Auction in Singapore?

[tracey321]

Just moved back from Australia. Planning to buy a house here. Does Singapore have auction fire sale sorta thing where I can get properties cheap?

[sundaymorningstaple]

Last time I heard of one of those was in 1998 during the Asian Financial Meltdown of 1997~1998. There ain't no such thing a cheap property in Singapore.

[PNGMK]

Actually SMS there are mortgagee auctions for property and they happen about once a month from memory. They are coordinated by one or two of the large RE firms who list run the bank mortgage auctions - they also sometimes offer the properties by tender. I can't recall which firms and it prob breaks forum rules to post the name but google will bring it up. There are also car auctions for the same reason.

[sundaymorningstaple]

I stand corrected and admonished!

[abbby]

Seems like the prices listed for fire sale, are not very cheap either...they're mostly asking market rate..

[PNGMK]

Holding costs for properties are not expensive. The banks can wait for a buyer so unless there is a court ordered sale date they will just wait for a buyer.

[DominicLim]

Hmmm..... biding for property in Singapore? Sound interesting. Maybe this can be the new way forward for people in Singapore to buy and sell their HDBs. Did not know that there is such a website that helps people in Singapore to buy and sell their HDBs. Will definitely check it out. What a innovative way to sell HDBs.

[PNGMK]

I don't believe you can auction HDB's. I may be wrong but I've never seen them auctioned. Remember HDB has to approve all HDB buyers so that might stop an auction style process.

[michelle123]

Just moved back from Australia. Planning to buy a house here. Does Singapore have auction fire sale sorta thing where I can get properties cheap?

Singapore property never cheap