A LEADING property firm says there was no significant fall in the number of properties put up for auction during the Hungry Ghost Festival - which lasted over two months this year.
Many Chinese have traditionally seen this time of the year as an inauspicious time for major activities such as buying property.
But consultancy Colliers International said the steady number of properties put up for sale during the Hungry Ghost Festival over the past five years shows that the level of superstition is declining.
This year, owing to a quirk of the lunar calendar, the festival lasted over two months - from July 25 to Sept 21 - instead of one month.
Despite this, the market did not suffer a lack of properties, be it forced sales or voluntary ones. About $133.87 million worth of deals were done.
A total of 359 properties, consisting of 181 in the first ghost month and 178 in the second, were put up for sale, said Colliers. This compares with 217 properties put up for sale during last year's festival, which lasted one month as usual.
'This continues to confirm the eroding stigma where the seventh month is generally considered a taboo period,' said Colliers' executive director and auctioneer, Ms Grace Ng.
In terms of sales value, the second ghost month had the bulk of the residential deals - amounting to a whopping $103.56 million. This is the highest recorded value in nine years, surpassing the previous peak of $16.75 million in 1999, she said.
The record was mainly owing to the successful auction of 12 vacant Sentosa Cove bungalow plots, which added up to $86.34 million.
A $6.12 million deal for a high-end penthouse unit at Silver Tower in the Cairnhill area also helped, said Ms Ng. It was sold at a premium as it had the potential to be sold en bloc, an act that should reap more gains for the buyer, a foreign national.
In contrast, just $4.85 million worth of residential deals were concluded in the first month.
The festival ended on a high note, with attractive properties being sold.
A 2,659 sq ft freehold unit in Tulip Garden in Farrer Road was sold for $1.73 million, or about 10 per cent above the starting bid of $1.63 million, in an auction conducted by Knight Frank.
Auctioneer Mary Sai said the property attracted interest because of its collective sale potential. The 162-unit condominium is preparing for such a sale.
Today, price and location, as well as the general market sentiment, rule over superstition, she said.
joyceteo@sph.com.sg
