Median COV for resale flats at lowest in 4 years

[SINGAPORE] The market for Housing and Development Board (HDB) resale flats continued to weaken last month, with median cash-over-valuations (COVs) falling to their lowest level in more than four years.

Median COVs fell 30.1 per cent to $8,000 in November, according to flash estimates from the Singapore Real Estate Exchange (SRX), from $11,444 the month before.

This is the first time that the cash premium fell below $10,000 since July 2009. COVs have consistently declined through 2013 from a peak of $35,000 in January.