Saturday, January 26, 2013

COVs for resale flats on a high
Jan 25, 2013

The Resale Price Index (RPI) for public housing units rose from 197.9 in Q3 to 202.9 in Q4 2012, representing an increase of 2.5 percent over the previous quarter, according to the Housing and Development Board (HDB).

Resale flat prices grew 6.6 percent for the entire year, lower than the annual growth of 14.1 percent in 2010 and 10.7 percent in 2011.

However, cash-over-valuations (COVs) for certain flats in several HDB estates have increased significantly. For instance, while median COVs for four-room flats in Bishan, Bukit Merah, Queenstown, Kallang/Whampoa and Toa Payoh are still above S$50,000 as of Q4 2012, they have risen by around 28 percent, 24 percent, 20 percent, 11 percent and 51 percent quarter-over-quarter respectively.

But median COVs in other areas have remained steady. Over at Jurong West, median COVs for four-room flats have stayed at S$30,000 over the last two quarters.

Meanwhile, resale transactions fell by 14 percent from 6,560 cases in Q3 to 5,631 in Q4. In total, the number of resale transactions last year was 25,094, a slight increase of some two percent from 2011.

Going forward, the housing board said that a large supply of 110,000 new flats will be completed over the coming years. "HDB has ramped up its Build-to-Order (BTO) supply significantly over the past few years and we will keep up the pace of new flat supply into 2013. Coupled with the new cooling measures, this will help keep public housing affordable for Singaporeans."

It is targeting to build at least 23,000 BTO flats in 2013. The first batch of 3,346 units in Ang Mo Kio, Choa Chu Kang, Hougang, Kallang/Whampoa, Tampines and Yishun will be offered for sale later this month.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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