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Cash Over Valuation (COV)
Friday, January 29, 2010

Read the following article from TheStraitsTimes.

"The Resale Price Index hit a fresh record, with resale prices rising 3.9 per cent - 0.2 % higher than the flash estimate released three weeks ago - for the last three months of 2009, bringing the full year increase to 8.2 per cent.

UPFRONT cash paid by buyers for HDB resale flats doubled in the fourth quarter of last year on the back of high demand amid tight supply. The Housing Board's official statistics for the fourth quarter released on Friday showed the median cash-over-valuation paid for HDB flats was $24,000 - up from $12,000 in the third quarter last year.

HDB said it will launch 12,000 new flats this year under its build-to-order (BTO) scheme, or more if there is demand, and will monitor the market closely and adjust the flat supply accordingly."

Grrr. WTH. Its bad timing again. $24k is like the median price. I went to one recently, asking for 100k COV. I was like... Okay, need to open up options...

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