Media reports say that banks are auctioning five times more homes because borrowers are struggling to sell luxury homes due to falling prices and government measures designed to cool the property market.

Colliers International say that 98 repossessed homes were auctioned in this way between January and October 2014, as opposed to the 17 for the whole of last year. Non-landed properties at well-known projects including Reflections on Keppel Bay, Stevens Court (Stevens Road) and Turquoise at Sentosa Cove.

Property Auctioning put fear on Bellewaters

Grace Ng, Deputy MD Colliers International said that borrowers in default were finding difficulty in selling their properties independently because buyers are wary on the purchases of Bellewaters Sengkang. Also defaults by luxury property owners mean that local banks have more non-performing loans on their books. Several clients who are on the affluent side are presently shopping all-around for luxury properties The Myst CDL id=”spin350″ …