Daily Archives: 24 Oct 2009

Up 3.6% in Q3, with 11,649 units sold; cash top-ups also soar

Cash-over-valuation amounts for resale HDB flats have quadrupled, from a median of $3,000 in the previous quarter to $12,000 in the third quarter. — ST PHOTO: ALPHONSUS CHERN

PRICES of resale Housing Board homes have continued their relentless climb, rising another 3.6 per cent in the third quarter to hit a fresh record.

But despite the high prices, demand for resale flats remained hot. A total of 11,649 homes changed hands in the third quarter, reaching a level not seen in five years.

The latest figures, released by HDB yesterday, highlight another important trend. Almost 80 per cent of resale flats were sold above their bank valuations.

And this amount, known as the ‘cash-over-valuation’ (COV) – or the cash top-up payable by buyers – quadrupled from a median of $3,000 in the previous quarter to $12,000. Continue reading →