Source : Straits Times - 21 Aug 2008
I refer to the letter, ‘Queries on HDB Valuation Scheme’ published on Aug 12.
The writer attributed the increase in resale prices of HDB flats to a new method of valuation implemented by the HDB that incorporates the cash-over-valuation (COV) amount. This is not correct, as there has been no change in the method of valuation recently.
We wish to clarify that valuations of resale HDB flats are carried out by professional private valuers, and not by HDB. The private valuers on the panel are licensed by Inland Revenue Authority of Singapore and are members of the Singapore Institute of Surveyors and Valuers.
Buyers and sellers of resale flats are free to negotiate and agree between themselves the selling prices. Information provided by HDB on the median COV for each flat type in each town serves to help them make an informed decision. As stated in HDB’s press release of July 25, about 10 per cent of the resale transactions registered in the second quarter this year were done at or below valuation, that is with no COV.
Gopal Singh
Head (Valuation & Alienation)
Housing & Development Board
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