What is a Public Auction of property?
It is a public sale of property through open and competitive bidding. The property will be sold to the highest bidder.
What are the advantages of purchasing property at Public Auction?
Some of the advantages are:
- Properties are usually offered at a very competitive price
- Public Auction is conducted in an open and transparent manner. The person who bids the highest will be the successful bidder and purchaser of the property.
How should I prepare to bid for a property at a Public Auction?
Here are some basic tips you should know if you are interested to bid at a Public Auction:
- Inspect the subject property. Prospective bidders can make arrangement with the listed Auctioneers to view the property (externally only) before the auction. Anyone who is unsure or has doubts about a property is recommended to seek professional advice. The listed Auctioneers will be pleased to recommend a professional firm to you.
- Request for a copy of the Proclamation of Sale and Information Pack or Flyer from the listed auctioneers (at no cost). The Proclamation of sale, Information Pack or Flyer will include details of the property such as particulars of title, size, reserve price and photograph of the property.
- Do your due diligence. Conduct the relevant search and inquiry in respect of the subject property with Land Office, relevant authority and developer prior to auction sale. Have your lawyer to review the conditions of sale listed in the Proclamation of Sale.
- Arrange financing. You must know before bidding whether you have cash in hand for down payment or your entitlement for withdrawal from Employee Provident Fund ("EPF") and your bank loan entitlement. If you require financing assistance, speak with our representative at any branches and we'll do our best to assist you. We will also station our representatives at the auction venue to attend to any of your queries regarding financing.