noobcarbuyer 5th Gear April 4, 2021 Share April 4, 2021 https://www.todayonline.com/singapore/cash-over-valuation-back-spotlight-rising-property-demand-drives-resale-prices Cash over valuation back in the spotlight as rising property demand drives resale prices up SINGAPORE — Having seen property prices tumble during the 1997 Asian Financial Crisis and the severe acute respiratory syndrome (Sars) outbreak in 2003, Mr Ng thought the ongoing Covid-19 pandemic would present him with a golden opportunity to secure his dream retirement home at a discount. Instead, the 66-year-old retiree saw prices “go up tremendously” as he ended up having to fork out about S$160,000 in cash over valuation (COV) for a five-room resale Housing and Development Board (HDB) flat in Pasir Ris. The 27-year-old recently renovated flat came with a price tag of around S$650,000. Mr Ng had sold his private property in late 2019, just months before the coronavirus ravaged economies worldwide. "I panicked as I felt that if I don’t buy now, the price may increase further,” said Mr Ng, who declined to give his full name. He eventually signed an option-to-purchase (OTP) early last week for the flat, which is located on the highest floor of its block. The COV refers to the difference in the sale price of a resale flat and its actual valuation by HDB. If the valuation is lower, the difference has to be paid in cash. ↡ Advertisement 1 Link to post Share on other sites More sharing options...
Lala81 Hypersonic April 4, 2021 Share April 4, 2021 (edited) Huh so carrot? Oh OK cash rich downgrader. These make up 1% of the resale market lah. Normal buyer don't behave like that one lah. Edited April 4, 2021 by Lala81 3 4 Link to post Share on other sites More sharing options...
noobcarbuyer 5th Gear April 4, 2021 Author Share April 4, 2021 (edited) 25 minutes ago, Lala81 said: Huh so carrot? Oh OK cash rich downgrader. These make up 1% of the resale market lah. Normal buyer don't behave like that one lah. Even if he's cash rich, paying $160,000 COV for a 30 year old HDB flat right at the extreme eastern end of the island is a bit hard to fathom. Anyway the article also stated that : "With the recent unexpected recovery of the property market during the Covid-19 pandemic, COV has begun making a comeback — after staying suppressed for years — due to the pent-up demand for homes. Anecdotally, property experts told TODAY that recent COV figures typically range between S$10,000 and S$50,000. However, it is not unheard of for someone to pay between S$100,000 and S$200,000 for choice flats." Edited April 4, 2021 by noobcarbuyer 1 Link to post Share on other sites More sharing options...
Sdf4786k Twincharged April 4, 2021 Share April 4, 2021 (edited) 30 minutes ago, Lala81 said: Huh so carrot? Oh OK cash rich downgrader. These make up 1% of the resale market lah. Normal buyer don't behave like that one lah. Or en bloc waiting game trying to catch the Low .. willing buyer or not, have seen folks selling thinking the end is near to buy it when it crash. only to see it sky Rocketed after selling Edited April 4, 2021 by Sdf4786k 1 1 Link to post Share on other sites More sharing options...
SuPerBoRed Twincharged April 5, 2021 Share April 5, 2021 (edited) worldwide governments have pumped and are still pumping $$ into their economies... Loans are unusually cheap ... scalpers be careful when the carry becomes too painful... 66yr old buy for self stay .. doesnt matter how much longer that property will last la .... COV is more for the renovations the previous owner did i feel... Edited April 5, 2021 by SuPerBoRed 4 Link to post Share on other sites More sharing options...
Ct3833 Supersonic April 5, 2021 Share April 5, 2021 He sold his private property, being a retiree, he has probably bought his private property long ago meaning has made a fortune, so the sum he paid for is not significant by his wealth. End of the day, happy 就好。 3 Link to post Share on other sites More sharing options...
Inlinefour Twincharged April 5, 2021 Share April 5, 2021 why we zhng chia dun hav cov when selling one huh 🤔 1 2 Link to post Share on other sites More sharing options...
kobayashiGT Internal Moderator April 5, 2021 Share April 5, 2021 He bought his relative house issit? hahaha. After that 50/50 the cash. 1 3 Link to post Share on other sites More sharing options...
Kopites Supersonic April 5, 2021 Share April 5, 2021 31 minutes ago, Ct3833 said: He sold his private property, being a retiree, he has probably bought his private property long ago meaning has made a fortune, so the sum he paid for is not significant by his wealth. End of the day, happy 就好。 Sounded so much like mcf. Hahaha 2 Link to post Share on other sites More sharing options...
UncleAtas Turbocharged April 5, 2021 Share April 5, 2021 Its either he walk off or succumb to the COV. I'd rather lose the deposit. Now that pasir ris area recent transactions will affect future buyers. Link to post Share on other sites More sharing options...
Ct3833 Supersonic April 5, 2021 Share April 5, 2021 (edited) 4 minutes ago, UncleAtas said: Its either he walk off or succumb to the COV. I'd rather lose the deposit. Now that pasir ris area recent transactions will affect future buyers. potential sellers will be happy. But again, pasir ris is not a hot area like Redhill or Bishan that people will snatch for it, the price and demand of housing there will not be easily influenced by just one isolated transaction . Edited April 5, 2021 by Ct3833 Link to post Share on other sites More sharing options...
Throttle2 Supersonic April 5, 2021 Share April 5, 2021 (edited) 1 hour ago, Lala81 said: Huh so carrot? Oh OK cash rich downgrader. These make up 1% of the resale market lah. Normal buyer don't behave like that one lah. 66 yr old uncle chasing the market.....just like some goons who pay 100% above msrp for a steel Rolex. .feel sorry for such fellas sometimes, but then again, many are flippers, so let them ..🤣😂 Edited April 5, 2021 by Throttle2 Link to post Share on other sites More sharing options...
Throttle2 Supersonic April 5, 2021 Share April 5, 2021 https://www.todayonline.com/singapore/industry-players-should-not-stoke-exuberant-sentiments-property-market-indranee-rajah?cid=h3_referral_inarticlelinks_03092019_todayonline Industry players will only fan those flames lah, Indranee. Link to post Share on other sites More sharing options...
Jamesc Hypersonic April 5, 2021 Share April 5, 2021 "I panicked" Stupidity always follow fear or greed. 1 Link to post Share on other sites More sharing options...
yishunite Turbocharged April 5, 2021 Share April 5, 2021 I bet he made way more on his private property when he sold it. No harm spreading the profits around. Huat ah! 1 Link to post Share on other sites More sharing options...
Kxbc Turbocharged April 5, 2021 Share April 5, 2021 some HDB blocks/areas/units are very coveted due to some USP. It's always high demand but low or nil supply for years. maybe the flat he bought is one of those units which he might have eyed for years. as long as he can afford it and is happy, jiu hao. Link to post Share on other sites More sharing options...
Watwheels Supersonic April 5, 2021 Share April 5, 2021 (edited) So govt will kick in more cooling measures soon? We dont know who this 66yo is or what he used to be. Cant expect much. Edited April 5, 2021 by Watwheels Link to post Share on other sites More sharing options...
Spidey10 Supercharged April 5, 2021 Share April 5, 2021 (edited) 1 hour ago, Lala81 said: Huh so carrot? Oh OK cash rich downgrader. These make up 1% of the resale market lah. Normal buyer don't behave like that one lah. same sentiment - maybe poorly informed...HDB building so many HDBs, still paying so much for what....just live further away lor...Pumggol, Pasir ris, Yishun, woodlands, jurong ....all not that far ler. don't understand...maybe got money, then also got maney also not spend like this lor….do charity work better... Edited April 5, 2021 by Spidey10 ↡ Advertisement Link to post Share on other sites More sharing options...
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