http://www.tnp.sg/content/resale-fla...elow-valuation
After viewing more than 100 flats in Punggol (above) over the past year, she found the five-room flat for a steal -- at $495,000, below valuation by a whopping $60,000.
The flat's new owner, who wanted to be known as Ms A. Lee, is in her 50s and lives with her maid. The general manager of an SME had moved from a four-room flat just a few blocks away.
She declined to reveal the exact amount but said that her previous flat was sold for about $460,000 and $17,000 below valuation.
While property agents said Ms Lee's case was unusual, the cash-over-valuation (COV) has been on the decline in recent months.
Last month, median COV fell to $3,000 — its lowest since the 2009 financial crisis. Almost 30 per cent of HDB resale deals closed below valuation.