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COVs for resale flats near record high

Published on Dec 7, 2012 4:51 PM
HDB flats are in Queenstown, along Margaret Drive and Dawson Road. -- ST PHOTO:  CAROLINE CHIA

New data from the Singapore Real Estate Exchange shows cash-over-valuations (COVs) inching up to $34,000, the highest in a year and just $2,000 short of a five-year historic high. Estate agency bosses say that this upward momentum behind COVs will last as long as the supply of resale flats remain tight.

The highest COV with at least 10 contracts signed among all property types in all towns is for HDB 4-room flats in Queenstown. The median COV in Oct and November came to $76,250.