More prime district home owners defaulted on loans in 2019

This led to surge in mortgagee-sale listings; time taken to sell such property longer now

There were more mortgagee-sale listings from prime districts such as Orchard, Cairnhill (both above) and River Valley last year.
There were more mortgagee-sale listings from prime districts such as Orchard, Cairnhill (both above) and River Valley last year.PHOTO: ST FILE

Buffeted by economic uncertainties as the United States-China trade war dragged on, owners of residential properties in prime districts last year defaulted on bank loans, contributing to one of the greatest number of mortgagee-sale listings seen in recent years.

Meanwhile, the time taken to sell a mortgagee-sale property has lengthened with buyers taking a wait-and-see approach, say industry experts.

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A version of this article appeared in the print edition of The Straits Times on January 27, 2020, with the headline 'More prime district home owners defaulted on loans in 2019'. Print Edition | Subscribe