mr funny
25-07-11, 02:19
http://www.straitstimes.com/PrimeNews/Story/STIStory_693769.html
Jul 23, 2011
HDB to stop releasing overall nationwide COV figures
By Daryl Chin
THE Housing Board (HDB) has decided it will no longer disclose in its usual quarterly releases the overall median cash-over-valuation (COV) figure nationwide.
It has also stopped providing overall median COV figures for different housing estates and flat types.
Therefore, while the HDB will still report median COV figures for three-room flats in Ang Mo Kio, for example, it will no longer give overall COV figures for all three-room flats nationwide or all flats in Ang Mo Kio.
COV refers to the cash premium that an HDB resale flat buyer pays above a flat's valuation. The number is closely watched because high COVs make resale flats more unaffordable for buyers.
HDB started providing overall median COV figures for the nation and across estates and flat types in the second quarter of 2007.
Back then, it said the data would bring about greater clarity and transparency in the residential property market so that buyers and sellers can make informed decisions.
Asked why it is now holding back on some of these overall numbers, HDB said they are 'dependent on the mix of flats transacted, which vary from quarter to quarter, and hence are not as relevant'.
'The meaningful data are those by location and flat type,' it added.
The overall median COV nationwide for the previous quarter was $21,000. Recent media reports, quoting data sourced from various real estate agencies, had speculated that the number had risen to $30,000 or more this quarter.
Noting the omissions, SLP International's research head Nicholas Mak said: 'This quarter saw an increase in everything, including rentals and transactions. Perhaps the Government does not want to give flat buyers ammunition to complain.'
But Dennis Wee Group director Chris Koh noted: 'The overall figure might not have been reflective. What people look for, on the ground, is the COV paid for a particular flat type in a location, and that's still disclosed.'
Jul 23, 2011
HDB to stop releasing overall nationwide COV figures
By Daryl Chin
THE Housing Board (HDB) has decided it will no longer disclose in its usual quarterly releases the overall median cash-over-valuation (COV) figure nationwide.
It has also stopped providing overall median COV figures for different housing estates and flat types.
Therefore, while the HDB will still report median COV figures for three-room flats in Ang Mo Kio, for example, it will no longer give overall COV figures for all three-room flats nationwide or all flats in Ang Mo Kio.
COV refers to the cash premium that an HDB resale flat buyer pays above a flat's valuation. The number is closely watched because high COVs make resale flats more unaffordable for buyers.
HDB started providing overall median COV figures for the nation and across estates and flat types in the second quarter of 2007.
Back then, it said the data would bring about greater clarity and transparency in the residential property market so that buyers and sellers can make informed decisions.
Asked why it is now holding back on some of these overall numbers, HDB said they are 'dependent on the mix of flats transacted, which vary from quarter to quarter, and hence are not as relevant'.
'The meaningful data are those by location and flat type,' it added.
The overall median COV nationwide for the previous quarter was $21,000. Recent media reports, quoting data sourced from various real estate agencies, had speculated that the number had risen to $30,000 or more this quarter.
Noting the omissions, SLP International's research head Nicholas Mak said: 'This quarter saw an increase in everything, including rentals and transactions. Perhaps the Government does not want to give flat buyers ammunition to complain.'
But Dennis Wee Group director Chris Koh noted: 'The overall figure might not have been reflective. What people look for, on the ground, is the COV paid for a particular flat type in a location, and that's still disclosed.'