Saturday, January 26, 2013

COV of flats in popular estates remains high in Q4


Channelnewsasia.com
25 January 2013 0959 hrs

SINGAPORE: The cash premiums for HDB resale flats continued to hover in the high range in the fourth quarter of 2012 in some popular estates.

Data released by the Housing and Development Board on Friday showed that the median Cash-Over-Valuation (COV) for a three-room flat in Queenstown stood at S$30,000 and S$65,900 for a four-room flat.

In Bishan, the median COV for a four-room flat touched S$50,000, while that of an executive flat was S$70,000.

For Toa Payoh, the median COV for a three-room flat was S$35,000, while that of a four-room flat was S$67,800. The COV for a five-room flat was S$69,000.

COV is the cash premium buyers pay for a resale HDB flat.

Mr Eugene Lim, key executive officer of ERA Realty Network, noted that cash premiums have been steadily rising.

He said the median COV for the fourth quarter is S$33,500.

Cash premiums for executive flats saw the largest increase at 25 per cent as demand is higher than supply.


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