Cash premiums for resale HDB flats fall to eight-year low in January

Cash premiums for resale Housing Board flats continued to fall this year, with median cash-over-valuation (COV) dropping to $3,000 in January-- ST FILE PHOTO: JAMIE KOH
Cash premiums for resale Housing Board flats continued to fall this year, with median cash-over-valuation (COV) dropping to $3,000 in January-- ST FILE PHOTO: JAMIE KOH

Cash premiums for resale Housing Board flats continued to fall this year, with median cash-over-valuation (COV) dropping to $3,000 in January, according to Singapore Real Estate Exchange flash figures on Thursday.

This was down from $5,000 the month before, and marked the lowest median COV since October 2006. This was on the back of seven out of 28 HDB towns seeing a zero or negative median COV, including Sengkang and Punggol.

HDB resale prices, however, did not continue to slide. Instead, they rose a marginal 0.3 per cent, halting the general fall since April 2013.

But the market remained very cool, with resale volume falling 34.6 per cent in January compared to the same time a year before. There were 893 transactions, down from 910 in December and 1,365 in January 2013.

The rental market was also cool, with rental volume falling 18.7 per cent from the year before and median rent staying flat at $2,300.

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