Friday, January 20, 2012

Private home owners paid highest COV in Q4: Khaw

Business Times: Thu, Jan 19
PRIVATE property owners paid the highest median cash over valuation (COV) amount for resale HDB flats in the last quarter of 2011, National Development Minister Khaw Boon Wan said yesterday.

Writing in his blog under the heading 'Who Bids High?', Mr Khaw revealed that private property owners paid the highest median COV of $45,000 in the fourth quarter of 2011.

Second-timers paid $34,000, first-timers paid $33,000, permanent residents $32,000, and singles paid the lowest median COV of $31,000, according to Mr Khaw's data.

The issue of high COVs - which is the cash premiums paid to the seller above a flat's valuation - was raised in Parliament on Jan 16. Mr Khaw said then that former private property owners make up the buyer segment that is pushing up the COV, not permanent residents...

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