HDB may stop releasing all cash-over-valuation COV data

[Mdm Tang]

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HDB may stop releasing all cash-over-valuation data

Property execs say it has signalled move to stop publishing cash premiums

By Rachel Chang
The Housing Board (HDB) may be relooking its policy of releasing official cash-over-valuation (COV) figures of resale Housing Board flats, according to top executives of some property companies.

They say the board has signalled through its actions and in private conversations its intention to stop publishing these figures altogether, a move that would put the final nail in the coffin of a measure that is criticised for pushing up prices in the resale market.

In the past year, the Housing Board had moved to hold back several types of COV data, such as the nationwide median and the proportion of resale flats sold above valuation.

Last June, the Council for Estate Agencies began penalising agents who, in their advertisements, promise to get a specified amount of COV.

 

[Cestbon]

Maybe HDB no need for valuation. Why need valuation. Buyer can decide the price want to pay for it or not.

 

[Scrooball (clone)]

COV is decided by market. What relevance has this got to do with HDB?

Things that HDB should do is set quota on PRs buying flats with locals. Penalize the PRs.

 

[@rmadill0]

COV is decided by market. What relevance has this got to do with HDB?

Things that HDB should do is set quota on PRs buying flats with locals. Penalize the PRs.

We should impose levy on their proceeds too if they are sell their HDB back to open markets. We are not discriminating them. We just need to let them know HDB is not a tool for them to make money to buy lands and bungalows back in their homelands.

 

[@rmadill0]

COV is decided by market. What relevance has this got to do with HDB?

Things that HDB should do is set quota on PRs buying flats with locals. Penalize the PRs.

We should impose levy on their proceeds too if they are sell their HDB back to open markets. We are not discriminating them. We just need to let them know HDB is not a tool for them to make money to buy lands and bungalows back in their homelands.

 

[batman1]

COV is decided by market. What relevance has this got to do with HDB?

Things that HDB should do is set quota on PRs buying flats with locals. Penalize the PRs.

Can PRs alone buy HDB flats (subsidized new flats or resale flats)?

 

[Mdm Tang]

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HDB resale prices up 0.6% in Q1
Posted: 27 April 2012 0929 hrs




SINGAPORE: The Housing and Development Board's Resale Price Index (RPI) has risen from 190.4 in Q4 2011 to 191.6 in the first quarter of this year, an increase of 0.6 per cent over the previous quarter.

This is the same as the flash estimate released on April 2.

Resale transactions fell 0.5 per cent, from 5,921 cases in the Q4 2011 to 5,892 cases in the first quarter of this year.

The HDB offered 8,076 flats under the Build-To-Order (BTO) exercises and another 3,825 flats under a Sale of Balance Flats exercise in the first quarter.

In May, the HDB will offer 4,640 BTO flats for sale in six projects, spread over four towns/estates: Choa Chu Kang, Kallang/Whampoa, Punggol and Sengkang.

Subletting transactions rose 10 per cent from 6,039 cases in Q4 2011 to 6,653 cases in the first quarter.

The total number of HDB flats approved for subletting rose to 41,200 units in the first quarter, compared with 40,000 units in the previous quarter.

The cash premium that home buyers pay upfront, also known as cash-over-valuation, fell across all categories -- confirming earlier figures provided by real estate firms.

The largest drop was seen for three-room flats, where the COV dropped some 18 per cent.

For example, the median COV for a three-room flat in Queenstown was S$25,000 in the first quarter of this year, down from S$30,000 in the previous quarter.

- CNA/cc

 

[Unrepented]

Good suggestion and rationale. IF they don't impose it, it would mean that your suggestion runs counter to hdbee's objective

We should impose levy on their proceeds too if they are sell their HDB back to open markets. We are not discriminating them. We just need to let them know HDB is not a tool for them to make money to buy lands and bungalows back in their homelands.

 

[Cestbon]

Can PRs alone buy HDB flats (subsidized new flats or resale flats)?

One PRs cannot buy HDB flat. Please visit HDB website la for more info very detail and clear cut.
Only citizen can buy new flat.
PRs can buy resale flat only. Couple both must be PR. If one PR and one FT cannot buy flat.

 

[chonburifc]

So what does it means to those selling or buying HDB resale pigeonholes?

 

[zeddy]

We should impose levy on their proceeds too if they are sell their HDB back to open markets. We are not discriminating them. We just need to let them know HDB is not a tool for them to make money to buy lands and bungalows back in their homelands.

Well said.. Many of these PR scums are selling their HDB flats for a profit.. With the profits obtained many can jolly well afford to buy big bungalows and land back in their native countries.. Chief culprits are the Ah Nehs and the Pinoys.. And some of these opportunistic scum bag Ah nehs even rent out their spare rooms illegally to their countrymen barely months after purchasing their resale HDB flats..