialist), Mr Teddy Ng (Deputy Head, Sales & Auction), Mr James Wong (Head, Sales & Auction), Ms Geri Ang (Director, Corporate Account), Ms Jeanette Ngo (Director, Asset Advisory), Mr Yap Boon Seng (Senior Director, Mortgagee Sale Specialist)

Mr James Wong, Head, Sales & Auction, Huttons Group said: “We are pleased to have successfully sold a mortgagee sale 1,701 sq ft unit at Ark @ Gambas for $785,000. Ark @ Gambas is a 9-storey 60-year leasehold B1 ramp-up factory along Gambas Avenue. There are not many 60-year leasehold industrial strata units in the market and that was one of the key reasons why it received 27 bids and was knocked down at 20% higher than its opening price.”

Collectively the team has more than 50 years of experience. They have also conducted several training sessions for Huttons associates to learn about this additional avenue for clients to transact properties and were well- received by the associates.

“Mortgagee sales could pick up in 2022 as relief measures for borrowers end and interest rate rises. Owners have grown more receptive towards using auction to sell their properties over the years and will be our key target segment. We see a growing auction market in 2022 and beyond,”Mr Wong adds.

The next auction will be held on 15 Sept, Thursday at 2.30pm.

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