News

HDB median COV at $3,000

The Housing Board resale market continued to lose steam last month, with median cash-over-valuation (COV) premiums dropping to $3,000.

This was down from $5,000 in December 2013, and marked the lowest COV since October 2006, according to flash estimates released by the Singapore Real Estate Exchange (SRX) yesterday.

Eight out of 28 HDB towns saw zero median COV or deals below valuation, said the report. Sengkang and Punggol led the drop, with deals below valuation.

Bishan, Geylang, Jurong West, Sembawang, Woodlands and Yishun recorded zero overall median COV.

SRX 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 last December.

RESALE 
PRICES FLAT

HDB resale prices remained relatively flat, said SRX.

Overall, HDB resale prices gained a marginal 0.3 per cent in January, thwarting the general decline in monthly prices since April 2013.

Some 893 HDB flats were sold in January's resale market, a slight drop from 910 units in December 2013.

Rental volume dropped 18.7 per cent year on year.

An estimated 1,319 HDB flats were rented in January - 6.8 per cent less than December's 1,415 rental transactions.

HDB median rents stayed constant at $2,300 in January, after two consecutive monthly drops in November and December.