Data from property consultancy JLL revealed that a higher number of newly built and uncompleted houses have been placed on the auction block so far this year, amidst a sluggish rental market and a supply glut stemming from the market heydays in 2011 to 2013, reported The Straits Times.
To date, 13 units of completed homes and those still under construction over the last three years have been put up for mortgagee sale. This is up significantly from the three units seen in the same period a year ago, and is already equivalent to the figure for the whole of 2015.
A mortgagee sale is the auction of properties repossessed by banks after the owners failed to pay their housing loans.
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