INTRODUCTION
Developer, Sentosa Cove Pte Ltd gave a brief to various auction houses in Singapore to source for a tie-up with Christie’s or Sotheby to conduct an auction for the launch of their sea-front boutique villa sites in its southern residential precinct.

CHALLENGE
The main challenge faced by Colliers International was to find a working partner from Christie’s or Sotheby.

Colliers hence embarked on an international search for a working partner for this assignment. Colliers approached Sotheby in USA but was unsuccessful in securing a tie-up with them as they were undergoing some internal restructuring. Colliers approached Christie’s Fine Arts in Singapore next but was also unsuccessful. Success was achieved through a personal contact in Sydney, Australia where Colliers was introduced to Christie’s Great Estates, the real estate arm of Christie’s.

SERVICES
Colliers had to work within an extremely tight timeline, with only two months given to carry out an international marketing campaign encompassing press advertisements and media releases in countries like Australia, Dubai, China, Jakarta, Malaysia and UK.

In addition, Colliers had to organize a satellite auction to facilitate telephone bidding for those prospects who were not able to attend the auction in Singapore. We sought the help of our UK office who shared with us their experience in setting up and carrying out telephone bidding.

Together with our co-auctioneer from Christie’s, Colliers managed to put together a comprehensive marketing campaign in preparation for the auction sale as well as established the procedure for a satellite auction.

RESULT
All 12 bungalow land parcels were successfully auctioned off at the auction sale for a total value of S$86.34 million. Colliers has set new benchmark prices for all the 12 land parcels and achieved a record price of S$1,039 per sq ft for an oceanfront land parcel.

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