THE TEMASEK TIMES

News and views from an unique perspective

Executive Maisonette in Bishan fetches $200,000 COV

Posted by temasektimes on September 8, 2012

Despite the slew of cooling measures introduced lately by the government to cool the red hot property market, the prices of resale HDB flats continue to sky-rocket, pricing many ordinary Singaporeans out of the public housing market.

A 20 year old executive maisonette at Bishan Street 13 was sold for S$980,000 including the S$200,000 COV recently.

According to property agents, there are a couple of similar deals in Bishan, one with about S$200,000 COV, the other S$250,000 COV. Both are for executive maisonettes.

COV refers to the sum of cash that needs to be paid by a buyer over and above the market valuation of a flat.

Real estate agents said the median COV paid for HDB resale flats has risen by about 12 percent to S$30,000 in the third quarter so far.

 

8 Responses to “Executive Maisonette in Bishan fetches $200,000 COV”

  1. Three Blind Mice said

    Where does it say $200k? The screenshot says nothing of that sort.

  2. Anon said

    According to news report, this flat was bought by a Singaporean and her father, who is a China national.

    Firstly, can a “China national” jointly buy a flat jointly? OK, maybe he’s a Singapore PR but the news report didn’t say so, it only says he’s a “China national”.

    Second and more important, do you really believe that someone who can afford to pay $200k COV from China has no other private property in China or anywhere else in the world? So the “China national” father can afford to pay $980k cash for a flat in Singapore but cannot afford to own any property in China, in his own country and hometown?

    This is why I sometimes think that our Govt is stupid — these people will sign anything on the declaration form saying they have no private property, but can you believe it? No wonder Singapore people still do not believe it when the Govt says that it has implemented curbs to prevent runaway property prices. They think the curbs are designed by scholars — look good on paper, but anyone who “has eaten salt” will know that you can easily get around it.

    • Sinkaypoh said

      Well said!

    • welovesingapore said

      Talk no need money. The clause for no holding property oversea in order PR can buy public housing is to please your ears only. They never check nor verify. Just like foreign education certification or doctor caught selling viagra still operating in sing. They would use this clause one day when PR turn citizen and join WP so that the gahman can discredit them during the Rally.

  3. Commando Pants said

    Wow, is it really worth the price? – If I had that amount of cash I’d build a castle in Indo or Philippines….😉

  4. proalien said

    Wonderful news. Singaporeans get richer by the minute, benefiting from our equally rich Chinese counterparts. Singaporeans can always down size and rap the rewards of a quick sale.

  5. oute said

    Do they have private properties in China, how does HDB check into this…

  6. Kim said

    Singapore government will not check it. I know because my friend has three properties in KL but still own HDB in Singapore. At the time of transaction HDB will ask about foreign properties and make you sign a declaration form. More than 10 years past but nothing happen.

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