Overall median cash premiums for Housing Board (HDB) resale flats continued to drop, with the premiums reaching a four-year low of $18,000 in August. July's median cash premium was $20,000 while the lowest median premium before last month's was recorded in July 2009 at $10,000.
Singapore Real Estate Exchange (SRX) flash estimates released on Friday morning showed that Punggol's executive flats had the lowest cash-over-valuation (COV) by region. Two out of the three transactions there in August were sold below valuation, while the median COV was $13,000 below valuation.
The highest COV was seen in Bishan HDB executive flats which fetched median COVs of $120,000.
Overall HDB resale prices slipped 0.7 per cent in August, the fourth consecutive monthly drop. This is the first time prices have dropped for four consecutive months since January 2006.Click on the graphic for a larger version.
HDB resale volume however stayed flat. A total of 1,280 HDB flats were sold in the resale market in August, almost identical to July's 1,286 resale cases. This was a 29 per cent drop from the same period the year before.
An estimated 1,560 HDB flats were rented in August, down 3 per cent from July. However, this was still 12 per cent higher than the 1,392 HDB rental transactions in August 2012.