Tag Archives: Cash-over-valuation

Married, but no place of their own

Posted on 20 Sep 2009 | Comments Off on Married, but no place of their own

Mr Jayce Ng and his wife Jacelyn, both 30, live in separate homes as they wait for an affordable flat. — ST PHOTO: ALPHONSUS CHERN

Each time after a movie or dinner date, married couple Jayce Ng and Jacelyn Yong return to separate homes.

He goes to his parents’ apartment in Hume Avenue and she to Hougang.

The couple, who are both 30 and registered their marriage last year, have yet to find a home to call their own, priced out by the current property rally.

‘I recently received a text message from an agent, who gave a listing of 10 Bukit Panjang flats, all asking for cash over valuation (COV) of between $40,000 and $50,000,’ said Mr Ng, a process analyst. ‘But we just can’t fork out the cash.’ Continue reading →

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Minister: Bridging loans will increase flat prices

Posted on 16 Sep 2009 | Comments Off on Minister: Bridging loans will increase flat prices

Loans to help buyers pay cash-over-valuation?

ARE HDB resale prices rising too quickly, a situation worsened by exorbitant cash-over-valuation (COV) requests?

That is the hot topic among many Singaporeans over the past few months, as they find the booming property market pushing flat prices beyond their reach.

Several of them have voiced their grievances in letters to the media, and now netizens have started an online petition urging the Government to do something to curb the rises.

COV rises when buyers are willing to pay more than the market value of the resale flat, which is determined by professional valuers.

This issue was raised in Parliament yesterday when Dr Lim Wee Kiak, MP for Sembawang GRC, raised the question of whether COV was a significant barrier for those buying resale HDB flats.

He asked whether there should be an alternative.

‘Many people are CPF-rich but cash-poor when they want to buy a flat,’ he said. Continue reading →

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Posted in HDB, Loan / Mortgage / Finance

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