HDB COVs fall to $8,000 in Nov

[princess_morbucks]

http://www.straitstimes.com/breaking...below-valuatio

Cash premiums for Housing Board flats fell for the third straight time last month to $8,000, according to Singapore Real Estate Exchange flash estimates on Thursday.

This was the first time since 2009 that overall cash-over-valuation (COV) fell below $10,000.

More HDB resale transactions had negative COVs, with 13.1 per cent of HDB resale deals closing below valuation in November, up from 8.5 per cent in October. Sengkang, Choa Chu Kang and Jurong West saw the most such transactions.

Resale prices also slipped a further 0.6 per cent, reaching the lowest level since September 2012. An estimated 1,051 HDB flats were sold in the resale market last month, down 11.5 per cent from October's 1,187 transactions, and down 34 per cent compared to the same time last year

[princess_morbucks]

More from todayonline

http://www.todayonline.com/singapore...-hit-s8000-nov

SINGAPORE — The HDB resale market is continuing to soften with Cash Over Valuations (COVs) dropping below S$10,000 for the first time since July 2009 and the proportion of sales closing below valuation accelerating to 13.1 per cent.

The overall median COV for November was S$8,000, a 30.1 per cent fall from the previous month, according to flash data released today (Dec 5) by the Singapore Real Estate Exchange (SRX).

Median COVs have been falling steadily this year, and are now 73.3 per cent below the $30,000 level seen in April.

And in a further sign that the HDB resale market is softening, the number of deals closing below valuation went up in November to 97, according to transaction records from SRX agencies.

While that is a slight increase from the 82 below-valuation transactions in October, it is significantly higher than the single digit number of such deals each month between January and June.

Sengkang, Choa Chu Kang, and Jurong West saw the highest number of below-valuation COV deals in November.

There was also a drop in the total number of HDB flats sold in the resale market: according to the flash estimates, 1,051 HDB flats were sold last month, an 11.5 per cent drop from October’s 1,187 transactions.

In the private resale market, prices of non-landed residential units fell by 1.5 per cent in November, marking a third consecutive monthly drop in the overall resale price index. This is also the lowest price level observed in this year, SRX said, down 4.1 per cent from the February’s peak.

[GForce]

Tide is turning, those affected will be EC upgraders who must sell their HDBs 6 months from collecting keys.
Those HDB dwellers thinking of upgrading may think twice.
Going forward EC demand will be affected n next come will be OCRs.
The rest ...... Let yr imagination runs ......

[princess_morbucks]

Tide is turning, those affected will be EC upgraders who must sell their HDBs 6 months from collecting keys.
Those HDB dwellers thinking of upgrading may think twice.
Going forward EC demand will be affected n next come will be OCRs.
The rest ...... Let yr imagination runs ......

So it is the sandwiched class that feels the pinch again.

[thomastansb]

Don't worry. Majority of the Singaporeans love this. They feel very happy that HDB prices is dropping.

So it is the sandwiched class that feels the pinch again.

[princess_morbucks]

Don't worry. Majority of the Singaporeans love this. They feel very happy that HDB prices is dropping.

I don't think so leh.
The majority of SG already own and stay in HDB, so they would prefer the feeling of the flat being expensive, in case if they need to sell.

[amk]

I don't think so leh.

you did not catch his tone

[thomastansb]

No la, you got to be kidding me. I remember how people mock at HDB being 1 million dollars. I agree. HDB should go back to basic. 300k for a 4 bedroom is more reasonable. HDB is not meant for profit anyway. It is for own stay.

I don't think so leh.
The majority of SG already own and stay in HDB, so they would prefer the feeling of the flat being expensive, in case if they need to sell.

[thomastansb]

You know me best

you did not catch his tone

[princess_morbucks]

you did not catch his tone

Lol...you guys have radio frequency is it?
Can hear the tone from afar.

[Ringo33]

This should be good news for property investors.

As least we know now that the cooling measures are working and that $20k +/- difference on COV is not going to make or break a property market either.

[star]

I heard some forumers saying HDB expensive. I say let HDB drop to basic and let condo price up. Remove some cooling measures for condo but implement more cooling measures for HDB.

[Kokono]

I don't think so leh.
The majority of SG already own and stay in HDB, so they would prefer the feeling of the flat being expensive, in case if they need to sell.

The true ground sentiment for the majority of SG who are HDB flat owners is that they hope their flat COV remain high while the rest of the country's COV fall.

[thomastansb]

And their flat should sell > 1M then buy again at 5k.

The true ground sentiment for the majority of SG who are HDB flat owners is that they hope their flat COV remain high while the rest of the country's COV fall.

[thomastansb]

I agree. After all, HDB is for own stay as what 99% of Singaporeans are saying. Asset appreciation is no use because you can't sell that HDB also. Sell already, stay where? HDB should go back to basic. And ban all PR to buy HDB also. HDB is for SINGAPOREANS !!!!

I heard some forumers saying HDB expensive. I say let HDB drop to basic and let condo price up. Remove some cooling measures for condo but implement more cooling measures for HDB.

[Sandiwara]

The true ground sentiment for the majority of SG who are HDB flat owners is that they hope their flat COV remain high while the rest of the country's COV fall.

Majority Singaporean is only having one property. So cheap HDB is better for them. When you only have one it mean sell cheap and buy also cheap. If They have extra money They can always upgrade from smaller HDB to bigger HDB. Which is good thing for majority

[Ringo33]

mnd is tell Singaporeans if want to buy hdb, buy it from the government and use whatever grant that is available to off set the cost.

Basically the government is trying to say that property prices including HDB will be high, and government is helping you by making BTO affordable and giving out government grant.

[lajia]

I did not analyse on those transactions but I believe, these below 10k$ COV thingy majority are relatively new flats whereby first timers could have bought it from govt. they don't lose and when they see chance to upgrade, they just let go fearing that more supply of BTO in future will dampen the resale price further.
but this is only temporary in my opinion. in most mature estate, I believe this is not happening. and as I said, it is a good chance for those who are eyeing to buy resale flats. good deals don't last for long...

most of these ppl who complain about high hdb prices are non-sense. cannot afford 5 rm then buy 4 rm, cannot then go to 3 rm and so on...once they bought it, immediately they would want to sell it at high price. if you tell them they buy their 4rm flat at 200k 10yrs ago and now they can only sell at 250k, you think they happy? If the price drop from 450k to 250k, you think they happy??
so lower hdb price really make them happy? it depends on which side of the coin u are in...

[star]

I did not analyse on those transactions but I believe, these below 10k$ COV thingy majority are relatively new flats whereby first timers could have bought it from govt. they don't lose and when they see chance to upgrade, they just let go fearing that more supply of BTO in future will dampen the resale price further.
but this is only temporary in my opinion. in most mature estate, I believe this is not happening. and as I said, it is a good chance for those who are eyeing to buy resale flats. good deals don't last for long...

most of these ppl who complain about high hdb prices are non-sense. cannot afford 5 rm then buy 4 rm, cannot then go to 3 rm and so on...once they bought it, immediately they would want to sell it at high price. if you tell them they buy their 4rm flat at 200k 10yrs ago and now they can only sell at 250k, you think they happy? If the price drop from 450k to 250k, you think they happy??
so lower hdb price really make them happy? it depends on which side of the coin u are in...

Yes agree. Complainers make the loudest noise even if it is just a few.

[radha08]

I did not analyse on those transactions but I believe, these below 10k$ COV thingy majority are relatively new flats whereby first timers could have bought it from govt. they don't lose and when they see chance to upgrade, they just let go fearing that more supply of BTO in future will dampen the resale price further.
but this is only temporary in my opinion. in most mature estate, I believe this is not happening. and as I said, it is a good chance for those who are eyeing to buy resale flats. good deals don't last for long...

most of these ppl who complain about high hdb prices are non-sense. cannot afford 5 rm then buy 4 rm, cannot then go to 3 rm and so on...once they bought it, immediately they would want to sell it at high price. if you tell them they buy their 4rm flat at 200k 10yrs ago and now they can only sell at 250k, you think they happy? If the price drop from 450k to 250k, you think they happy??
so lower hdb price really make them happy? it depends on which side of the coin u are in...

prices in bedok still high

[minority]

So it is the sandwiched class that feels the pinch again.

squeeze? why? they kp want HDB to be worth less right? dream come true mah.

[minority]

I agree. After all, HDB is for own stay as what 99% of Singaporeans are saying. Asset appreciation is no use because you can't sell that HDB also. Sell already, stay where? HDB should go back to basic. And ban all PR to buy HDB also. HDB is for SINGAPOREANS !!!!

Good Good. make HDB worthless. Coz many just jealous with the small people mentality. they can only make others cannot. Shit in the backyard and destroy hbd price so other people don't want it.. good..

opps.. they end up holding worthless bricks thats shit? Good that's so smart…

[minority]

Majority Singaporean is only having one property. So cheap HDB is better for them. When you only have one it mean sell cheap and buy also cheap. If They have extra money They can always upgrade from smaller HDB to bigger HDB. Which is good thing for majority

So create a getto class u say? while the PC growths in value with Singapore growth and HDB stay worthless. And the middle class start sinking down the chain with worthless assets. While the folks with PC see positive assets growth as the nation advance..


How smart is that.? wow! Suddenly HDB become such value for people to stay in?

Upgrade? LOL.. u mean buy a 3 bed room then upgrade to 5 hoping 5 is cheap? hah hah… if ur 3 bed room hav no value what make u think u can upgrade anyway? logic is pretty broken. Oh forgot u are thinking buy 3 bed room then can sell 3 bed room for more or same price then go buy a 5 bed room cheaply? LOL!!!!!

I wonder why people go Q for iPAD and no 1 go Q for a china made Andriod? coz the cheap android is no value ah? why ah?

Cheap don't mean people want it ! thats why. and I tell u Singaporean are not for cheap stuff.

Why people KPKB today is becoz they want to Buy HDB CHEAP CHEAP! Coz they know it has value.

Make it worthless tell u no Singaporean will want it. Its no different from renting if thats the case.

[minority]

No la, you got to be kidding me. I remember how people mock at HDB being 1 million dollars. I agree. HDB should go back to basic. 300k for a 4 bedroom is more reasonable. HDB is not meant for profit anyway. It is for own stay.

WAt 300K!! thats ex.. should be worthless. Should be traded 1 for 1. or have a $2000 scrap value. type…

should be return to government at cost so can sell to the next guy at cost!!!!

[Sandiwara]

So create a getto class u say? while the PC growths in value with Singapore growth and HDB stay worthless. And the middle class start sinking down the chain with worthless assets. While the folks with PC see positive assets growth as the nation advance..


How smart is that.? wow! Suddenly HDB become such value for people to stay in?

Upgrade? LOL.. u mean buy a 3 bed room then upgrade to 5 hoping 5 is cheap? hah hah… if ur 3 bed room hav no value what make u think u can upgrade anyway? logic is pretty broken. Oh forgot u are thinking buy 3 bed room then can sell 3 bed room for more or same price then go buy a 5 bed room cheaply? LOL!!!!!

I wonder why people go Q for iPAD and no 1 go Q for a china made Andriod? coz the cheap android is no value ah? why ah?

Cheap don't mean people want it ! thats why. and I tell u Singaporean are not for cheap stuff.

Why people KPKB today is becoz they want to Buy HDB CHEAP CHEAP! Coz they know it has value.

Make it worthless tell u no Singaporean will want it. Its no different from renting if thats the case.

I never say HDB should worthless. I say HDB cheap is good for majority. There is different between "majority" and "everyone".

There are 3 basic need for Human. Which are Food, Place to stay and cloth. In Singapore HDB is consider part of basic need. It always good for "majority" if basic need is not so expensive.

EC and PC is not consider basic need. So if the price is expensive for EC and PC it will not hurt the "majority"

[Ringo33]

I never say HDB should worthless. I say HDB cheap is good for majority. There is different between "majority" and "everyone".

There are 3 basic need for Human. Which are Food, Place to stay and cloth. In Singapore HDB is consider part of basic need. It always good for "majority" if basic need is not so expensive.

EC and PC is not consider basic need. So if the price is expensive for EC and PC it will not hurt the "majority"

HDB is more than just a roof over the head. Its also a form of wealth preservation which the government promotes, without housing asset appreciation, I think majority of Singaporeans will not be able to afford retirement.

So for HDB, it should be afford to buy (direct from government with grant) and its value must also appreciate over time.

[Sandiwara]

HDB is more than just a roof over the head. Its also a form of wealth preservation which the government promotes, without housing asset appreciation, I think majority of Singaporeans will not be able to afford retirement.

So for HDB, it should be afford to buy (direct from government with grant) and its value must also appreciate over time.

If all Singaporean buy direct from government then to whom they want to sell after HDB appreciate over time?

[Ringo33]

If all Singaporean buy direct from government then to whom they want to sell after HDB appreciate over time?

PRs, en bloc millionaire, downgraders, upgraders

[Sandiwara]

PRs, en bloc millionaire, downgraders, upgraders

1. PR -> Need to welcomed PR
2.en block -> after en block , need to buy from resale or from government ??
3. downgrader, upgrader -> need to buy from resale or from government ??

[lajia]

would you consider renting if at the end of say 10 or 20 yrs, your hdb is still cheap?? meaning when u sell, you either sell at same price or only slight gain? If you upgrade, you will lose money...

for majority if they want it cheap and let it stay cheap, then forget about ownership, asset, and all those craps....renting might be a better option!

shelter over your head....no need to headache. need bigger place, just rent a bigger unit from hdb, ask hdb to stop selling and only rent. basic needs covered isn't it?

not so simple la....as we progress, we demand more, and we expect more. that's why more and more ppl cannot achieve what they want they will cry father cry mother. if we stay contented, anything also fine la, just rent....case close. but many greedy ones want to buy cheap and sell high, that's the problem today.

I never say HDB should worthless. I say HDB cheap is good for majority. There is different between "majority" and "everyone".

There are 3 basic need for Human. Which are Food, Place to stay and cloth. In Singapore HDB is consider part of basic need. It always good for "majority" if basic need is not so expensive.

EC and PC is not consider basic need. So if the price is expensive for EC and PC it will not hurt the "majority"