Tag Archives: HDB

COV falls to lowest in about a year

Posted on 5 Jul 2013 | Comments Off on COV falls to lowest in about a year

The overall cash premium or Cash-Over-Valuation (COV) for HDB resale flats has fallen to its lowest in about a year.

This is according to flash estimates by the Singapore Real Estate Exchange (SRX).

The overall median COV fell by 15.2 per cent in the second quarter of the year to S$28,000, down from S$33,000 in the first quarter.

The previous low was S$26,000 in the second quarter of 2012.

Meanwhile HDB resale transactions fell by 31 per cent in the first half of this year compared with the same period in 2012.

A total of 7,555 flats were transacted in the first half of 2013.

ERA Realty Network’s key executive officer, Eugene Lim, said: “The June COV was $24,000. It has trended downwards. We are likely to see COV continue to trend downwards and quite possibly by the last quarter, we could see COVs around the $20,000 region.

“When it hits the $20,000 region, I think we may see more buyers entering the market, because it’s a figure that’s generally acceptable to buyers.

“(So we could have more buyers entering the market) instead of them wanting to wait three years for a HDB BTO (flat).”

On the private housing front, transactions for non-landed private resale units fell by 42 per cent in the second quarter, compared with the same period one year ago.

But the 2,024 units moved in the second quarter of this year were slightly higher than in the first quarter.

In the month of June, resale prices of non-landed private residential units showed an overall increase of 1.8 per cent, according to flash SRX estimates.

Source – CNA – 5 Jul 2013

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HDB to study if temporary rental housing scheme for married couples can be adjusted

Posted on 5 Jul 2013 | Comments Off on HDB to study if temporary rental housing scheme for married couples can be adjusted

The Housing and Development Board (HDB) said it will assess the need to adjust the temporary rental housing scheme to help even more married couples.

For the 1,150 flats made available under this scheme, it has so far received applications for 554.

The scheme was launched in January to help married couples waiting for their new Build-To-Order flat to be completed.

41-year-old Jeremy Pher used to pay more than S$2,300 to rent a flat in the open market.

With HDB’s new Parenthood Provisional Housing Scheme (PPHS), he now pays S$1,200 to rent a four-room flat directly from the HDB.

He is one of about 140 applicants who have moved in, or are in the process of moving in, to temporary rental housing units.

As not all of the units are occupied yet, Mr Pher said there are some perks and drawbacks of a quieter block.

He said: “At the moment yes, there’s plenty of car park space for me. I can choose my lot anytime. For me, I don’t think there’s a big problem because Singapore is safe. Right now I do not have a neighbour opposite me, so I just got to take a little bit more extra precaution in terms of safety that I need to just lock up my door and probably close the main door. ”

Other residents Channel NewsAsia spoke to had mixed views.

Flats under the scheme are located in mature estates, like Bedok, Jurong West, Queenstown and Ang Mo Kio.

They have primarily been vacated under the Selective En-Bloc Redevelopment Scheme.

HDB said with flats located in mature estates with amenities, this should go some way in ensuring safety.

Senior Estate Manager of the Housing Management Group at HDB Justina Tan said: “We are not chasing after numbers. The objective of PPHS is to provide an additional housing option for first-timer married couples who need temporary housing while they’re waiting for their new HDB flats to be completed. We are not too worried, or too concerned about the safety issues. We are also working with the relevant authorities to make sure there are safety measures in place.”

More applicants will be able to select their flats in July and August.

Source – CNA – 5 Jul 2013

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