3-bedroom unit at The Esparis with mortgagee sale for $1 mil

A three-bedroom apartment located at The Esparis condo situated on Pasir Ris Drive was auctioned off at an auction held by Huttons Group on June 16. A mortgagee sale that was held on the property was sold for $1 million, or 2% over its initial price, according to James Wong, head of auctions and sale at Huttons.

The Reserve Residences developer of two reputable developers, the upcoming The Reserve Residences will feature modern facilities that make living easy for the residents.

The Esparis is an 99-year leasehold property from City Developments that was completed in the year 2006. There are 274 units in the condominium. It is located within a short drive of the amenities such as Pasir Ris East Community Club, White Sands and Downtown East malls and Pasir Ris Park.

The space sold is 1,184 square feet and is located on the middle floor. Five bidders took part in the auction to purchase the property. The auction that was successful for the unit at The Esparis is not too many months after an auction team and sales department from Huttons was put together. Since its inception at the beginning of March the initial group comprised of four members with the leadership of Wong has grown to six. “We are proud to be an auction house with a small-scale, boutique feel that draws on the strength of Huttons associates of 4,380 to promote their properties,” Wong says.

Looking in the future, Wong views that mortgagee sales will likely increase during the remainder of the year when relief measures for borrowers come to an end and interest rates rise. “Owners are becoming more open to auctions as a method of selling their properties in the past and will be our primary market segment. We anticipate a growing auction market for 2022 and beyond,”” He says.