COV doubles for HDB flats
By Jessica Cheam
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. --ST PHOTO: STEVEN LEE CT
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.
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.
HDB said in a statement that sales volume declined by about 23 per cent, from 11,649 cases in third quarter last year to 8,926 cases in the following quarter. But 2009 was still a bumper year compared to 2008, with total number of resale transactions surging to 37,205 - an increase of 31 per cent over the previous year.
HDB also said that 93 per cent of sales in the fourth quarter transacted above valuation - up from 79 per cent in the third quarter. However, it added that the median COV has stabilised in recent times, with the figure for the first half of January down to $22,000.
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.
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