HDB Cash Over Valuation (COV)

[shOUTloud]

I just went to HDB website to look at their "statistics" on cash over valuation for HDB resale flats as I was stunned by the figures being blandished by home owners now. As someone who is now looking at the flats being offered in the market, I was laughing at the outdated statistics for COV.

Flat owners are asking for 20k COV for a 3th floor corridor unit and 50k COV is not unheard of for more decent units. Looking at the HDB statistics, the overall average for HDB resale COV is "S$3,000". In today's market, if COV is $10k for an unit I like, I would jump in leow.

HDB is so outdated. My agent told me that there is a bottleneck at HDB in processing HDB resale flats transactions. Wonder what the hell is Mah Bow Tan doing. This man is really removed from reality. What a joke!

 

[Cestbon]

Willing buyer and willing seler nothing wrong.

 

[Survivor]

Government got no control, what to do?

It also seems that the government anti-speculation prescription was not strong enough. Over the weekend, condo still selling like no tomorrow.

Usually doctor will start with light antibiotic. If it doesn't work, a stronger antibiotic shall follow.

With so much unhappiness and complaints, get ready for stronger measures.

 

[shOUTloud]

Willing buyer and willing seler nothing wrong.

Actually hor, I totally agree with you. My issue is that Mah Bow Tan has been either deceiving everyone or totally clueless in his ivory tower. He claimed that property price fluctuations of 1-2% either way is "acceptable".

The thing now is that with 50k COV over a HDB pigeon hole valued at 420k means a price increase of 11.9%. 20k for a 3th floor corridor 4rm flat at 270k is 7.4% increase.

Where is the 1-2% that Maw Bow Tan was talking about?

I spoke to agents about getting flats away from the so called "prime" and "mature estate". I would rather spend my 50k on a brand new car but the agent told me everywhere is the same.

The market is experiencing a shortage of flats now with HDB not building enough new flats and the constant flood of PRs entering the market as well.

If Mah Bow Tan admits this and everyone thinks it is the norm, so be it. If not, then we should do something about it.

I am exercising my right not to buy now.

 

[oli9]

In 2 instances which this fact can be substantiated, two Indian PR family paid COV of 48K & 60K for a resale 4 room HDB in a mature estate with valuation of 335K & 348K.
The total purchase price on these 2 transactions reflected on the S&P agreement will be $383K & $408K. Of course the "HDB appointed valuers" will have a no brainer job to use this info & marked the valuation for the flats around that area to above 335K & 348K in the next valuation exercise.
So basically, its the PRs who are screwing up the HDB resale market prices!!!!!

 

[soIsee]

In 2 instances which this fact can be substantiated, two Indian PR family paid COV of 48K & 60K for a resale 4 room HDB in a mature estate with valuation of 335K & 348K.
The total purchase price on these 2 transactions reflected on the S&P agreement will be $383K & $408K. Of course the "HDB appointed valuers" will have a no brainer job to use this info & marked the valuation for the flats around that area to above 335K & 348K in the next valuation exercise.
So basically, its the PRs who are screwing up the HDB resale market prices!!!!!

Use your brain.

If the PRs can afford to pay such an amount, how cum the Sinkie can't?

Eithier the Sinkies are screwed already which is NOT the fault of the PRs or else the Sinie have gotten a clutch mentality of thinking that their gov MUST 'take care' of them!

In any free market, which is the resale market, price matching and who can pay the highest price gets the goods!

To you, economics in the free trade market is, that the gov should take care or regulate the price by fixing it for you!

You are definitely one shit hole of a dreamer, living in a dream land where economics of living , play no part.

 

[shOUTloud]

Use your brain.

If the PRs can afford to pay such an amount, how cum the Sinkie can't?

........

You are definitely one shit hole of a dreamer, living in a dream land where economics of living , play no part.

Can the PR really afford this amount? What mentality are they having when they make a decision to pay 50k COV for a flat?

Is it ... no choice, I am going to live in Singapore for the rest of my life so I should invest in a good location?

or is it ... is ok, I buy high now, I sell high later when I return back to my real home?

 

[angry_one]

PRs have a much higher tolerance due to their crappy living conditions back home.

They are willing to pay COV for even run-down flats, and to them the flats are still good compared to their ramshackle huts in their old villages. Same for getting low floor or corridor units. If they cannot service their loan they just run road.

A sinkee is more demanding and you won't see many overpaying for a bad apartment. They have nowhere to run if they cannot service their housing loan.

I wonder why PRs are allowed to buy HDB flats, and many turn them into worker hostels and money-generating machines. If the HDB wants profit, they can turn to the thousands of sinkee singles who can also finance their own flats.

 

[commoner]

some countries do not provide 90% loan,,,,, some only provide 70% loan thus they have cash,,,,, they may not have CPF in their country, they have CASH,,,, COV 50K,,,, no big deal for some PRs la

 

[Survivor]

Use your brain.

If the PRs can afford to pay such an amount, how cum the Sinkie can't?

Eithier the Sinkies are screwed already which is NOT the fault of the PRs or else the Sinie have gotten a clutch mentality of thinking that their gov MUST 'take care' of them!

In any free market, which is the resale market, price matching and who can pay the highest price gets the goods!

To you, economics in the free trade market is, that the gov should take care or regulate the price by fixing it for you!

You are definitely one shit hole of a dreamer, living in a dream land where economics of living , play no part.

HDBs are meant for the common people, the people that you see on the street, in the hawker centre. The more well to do type stay in Private properties. We never had any problems with that for many years. So complaining about the affordability of HDB is not 'red eyes'

Those PRC peole that stay in Singapore are the well to do type. They are either professional or businessmen. HDBs to them are cheap and so they come and buy. With little cash upfront, they can afford to buy at higher COV. If anything goes wrong, they can default on payment and fly back home. If everything goes right, they will make a windfall. The well to do PRC are competing with the commoners here for a very basic need.

And we are stuck here as we have no where else to go.


Can a Singaporean buy public housing in PRC? No, we can't as the public housing there are meant for the people born in PRC. If foreigner wants to buy a house in PRC, buy one from the private.

We are unhappy because we feel our needs are not protected. To rub salts into our wound, we are constantly told: "HDB still affordable to all, COV sorry got no control etc."


Live with it, as we had been doing for so many years.

 

[oli9]

Use your brain.

If the PRs can afford to pay such an amount, how cum the Sinkie can't?

Eithier the Sinkies are screwed already which is NOT the fault of the PRs or else the Sinie have gotten a clutch mentality of thinking that their gov MUST 'take care' of them!

In any free market, which is the resale market, price matching and who can pay the highest price gets the goods!

To you, economics in the free trade market is, that the gov should take care or regulate the price by fixing it for you!

You are definitely one shit hole of a dreamer, living in a dream land where economics of living , play no part.

The issue here is why PRs are allowed to buy HDB. If they're so cash rich, why dont they buy private? You mean private properties have purchase restriction against INDIAN & PRCs FTS ah?
If they want to buy HDB, why dont they take up citizenship? Is there a underlying deception by those FOREIGN BASTARDS & FT sympathizers like yourself? Or maybe profit at the expense of locals?

 

[borom]

The issue here is why PRs are allowed to buy HDB. .....If they want to buy HDB, why dont they take up citizenship? .... profit at the expense of locals?

You hit the nail right on the head.

Many PR's have a distorted picture of the realities in this little red dot.
Because of the all out help given to PR's/FT, they probably thought this place is paradise.

They may not have thought through about issues like lack of water, sand,
living space,and political freedom.Are they aware we are drinking "jamban
water" and the social/health cost of overcrowding ?

How is a small island going to cope with a population of 6 million?
Is such a place sustainable in the long run?
Of course at the end of the day, the PR can pack up and go home while most local born will have no place to go.

 

[Premnair]

Over the weekend, condo still selling like no tomorrow.

 

[Premnair]

"Over the weekend, condo still selling like no tomorrow."

Unless you can prove this , the singapore property market is in actual fact collapsed. The government is desperate to prop the price but it will only be on paper as the actual value is vanishing fast.

 

[shOUTloud]

Another example of the current seller's market in HDB resale, I called up an agent and he said "no agents allowed." I was like WTF!

Anyway, I told him I represented myself and I dun need an agent. The agent says that he will "help" me find a buyer's agent. I was like WTF! again.

If I refused his help, I dun have to go and see the flat. The thing is that there is a shortage of flats now. Even farked up flats can sell so agents want to earn from both sides. One will be seller's agent while his friends/associates will be buyer's agent.

I am camping at my mum's place!

 

[cheekenpie]

"Over the weekend, condo still selling like no tomorrow."

Unless you can prove this , the singapore property market is in actual fact collapsed. The government is desperate to prop the price but it will only be on paper as the actual value is vanishing fast.

How come you are replying to yourself and questioning the logic of your first post? Lost track of your accounts ar?

 

[shOUTloud]

http://www.thepetitionsite.com/1/lo...-more-affordable-hdb-housing-for-singaporeans

Sorry for multiple postings. Please make reasonable comments in the petition. Do not use vulgar languages or expletives to dilute the effects of the petition.

 

[Frankiestine]

http://www.thepetitionsite.com/1/lo...-more-affordable-hdb-housing-for-singaporeans

Sorry for multiple postings. Please make reasonable comments in the petition. Do not use vulgar languages or expletives to dilute the effects of the petition.

honestly i don't think this government will give two hoots about such petitions. The only way to make them pee in their pants is through the votes...

 

[SamuelStalin]

PRs have a much higher tolerance due to their crappy living conditions back home.

They are willing to pay COV for even run-down flats, and to them the flats are still good compared to their ramshackle huts in their old villages. Same for getting low floor or corridor units. If they cannot service their loan they just run road.

A sinkee is more demanding and you won't see many overpaying for a bad apartment. They have nowhere to run if they cannot service their housing loan.

I wonder why PRs are allowed to buy HDB flats, and many turn them into worker hostels and money-generating machines. If the HDB wants profit, they can turn to the thousands of sinkee singles who can also finance their own flats.

Well said, but at least they also realized the cheesiness of those flat-imitates called condominiums.

 

[borom]

.... I called up an agent and he said "no agents allowed." ...agent says that he will "help" me find a buyer's agent....
I am camping at my mum's place!

Good point.Agents are known to make use of even the number of enquiries to jack up selling price.

To cool down the market, we should not even call up any agents.
If the agent call (because of previous contacts) ,just quote prices of around March this year for them to feedback to potential sellers.