HDB COVs fall to $8,000 in Nov, lowest since July 2009; more flats sold below valuation
Cash premiums for Housing Board flats fell for the third straight time last month to $8,000, according to Singapore Real Estate Exchange flash estimates on Thursday.
This was the first time since 2009 that overall cash-over-valuation (COV) fell below $10,000.
More HDB resale transactions had negative COVs, with 13.1 per cent of HDB resale deals closing below valuation in November, up from 8.5 per cent in October. Sengkang, Choa Chu Kang and Jurong West saw the most such transactions.
Resale prices also slipped a further 0.6 per cent, reaching the lowest level since September 2012. An estimated 1,051 HDB flats were sold in the resale market last month, down 11.5 per cent from October's 1,187 transactions, and down 34 per cent compared to the same time last year.