According to data from major property agencies compiled by the Singapore Real Estate Exchange (SRX), Housing Board ( HDB ) cash-over-valuation (COV) continued a steady decline in July to $20,000, its lowest point since January 2011.
Compared to the peak of S$35,000 recorded in January this year, SRX said overall COV has dropped by 43 per cent year-to-date. Year-on-year, July’s resale volume represented a 36-per-cent drop from the same period in 2012. Overall HDB resale prices also dropped for the third consecutive month, slipping 0.5 per cent.
However, the number of HDB flats sold in resale market stayed relatively flat with 1,270 exchanging hands in July, similar to June’s 1,266 resale cases. This was a 36 per cent drop from the same period in 2012.