Oct 11, 2013

    HDB flats' cash premiums fall again

    THE cash premium paid over and above the valuation of a Housing Board flat continued to fall last month.

    Estimates released by the Singapore Real Estate Exchange (SRX) yesterday showed that the overall median cash-over-valuation (COV) dropped to $15,000 last month, from $18,000 in August.

    In July, the median COV was $20,000 and that in June was $24,400.

    According to The Straits Times, last month's COV of $15,000 is the lowest since July 2009, when the overall COV was $10,000.

    The median COV for the period July to September stood at $18,000, which is a 40 per cent drop from $30,000 a year ago.

    Compared to the median COV of $28,000 for the period April to June this year, that for the third quarter is 35.7 per cent lower.

    Still, HDB resale prices rose slightly by 0.2 per cent last month, compared to August.

    SRX estimates showed that this comes after resale prices showed monthly dips since May this year.

    The overall median monthly rental for HDB flats remained steady at $2,400 last month.