REAL ESTATE AUCTION IN SINGAPORE

Abstract

The rationale of real estate auction and the auction procedures are examined in detail within the framework of real estate agency activity in Singapore. Particular emphasis is given to the importance of valuation prior to an auction. Three case studies are included to demonstrate some merits and problems encountered in the sales process. A number of possible pitfalls of real estate auction and their surrounding confusion are carefully analysed. It is found that most of them are unlikely to happen in Singapore due to effective control by the "General Conditions of Sale" ("The Singapore Law Society's Condition of Sale 1981") through its provisions that govern the conduct of auction. The present real estate auction procedure in Singapore is seen to be generally effective and efficient. However, it is still possible to strengthen the existing legislative control in order to improve the overall system, and to further upgrade the standard of operation of auctions. Hence, in concluding the study, a few recommendations are humblely forwarded.