Updated: 01/09/2014 20:42

COVs plummet to S$5,000 in December

COVs plummet to S$5,000 in December

Overall median cash-over-valuation or COV premiums for resale HDB flats continued to plummet under property curbs. 

Flash estimates released by the Singapore Real Estate Exchange, SRX, showed that they fell to $5,000 in December down from $8,000 the previous month. 

The median COV in January last year was $35,000. 

Data collated from 10 real estate agencies showed the number of transactions done below valuation level increased to 141 cases last month from 113 in November. 

Woodlands saw the highest number of such sales, followed by Sengkang and Jurong West. 

Overall resale volume for the month is estimated to come in at 908 units, down 9.6 per cent from November's 1,004 units. 

In November, COVs fell below the $10,000 mark for the first time since July 2009, when the property market was emerging from the aftermath of the global financial crisis.

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