Gone in 8 minutes: Semi-detached house sold for $3.4m in online auction

Many would deliberate when they're buying a house, but one Singaporean family snapped up their new home in just eight minutes.

The semi-detached house at 69 Toh Tuck Road went under the hammer for $3.4 million at ERA Singapore's first virtual property auction on Sept 28.

With six bedrooms and four ensuite bathrooms, the spacious two-a-half-storey house has a land area of 3,340 square feet.

It is a five minutes' drive away from Beauty World MRT station and surrounded by amenities such as schools and recreation facilities, the real estate agency said in a press release.

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However, the freehold property is in a dilapidated state, which means that the new owner would have to carry out addition and alteration works or rebuild it into a new home.

The property was put up for mortgagee sale by a local bank, the Straits Times reported. Such sales include properties repossessed by financial institutions when those who mortgaged them fail to repay their loans. 

As physical auction events are barred under phase 2 of Singapore's reopening, it was auctioned online along with seven other properties.

Bids started at $3 million. Buyers cast a total of 15 bids before the semi-detached house was sold for $3.4 million, ERA Singapore said.

The house right next to it was sold for $4.1 million last July, according to data by the Urban Redevelopment Authority.

Noting that the number of people who registered for the virtual auction had doubled as compared to previous physical auctions, Jack Chua, CEO of ERA Singapore 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."

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

lamminlee@asiaone.com