The three-month-old property measures implemented by the government to cool public and private housing prices have been working, said National Development Minister Mah Bow Tan.
The effect of property cooling measures is well seen in HDB’s resale market, where median cash over valuation (COV) payments dropped to $25,000 in October, from $30,000 in the previous quarter, said Mr. Mah, adding that COV numbers for November transactions have so far declined.
COV refers to the cash premium paid by a buyer over and above the flat’s valuation. It also measures the demand for HDB resale homes. So far, the number of transactions in the HDB market has dropped 30 percent in Q4 compared to Q3.
Mr. Mah pointed out that prices in the private property market are still rising but at a slower pace. Last month, the URA announced that private residential prices rose 2.9 percent in Q3, representing a step-down from the last quarter, when prices rose 5.3 percent.
800×600
Normal
0
false
false
false
EN-SG
X-NONE
X-NONE
MicrosoftInternetExplorer4
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:””;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:”Calibri”,”sans-serif”;
mso-bidi-font-family:”Times New Roman”;}