Poll For Cov Paid (2009)

[koxxic 2]

COV $2K, Admiralty Drive

[salavanun 0]

Yes salavanun you are right....for those at higher floor they are asking min cov $40k and above (some even asked for $65k with better reno). To me, low floor is fine as long as there is no coffeeshop below...

So far have you guys encounter any bad experience for staying at low floor?

experience is individual.most people concerned buying low floor is future resale value.but thats thing of the past.now we already buying past 400k and it might be the last hdb we own coz price is sky rocketing.so i m not worried or evn thinking abt selling. as long i have a place to stay .thats y is important when buying think for long term and not investment coz we dunno wat the future of hdb goin to be like. cheers!

[bedokbetta 0]

So far have you guys encounter any bad experience for staying at low floor?

Roaches flying in from the windows.

COV $2K, Admiralty Drive

Now that is indeed a very good steal. Are there anything outside the norm that create such a low cov?

Edited April 5, 2010 by bedokbetta

[therat 18]

Hi All, Im new to this forum. I recently saw a 4 room flat at bedok north (5 yrs old) 5 mins walk to MRT, simple reno asking for $26K COV #03 corner. The valuation is $ 420k. Do you guys think the cov is reasonable?

I guess yours is Blk 18X

I say u decide.

Understand there is a infant care and child care centre @ one of the block void deck.

I bought a Bedok flat too.

30 yrs old, mid floor, 10 min walk to Bedok MRT.

COV already 44k

Of course Blk 18X, the valuation also much more higher than the rest.

Not much more, is alot more.

Yours 420 + 426k = 446k

mine 326 + 44k = 370k

different of $76k compare a 5 yrs old 4rm V 30yrs old 4rm

[avatarsun 0]

I guess yours is Blk 18X

I say u decide.

Understand there is a infant care and child care centre @ one of the block void deck.

I bought a Bedok flat too.

30 yrs old, mid floor, 10 min walk to Bedok MRT.

COV already 44k

Of course Blk 18X, the valuation also much more higher than the rest.

Not much more, is alot more.

Yours 420 + 426k = 446k

mine 326 + 44k = 370k

different of $76k compare a 5 yrs old 4rm V 30yrs old 4rm

To us we dont really mind paying high valuation of the flat because ultimately that is the "real valuation" of the flat and not additional money asked by the seller.... not sure if you guys know what i'm trying to say here....

Many thanks to therat.... i think i have decided..... you are right the flat is at block 18X. The child care is not directly under the flat i like..... and is kind of convenience to us if we have our kids in future....

[duhzzz 0]

To us we dont really mind paying high valuation of the flat because ultimately that is the "real valuation" of the flat and not additional money asked by the seller.... not sure if you guys know what i'm trying to say here....

Many thanks to therat.... i think i have decided..... you are right the flat is at block 18X. The child care is not directly under the flat i like..... and is kind of convenience to us if we have our kids in future....

Well...some flats could be undervalued. =) And for all you know, ur COV might actually raise the valuation in that area.

[auroraz 0]

i think my cov paid will break all records here liao lol

Valuation: 348k

Cov: 62k

Total: 410k

4 room dr to dr top floor unit, 10 mins walk to serangoon mrt.

like this area so we mainly focused on looking at this place, good thing is that the place is done up very nicely less than 2 years ago... hence we don't have to worry abt reno or any touch ups at all

[swataction 0]

for people who plans to buy flats now, got some good news for you.. some bigger flats in queenstown i.e. executive or 5rm are selling below valuation.. so u can come here to poll that you got ur flat at -ve COV. saw the news todayonline.

there is a growing demand for smaller flats i.e. 3rm & 4rm due to smaller family, hence demand for bigger flats dropped, especially 5rm. in sengkang, u can get a executive flat at a more ulu place close to the same price of a 4rm flat with better location. so its not true in some way that public housing has become unaffordable to the masses and buyers are forced to paid high COV. well u can still get units under COV if you dun mind the location.

Some COVs turn negative

A few flats sold under valuation

by Esther Ng 05:55 AM Apr 24, 2010SINGAPORE - Rising cash-over-valuations (COV) have been the gripe of home-hunters, but some have gotten lucky in Queenstown.

Between January and March, the median COV for executive flats there was a negative $6,000, meaning a buyer paid below valuation - a far cry from the $50,000 median COV for the same flat type in the same area, in the preceding quarter.

But the first-quarter median COV for executive flats in Toa Payoh was a staggering $63,500. This was the highest COV sum in the Housing and Development Board's list released on Friday, which broke down flat prices for the first quarter. In all three instances, HDB noted, the figures should not be taken as representative as there were fewer than 20 resale transactions in those towns for those flat types.

Indeed, overall, the median COV for the first three months of the year stabilised at $25,000 after a marginal increase of just $1,000 - compared to the fourth quarter of last year which saw the COV double.

And the HDB's resale price index rose more slowly as well, by 2.8 per cent, as the number of resale transactions slipped 5 per cent - in large part, some analysts noted, due to the huge cash-out-of-pocket sums being demanded by sellers.

Generally, resale flats in Bishan attracted the highest median COV of $32,000, followed by those in Punggol ($31,000) and Marine Parade, Central and Sengkang ($30,000).

The COV rose for three-, four- and five-room flat types in Kallang/Whampoa, where a five-room unit which previously drew a $16,600 COV now commanded $40,000. The trend was similar in Clementi.

"It could be that market is playing catch-up and that that people have bought flats in anticipation of the Circle Line," said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.

In general, "COVs are still going up but at a much slower pace and they might be starting to reach a ceiling", he noted. But prices overall would continue to rise as "the valuation of resale flats will also rise".

For those short on cash, Woodlands, Pasir Ris and Geylang were their best bets, with the median COV ranging from $20,000 to $22,000.

To meet demand, HDB said it plans to launch about 12,300 new Build-To-Order (BTO) flats by September, with 1,100 to be offered next month in Yishun and Jurong West. In addition, a Punggol executive condominium site on the Government's Reserve List will be put up for tender early next month.

[bepgof 20]

bought mine in Bedok North (4 Room NG) @ 315K + COV 16.5K.

Basic Condition. Minimum Renovation.

Hi Stockij, may i know which block?

Edited April 24, 2010 by bepgof

[salavanun 0]

guess the below or at value are flats valued at 550k up which most sporeans currently cnt reach..most of us paid covs for mid 300 to 400k units. no point buying at value for such a high valued HDB unit ending up paying high loan for donkey years. i rather pay a reasonable cov and come home to a peaceful sleep. only good news for big pockets and those looking for central locations.

[dean 5]

COV $2K, Admiralty Drive

good steal, lucky to bought a flat/

Edited June 7, 2010 by dean

[Eurypylus 0]

EA

Pasir Ris

Valuation:510k

COV: 34k

High floor, reno average(My plan is to hack everything off anyway)

Edited April 26, 2010 by Eurypylus

[Bqueen 0]

EM

Pasir ris

valuation - 535k

COV - 33k

Condition - very good but renovating to our taste

[usagisan 0]

In Feb, signed OTP & paid $5k for the following, only to be told it can't be sold:

Punggol 5-rm, high floor

Valn: 415k

COV: 38k

Condition: 4 yrs old. Poor. Need to re-do whole flat

In Mar, almost bought the following but dropped due to disagreement over extension terms:

Punggol 5-rm, high floor

Valn: 420k

COV: 40k

Condition: 7 yrs old. Average. Well-kept but design not to our preference. Need to re-do whole flat.

We finally bought a unit last month, waiting for 1st appt now

Punggol 5-rm, high floor

Valn: 420k

COV: 46k

Condition: 6 yrs old. Good. Only need to renovate toilets & kitchen to our preference.

The COV gets higher each time. Quite heart pain to pay 46k for it, but luckily can save on renovations.

[davidbslee 1]

I got a friend just OTP 70K COV for a 4rm Bishan flat. Condition wise is move in and well reno about 4yrs old. Will you paid for the 70K COV???

Edited May 27, 2010 by davidbslee