by OrangeTee & Tie Pte Ltd.

Cash over valuation back in the spotlight as rising property demand drives resale prices up



Singapore, 04 Apr 2021

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.

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