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<TABLE class=forumline cellSpacing=1 cellPadding=3 width="100%" border=0><TBODY><TR><TD class=row1 vAlign=top align=left width=150>hct
Joined: 23 Jan 2008
Posts: 1168
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Posted: Sat Jul 16, 2011 9:34 pm Post subject: COV for HDB flats are still skyrocketing out of control.</TD><TD vAlign=top noWrap>
</TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>Cash-Over-Valuation (COV) figures are still skyrocketing out of control.
Cash-Over-Valuation is the additional cash you pay to the seller when buying a house. Sellers have free rein to request for any amount of extra cash on top of the house's sale price. Buyers have the freedom to accept or reject the requested COV amount.
The skyrocketing COVs come despite seven new Build-To-Order (BTO) housing projects being launched by the Housing Development Board (HDB) two days ago.
The median COV cited by HDB for the first quarter of 2011 stands at $21,000, but property agents are seeing far higher figures.
As reported by Lianhe Zaobao, A five-room flat in Ang Mo Kio Ave 4, in a location not situated near an MRT station, has just been sold with a COV of $110,000.
Last month, a five-room flat in Marine Parade was sold with a COV of $128,000. The unit's final sale price amounted to nearly $900,000 – on par with the price of a condominium unit.
At the lower end, a three-room flat in Marine Parade was sold with a COV of $38,000. Another four-room-flat in Queenstown was sold with a COV of $80,000. Its final sale price was $728,000.
Besides these astonishing figures, property agents have commented on the worry trend of sky-high COVs.
ERA Asst Vice President Lin Chen Rong cautions that an unhealthy trend is emerging. Property owners no longer seem to care for the stated valuation prices of their property. Instead, they care only about the COV.
Despite multiple efforts by the HDB to cool down the property market, prices still seem to be out of control.</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
Joined: 23 Jan 2008
Posts: 1168
</TD><TD class=row1 vAlign=top width="100%" height=28><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD width="100%">
Posted: Sat Jul 16, 2011 9:34 pm Post subject: COV for HDB flats are still skyrocketing out of control.</TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>Cash-Over-Valuation (COV) figures are still skyrocketing out of control. Cash-Over-Valuation is the additional cash you pay to the seller when buying a house. Sellers have free rein to request for any amount of extra cash on top of the house's sale price. Buyers have the freedom to accept or reject the requested COV amount.
The skyrocketing COVs come despite seven new Build-To-Order (BTO) housing projects being launched by the Housing Development Board (HDB) two days ago.
The median COV cited by HDB for the first quarter of 2011 stands at $21,000, but property agents are seeing far higher figures.
As reported by Lianhe Zaobao, A five-room flat in Ang Mo Kio Ave 4, in a location not situated near an MRT station, has just been sold with a COV of $110,000.
Last month, a five-room flat in Marine Parade was sold with a COV of $128,000. The unit's final sale price amounted to nearly $900,000 – on par with the price of a condominium unit.
At the lower end, a three-room flat in Marine Parade was sold with a COV of $38,000. Another four-room-flat in Queenstown was sold with a COV of $80,000. Its final sale price was $728,000.
Besides these astonishing figures, property agents have commented on the worry trend of sky-high COVs.
ERA Asst Vice President Lin Chen Rong cautions that an unhealthy trend is emerging. Property owners no longer seem to care for the stated valuation prices of their property. Instead, they care only about the COV.
Despite multiple efforts by the HDB to cool down the property market, prices still seem to be out of control.</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
