Updated: 02/07/2014 02:09

COV for HDB resale flats dropped to a eight year low of $3000 last month



COV for HDB resale flats dropped to a eight year low of $3000 last month

The overall median Cash-Over-Valuation or COV for HDB resale flats dropped to a eight year low of $3,000 last month - down from$5,000 in December last year. 

The last overall COV of $3,000 was recorded in October 2006. 

This is according to the latest flash estimates report released by the Singapore Real Estate Exchange this morning. 

The SRX report showed almost three in ten HDB transaction deals were closed below valuation. 

Eight out of 28 HDB Towns also saw zero or negative median COV. 

Resale volume also showed a slight drop. 

893 HDB flats were sold last month, down from 910 units last December. 

On a year-on-year basis, last month's resale volume posted a 34.6 per cent drop compared to the same period last year. 

Rental volume was also down. 

An estimated 1,319 HDB flats were rented last month, 6.8 per cent less than December last year.

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

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