07 Sep '11, 8am

Will the COV go up or down after new HDB rules? | Property Blog - Yahoo! via @yahoosg

If our government really and sincerely wants to do something about the rocket high property prices, especially the COV of HDB flats, they have to, in the first place, bring down the valuation! Let me quote an example, a 4-rm flat in town area was valued $610K, owner wanted COV of $80K to sell at a total quantum of $690K. After 2 & 1/2 months of trying, nobody is willing to come out with such high cash, the owner had no choice but to slash the COV to $60K, hoping to close the deal at $670K. Then at the 3-month time point, the valuation report expired and owner did a new one, which gave him a pleasant surprise: the valuation went up to $635K! So, this time round, he learned not to be greedy, but only asked for $55K, which still summed up to $690K, the original asking! In the end, the flat was sold for $685K, of which $50K was cash. Since the flat was transacted at $685K, the...

Full article: http://sg.news.yahoo.com/blogs/property-blog/cov-down-hdb...

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