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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.
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workable?