Tan Kiat How on resale HDB flat buyers and Cash-Over-Valuation
Senior Minister of State for National Development Tan Kiat How said HDB resale flat transactions are conducted on a "willing buyer-willing seller" basis, with prices negotiated and mutually agreed upon between sellers and buyers. Cash-Over-Valuation (COV) arises when the resale price is higher than the market valuation of the flat. After the CPF Housing Grant was enhanced in February 2023, about 18 per cent of resale flat buyers paid COV. This is a noticeable reduction from about 29 per cent in 2022 and 36 per cent in 2021. The majority of resale flat buyers did not have to pay any COV. Mr Tan was replying to an MP's questions in Parliament on Wednesday (Mar 6).
Senior Minister of State for National Development Tan Kiat How said HDB resale flat transactions are conducted on a "willing buyer-willing seller" basis, with prices negotiated and mutually agreed upon between sellers and buyers. Cash-Over-Valuation (COV) arises when the resale price is higher than the market valuation of the flat. After the CPF Housing Grant was enhanced in February 2023, about 18 per cent of resale flat buyers paid COV. This is a noticeable reduction from about 29 per cent in 2022 and 36 per cent in 2021. The majority of resale flat buyers did not have to pay any COV. Mr Tan was replying to an MP's questions in Parliament on Wednesday (Mar 6).
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