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    Feb 11, 2014

    Punggol flat sold at $60k below valuation

    SHE viewed more than 100 flats in Punggol before she found the perfect home at a steal.

    It was offered at $495,000 - a whopping $60,000 below valuation - despite being surrounded by greenery and just minutes away from the expressway.

    Ms A. Lee, who is single and in her 50s, sealed the deal in December.

    The general manager of a company had moved from a four-room flat just a few blocks away. Her previous flat was sold for about $460,000, which was $17,000 below valuation.

    PropNex property agent Ray Sim, who sold the flat to Ms Lee, said the seller needed to move to Penang urgently, adding: "People usually sell their flats $20,000 or $30,000 below valuation, at most."

    Median cash-over-valuation (COV) fell to $3,000 last month - the lowest since the 2009 financial crisis. Almost 30 per cent of Housing Board resale deals closed below valuation.

    Property analyst Nicholas Mak expects median COV to remain between zero and $5,000 this year.