Source : Channel NewsAsia - 24 Oct 2008
Singapore’s Housing and Development Board (HDB) released data on Friday that showed prices of resale flats rising by 4.2 per cent in the third quarter, as compared to the previous quarter.
This was in line with estimates released earlier this month.
Sales volume also went up by about four per cent from 7,760 to 8,110 transactions.
HDB said the median Cash-Over-Valuation (COV) amount for all resale transactions for the quarter was S$19,000.
This was S$1,000 lower than the median COV in the second quarter.
COV refers to the sum of cash that needs to be paid by a buyer over and above the market valuation of a flat.
HDB said 89 per cent of sales in the open market required COV, while 11 per cent of transactions were conducted at or below valuation.
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