According to Colliers International, auctioneers in Singapore have witnessed an increase in repossessed properties at auction as the number of repossessions put up for sale by banks and financial institutions rose +18% from 45 in Q4 2008 to 53 in Q1 2009.

Colliers International believes this number is just the tip of the iceberg and is expected to go up further through 2009 and 2010.

Of the 53 properties repossessed, 41 of them were residential, 27 were apartments/condominiums and the remaining 14 were landed homes, ranging from terrace units to detached houses. Landed homes witnessed an increase of 100% from the seven registered in Q4 2008.