SINGAPORE: Cash-over-valuation (COV) premiums for Housing and Development Board (HDB) flats fell to S$3,000 last month -- matching the previous low in June 2009 during the global financial crisis.
A flash report by the Singapore Real Estate Exchange (SRX) showed on Thursday that the median COV in January fell by S$2,000 from December 2013.
Eight out of 28 HDB towns saw zero or negative median COV. Sengkang and Punggol led the drop with negative overall COVs, while Bishan, Geylang, Jurong West, Sembawang, Woodlands and Yishun recorded zero overall median COV.
The report also showed that almost three in 10 HDB deals closed below valuation.
Transaction records showed that 28.5 per cent of HDB resale deals were closed below valuation last month, an increase from the 20.4 per cent that closed below valuation in December 2013.
Overall, HDB resale prices gained a marginal 0.3 per cent in January, thwarting the general decline in monthly prices since April 2013.
According to flash estimates, 893 HDB flats were sold in January's resale market, a slight drop from 910 units in December 2013.
On a year-on-year basis, January's resale volume posted a 34.6 per cent drop from 1,365 flats sold over the same month of last year.
Rental volume dropped 18.7 per cent year-on-year.
An estimated 1,319 HDB flats were rented last month, 6.8 per cent less than December 2013's 1,415 rental transactions. On a year-on-year basis, January's rental volume posted a 18.7 per cent drop from 1,623 flats leased over the same month of last year.
HDB median rents stayed constant at S$2,300 in January, after two consecutive monthly drops in November and December.
- CNA/ac
A flash report by the Singapore Real Estate Exchange (SRX) showed on Thursday that the median COV in January fell by S$2,000 from December 2013.
Eight out of 28 HDB towns saw zero or negative median COV. Sengkang and Punggol led the drop with negative overall COVs, while Bishan, Geylang, Jurong West, Sembawang, Woodlands and Yishun recorded zero overall median COV.
The report also showed that almost three in 10 HDB deals closed below valuation.
Transaction records showed that 28.5 per cent of HDB resale deals were closed below valuation last month, an increase from the 20.4 per cent that closed below valuation in December 2013.
Overall, HDB resale prices gained a marginal 0.3 per cent in January, thwarting the general decline in monthly prices since April 2013.
According to flash estimates, 893 HDB flats were sold in January's resale market, a slight drop from 910 units in December 2013.
On a year-on-year basis, January's resale volume posted a 34.6 per cent drop from 1,365 flats sold over the same month of last year.
Rental volume dropped 18.7 per cent year-on-year.
An estimated 1,319 HDB flats were rented last month, 6.8 per cent less than December 2013's 1,415 rental transactions. On a year-on-year basis, January's rental volume posted a 18.7 per cent drop from 1,623 flats leased over the same month of last year.
HDB median rents stayed constant at S$2,300 in January, after two consecutive monthly drops in November and December.
- CNA/ac
