Rundown Home Sold For S$3.4M Within 8 Minutes In Online Auction

3.4 million dollars. That is no small price tag for a home in Singapore.

ERA Singapore held their first-ever online home auction and one family immediately purchased their next home right there and then.

Forever Home

Most of us average Singaporeans would shudder at the thought of BTO and the money we have to fork out, but this family did not hesitate when they found their ideal home on this online auction.

This semi-detached sits at a cosy spot at 69 Toh Tuck Road near Beauty World MRT station, surrounded by an endless amount of schools and other amenities. Brunch gathering is now just a walk away.

The large two-a-half-storey landed home boasts six bedrooms with four ensuite bathrooms and a land area of 3,340 square feet.

On 28 September, the house went under the hammer and open to new owners.

15 bids later, the home was sold for a hefty price of SGD 3.4 million. And according to the Urban Redevelopment Authority (URA), the house next to it was sold for $4.1 million last July. Talk about crazy rich neighbours.

We would take 8 years to think about buying a house like that, but the family only took a total of 8 minutes to secure their new home.

But wait till you see the state of the house.

Renovation And Home Rework

The house was put on auction after being put on mortgagee sale. Homes like these are usually repossessed by banks when previous owners are unable to pay their loans.

The state of the semi-detached is not the most commendable but it is definitely one with a lot of potential. It will require a lot of work and dedication to take care of.

The new owners would have to go through heavy addition and alteration works or choose to just rebuild the home entirely.

The rundown state of the house is a great foundation to build whatever the owners want on top of it and restore the family space to its former glory.

Future Of Home Buying

Estate agencies and property agents are unable to bring potential buyers into confined spaces like homes and estate property due to the COVID-19 situation.

Hence, virtual and online tours have become a popular choice for agents and companies that are still looking to sell their units.

By bringing a camera along with the host, the host can entertain any questions and queries about the showroom or unit on the spot just like they used to. However, buyers can stay in the comforts of their homes to view the gorgeous home spaces.

The CEO of ERA Singapore, Jack Chua said, “It is a promising start to the property auction community as we bring together agents and potential buyers; as well as industry players who were exploring to bring their auction online.”

He continued to mention how we can look forward to newer real estate initiatives.

“With this benchmark set, we look forward to spearheading more innovative initiatives to boost the real estate market.”

Virtual tours and auctions are now the newest booming method to sell any sort of homes and items under the sun.

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