The Singapore property auction market saw a total of 136 auction listings (including repeat listings and excluding properties sold outside of auction) in 1Q2025, up 7.1% q-o-q compared to the previous quarter, based on data compiled by Knight Frank Singapore.
According to the agency, the increase was “unexpected”, as it coincided with Chinese New Year festivities that typically result in a lull in auction activity.
The auction market also saw a higher success rate in 1Q2025. Seven listings were knocked down last quarter, reflecting a success rate of 5.1%. This is significantly higher than the 1.6% success rate recorded in 4Q2024. The seven listings comprise five mortgagee sales and two owner sales.
Knight Frank attributes the higher success rate to more buyer interest, as US interest rate cuts since September 2024 have encouraged buyers to look out for opportunities. The properties successfully auctioned in 1Q2025 had a total gross sale value of $11.9 million.
Four of the properties were sold at their respective opening prices: A three-bedroom apartment at Scotts Square fetched $4.1 million; a HDB shophouse in Serangoon was sold for $1.9 million; a retail shop at The Commerze @ Irving fetched $637,000; and a factory unit at T99 changed hands for $635,000.
Another property, a two-bedder apartment in D’Ecosia, was knocked down at $1.7 million — a 14.7% premium to its opening price of $1.5 million. Meanwhile, a factory unit at In-Space and a one-bedder at Le Wood were sold for $1.9 million and $ 1 million respectively, translating to discounts of 3.8% and 2.9% from their opening prices.
Mortgagee sales accounted for 83 listings in 1Q2025, up 23.9% q-oq from 67 listings in the previous quarter. Knight Frank attributes the quarterly rise to the delayed impact of high interest rates throughout 2023 and 2024, which caused an increase in distressed assets to enter the auction market.
Owner sale listings clocked in at 43, dropping 23.2% q-o-q from 56 listings recorded in 4Q2024. The remaining ten auction listings were for other types of sales — five residential units listed as sheriff sales, three liquidator sales of factories, a bank sale of an industrial unit, and an estate sale of a non-landed residence.
In terms of property type, residential properties made up 45.6% (62) of total listings, up from the 46 residential listings in the previous quarter. Commercial properties made up 38 (28%) listings, comprising 36 retail units and two office units, compared to 36 retail units and six offices listed in 4Q2024. Industrial properties made up 23.5% (32) of the overall listings, up by one listing compared to the previous quarter. There were also two shophouse listings in 1Q2025, compared to five in the previous quarter.
Looking ahead, Knight Frank expects the uptick in mortgagee sale listings to continue throughout the year, as more distressed assets materialise due to the prolonged high interest rates in 2023 and 2024. Additionally, the widespread tariffs announced by the Trump administration could lead to a dampening impact on the real estate market.
“While there was no substantial surge in listings in 1Q2025, this could be the calm before the storm of sweeping global tariffs and a looming trade war hits,” says Sharon Lee, head of auction and sales at Knight Frank Singapore.
While initial buyer interest was observed in 1Q2025, Knight Frank expects buyers to re-adopt “a cautious wait-and-see stance” amid the growing uncertainty. That said, with further interest rate cuts anticipated, the agency notes that there could be a renewed interest from property investors seeking to capitalise on the increase in mortgagee sale listings.
Overall, Knight Frank is predicting a success rate of around 5% for the whole of 2025, in line with the average annual auction success rate of 5.1% spanning the last 10 years.
