Calls for COVs to be scrapped during dialogue on housing

Some participants at the latest “Our Singapore Conversation” dialogue session on housing have called for the Cash-Over-Valuation component of HDB resale flats to be scrapped.

It was suggested that such an action would curb profiteering and speculation, and in turn bring down resale flat prices.

However, HDB has explained on it “HDB Speaks” website that COVs are subject to the dynamics of the housing market, prevailing economic factors and negotiations between buyer and seller.

Participants at the forum were also asked where they would like to see resale flat prices heading in the next one to two years.

About 60 per cent of participants said they would like prices to go down. Most of the others said they would like to see prices maintained, while only a handful suggested prices should increase.

Source – Today – 30 May 2013

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