CASH-OVER-VALUATION (COV) for resale flats extended their decline last month, shedding another $3,000 to hit $15,000 - the lowest level since July 2009, according to flash estimates released by the Singapore Real Estate Exchange yesterday.
Despite this, overall resale public-housing prices inched up 0.2 per cent last month, reversing four consecutive declines in the preceding months.
ERA's key executive officer Eugene Lim said that he expected COVs to continue moderating in coming months given the impact of the cooling measures and the increase in new flat supply.
"We are likely to see a median of around $10,000 by year-end," said Mr Lim. "With lower COVs, lower resale transaction prices are expected...