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Colliers International warns that this number is just the tip of the iceberg.

Repossessed properties in Singapore rise 18%

From Property Wire:

The number of repossessed properties in Singapore have risen 18% and are expected to increase significantly in 2009 and 2010, according to analysts.

The deteriorating economy and rising level of retrenchments are having a spillover effect on Singapore's property market with auctioneers witnessing an increase in repossessed properties, according to Colliers International.

The number of repossessed properties put up for sale by banks and financial institutions rose 18 % from the fourth quarter of 2008 to the first quarter of 2009. Colliers is warning that this number is just the tip of the iceberg and is expected to go up further in the next two years.

Full report here.