Product Overview
Live Property Auctions, Anywhere
Knight Frank, Singapore’s leading real estate auction house transforms property auctions with KF Bidding. This proprietary app brings real-time auction hall experience to buyers wherever they are. With mobile device in hand, buyers can join live auctions from anywhere in the world as auctions are streamed live, enabling app users to submit bids and compete fairly for properties with on-site auction hall bidders.
Free & Easy Access
A free-to-use app, KF Bidding extends bidding participation beyond the auction hall. Live auction hall activities streamed to the mobile screen assure app users of access to the same information as on-site auction hall bidders. The highest bid is simultaneously shown on the app and in the hall, so all bidders have equal chance to top the bid and give you the best price for your asset!
Safe & Secure System
The app is designed to protect the interests of vendors and buyers, and to preserve the integrity of auctions. Stringent measures and procedures implemented are supported by offline processes, such as tapping on Singpass for identity verification, the enforcement and recording of consent to the Conditions of Sale, and mandatory payment of a registration deposit to bid. Auction proceedings are recorded from the beginning to the end for audit and reference.
Swift & Sure Transactions
KF Bidding delivers all the benefits of transacting through auction – price transparency, open and fair competition, and swift transaction completion – plus a wider audience reach for vendors, and privacy for buyers who are known only by a bidder ID throughout. Whether vendor or buyer, everyone gains with easy access to live property auctions from anywhere.
Operational Processes
Stringent Processes
Buyers generally inspect a property before an auction. The face-to-face interaction gives our salesperson an indication of buyer profile and intent. Although the salesperson can then perform registration verification, approving an account for bidding is only availed to an independent administrator. This clear separation of duties maintains integrity and mitigates human error.
To facilitate this process and provide sufficient time for document submission and payment, registration closes three working days before the auction.
Bidder Qualification
App bidders must be at least 21 years old at the time of registration. To ensure that registrant’s particulars are accurate, registrants must allow KF Bidding to access their personal information on MyInfo.
Registration Deposit
A registration deposit set by the auctioneer, generally 1% of the guide price will be required. The amount must be paid to Knight Frank Pte Ltd and held in trust until the completion of the auction. The registration deposit forms part of the sale deposit for the Successful Bidder and is refunded in full to unsuccessful bidders. Refunds are made to bidders’ debiting account.
Bid Increment
The auctioneer sets the minimum and maximum bid increment for each property to ensure that increments match the property price. It further serves as a safety check to prevent accidental input errors by capping the maximum increment. All bidders must adhere to the same bid increment range. On the App keypad, four pre-set increments are provided in addition to an “Add Other Amount” option. The system will only accept bids with increments between the minimum and maximum.
Accepting Bids
App users share the same information as on-site auction hall bidders with the highest bid simultaneously shown on the app and in the hall. Any bidder can submit a bid - the system automatically accepts the next highest bid.
Completing the Purchase
After the auction and within the same day, the Successful Bidder must pay the sale deposit by funds transfer by 5:00 PM and sign the Sale and Purchase Agreement in the presence of our agent by 7:00 PM. Applicable GST will be collected separately. In the event of non-performance, the vendor may forfeit the registration deposit, seek legal recourse and/or re-auction the property at the next scheduled auction.
Property Listing
Properties slated for auction are listed on the App 10 days before the auction with guide prices which may differ from the eventual opening price at the auction. After the auction, properties will be listed as “sold” or “withdrawn” to reflect the outcome from the auction although in place of prices, “price on enquiry” will be displayed for all unsold properties.