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More Singapore Properties Could Be Auctioned As Bankruptcy Petitions Rise: CNA

More Singapore Properties Could Be Auctioned As Bankruptcy Petitions Rise: CNA

Feb 8- 2023 – More homes in Singapore could be up for auction this year as the number of bankruptcy petitions rises, CNA reported, citing real estate consultancy Knight Frank.

This comes amid the higher cost of living, rising interest rates and the reduction of pandemic support measures, Knight Frank said in its latest report on the auctions market on Jan 30.

Ministry of Law data shows that 3,648 people filed for bankruptcy last year, 15 per cent higher than the 3,160 applications filed in 2021, CNA said.

There were 420 auction listings in 2022. This number, which includes repeat listings, could surge 40 to 50 per cent to about 600 this year, Knight Frank said in its report.

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