Fraud Blocker
Your search results

Why Cash Over Valuation (COV) Doesn’t Matter Anymore

Posted by Jayson Ang on September 20, 2025
| 0

TLDR

HDB’s old strategy of hiding Cash Over Valuation (COV) data isn’t cooling Singapore’s resale flat market anymore. Prices keep breaking records, driven by cash-rich right-sizers from the private market and sky-high private property prices making million-dollar HDBs look reasonable. Without public COV data, buyers only see final transacted prices, pushing future prices even higher. Public perception is key—if $2 million HDB deals become common, HDB’s stance may backfire. The market faces a critical test in 2025. Whether to buy, sell, or wait depends on individual circumstances. Strategic advice and a data-driven approach are crucial for making informed decisions in today’s unpredictable market.

The COV secret sauce isn’t working anymore. Record-breaking prices keep coming: $1.73 million yesterday, $1.88 million today in Bishan. That last one’s a maisonette from 1991 – practically a spring chicken among its kind, given HDB stopped building these units in 1995.

Remember 2014? When resale prices went wild, HDB played its trump card: hiding COV data. Buyers and sellers had to shake hands on price before seeing valuations. Overpay? Too bad – loans won’t cover that premium. The strategy worked beautifully then. Zero COV became standard, and prices took a nice, long nap.

Until Covid hit.

Why isn’t this old trick working now? First, meet the right-sizers. These folks just sold private properties at peak prices. They’re swimming in cash and happy to overpay for their forever HDB home. Who needs to worry about COV when you’re sitting on a private property windfall?

Private market prices aren’t helping either. That $1.4 million Henderson flat from 2022 looks almost quaint now. When private options hit $2 million, a million-dollar HDB starts making twisted sense.

Here’s the real deal: past transactions drive future prices. We see final prices but not COV amounts. Was that $800,000 flat really worth $800,000, or did someone pay $100,000 over value? Nobody knows. The next buyer just sees $800,000 and builds from there.

HDB faces a critical challenge: keeping flats under $2 million. They’ve already flagged one misleading $2 million listing (it was actually two units). But public perception is everything. If that $1.88 million Bishan unit sells, and others follow, HDB’s “unrealistic” stance might backfire spectacularly.

They pulled one rabbit from the hat with COV concealment. Time for another trick? 2025 should tell.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

  1. Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
  2. Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …


NUS Real Estate Survey Reveals Growing Optimism Among Industry Leaders
All Opinion Reports

NUS Real Estate Survey Reveals Growing Optimism Among Industry Leaders

TLDR A recent survey by the National University of Singapore (NUS) highlights increasing optimism among real estate industry leaders. The...
Read More
Top 5 Secrets : Foreign Investors Are Rarely Told About Singapore’s Real Estate Market
Mandarin Top 5

Top 5 Secrets : Foreign Investors Are Rarely Told About Singapore’s Real Estate Market

Singapore's real estate market has been a popular choice for foreign investors due to its stable economy, strategic location, and...
Read More
5 Tips for Renting Property in Singapore
Mandarin Top 5

5 Tips for Renting Property in Singapore

Renting property in Singapore can be a challenging task, especially for those who are new to the country. With Singapore's...
Read More
5 Most Common Property Investment Scams To Watch Out For In Singapore
Mandarin Top 5

5 Most Common Property Investment Scams To Watch Out For In Singapore

Property investment scams are unfortunately prevalent in Singapore, and unsuspecting investors can fall victim to these scams, leading to significant...
Read More
The Importance of Caution Regarding Property Oversupply in Singapore
All Buying Tips Opinion Selling Tips

The Importance of Caution Regarding Property Oversupply in Singapore

TLDR Recent challenges in China's real estate sector reveal valuable lessons for Singaporeans, emphasizing the importance of understanding governmental interventions...
Read More
Does Sell 1 Buy 2 Strategy Still Works Today in 2024?
All Blog Posts Buying Tips Opinion

Does Sell 1 Buy 2 Strategy Still Works Today in 2024?

TLDR When considering the "Sell One By Two" property investment strategy, keep in mind that it involves selling your previous...
Read More
5 Essential Tips for Renting Property in Singapore as a Foreigner: A Guide for Newcomers
Buying Tips Mandarin Top 5

5 Essential Tips for Renting Property in Singapore as a Foreigner: A Guide for Newcomers

TLDR Renting property in Singapore as a foreigner can be challenging due to the high cost of living. To navigate...
Read More
Should You Keep Your Resale HDB Flat When Buying a Private Property? 5 Key Factors to Consider
All Blog Posts Buying Tips Opinion Selling Tips

Should You Keep Your Resale HDB Flat When Buying a Private Property? 5 Key Factors to Consider

TLDR In Singapore, owning both an HDB flat and a private property has become complicated due to factors like Additional...
Read More
Top 5 Reasons : Why Do Singaporeans Still Flood The Property Market?
Mandarin Top 5

Top 5 Reasons : Why Do Singaporeans Still Flood The Property Market?

Singapore, a thriving city-state with a robust economy and a strong demand for real estate, has always been an attractive...
Read More
Singapore Property Investing: Is It Better To Flip Or Hold?
Mandarin Top 5

Singapore Property Investing: Is It Better To Flip Or Hold?

Investing in Singapore property can be a profitable venture, but investors must choose the right strategy to maximize their returns....
Read More
Learn the Essentials of Renting Property in Singapore as a Foreigner
All Blog Posts Buying Tips

Learn the Essentials of Renting Property in Singapore as a Foreigner

TLDR Renting in Singapore offers various options for foreigners, such as HDBs, Condos, and even unique properties like heritage homes....
Read More
Top 5 : Risk Factors For International Buyers Investing In Singapore Real Estate And How Can They Be Mitigated?
Mandarin Top 5

Top 5 : Risk Factors For International Buyers Investing In Singapore Real Estate And How Can They Be Mitigated?

Singapore, a thriving global city-state, is known for its business-friendly environment, low tax rates, and high standard of living. The...
Read More
An Essential Guide to Buying a Home in Singapore 2023
All Blog Posts Buying Tips

An Essential Guide to Buying a Home in Singapore 2023

TLDR When navigating the complexities of purchasing a property in Singapore, ensure you meet eligibility criteria, consider affordability factors, and...
Read More
Beyond Marina Bay Sands: Uncovering Singapore’s 5 Little-Known Secrets
Mandarin Top 5

Beyond Marina Bay Sands: Uncovering Singapore’s 5 Little-Known Secrets

Beyond Marina Bay Sands: Uncovering Singapore's 5 Little-Known Secrets Singapore is a small country with a rich history and culture....
Read More
Reach Your Goal of Owning a Flat Before You Turn 35 : Money-Saving Strategies
All Blog Posts Buying Tips

Reach Your Goal of Owning a Flat Before You Turn 35 : Money-Saving Strategies

TLDR Jayson Ang provides valuable insights on money-saving strategies to achieve the goal of owning a flat before turning 35...
Read More
A First-Time Condo Buyer’s Guide to Evaluating Property Developers in Singapore
All Buying Tips

A First-Time Condo Buyer’s Guide to Evaluating Property Developers in Singapore

TLDR When buying a new launch condominium in Singapore, a developer’s reputation is crucial since buyers rely on trust and...
Read More
New Condo Sales Surge: Decoding Singaporeans’ Enthusiasm Despite “High” Prices
All Buying Tips Opinion

New Condo Sales Surge: Decoding Singaporeans’ Enthusiasm Despite “High” Prices

TLDR Recent strong condo sales in Singapore, including Emerald of Katong’s 99% take-up during launch, challenge perceptions of unaffordability. Key...
Read More
Top 5 Surprising Benefits of Investing in Singapore Real Estate for Foreigners
Mandarin Top 5

Top 5 Surprising Benefits of Investing in Singapore Real Estate for Foreigners

Singapore, a thriving city-state in Southeast Asia, has become an attractive destination for foreign investors looking to diversify their investment...
Read More
Reduced Lease Durations for HDB Flats: What Potential Savings Could Your Property Offer?
All Opinion Selling Tips

Reduced Lease Durations for HDB Flats: What Potential Savings Could Your Property Offer?

TLDR Shorter lease HDB flats are typically about 22–25% cheaper than their 99-year counterparts, based on both resale and BTO...
Read More
Invest During the Bearish & Exit During the Bullish
All Blog Posts Opinion

Invest During the Bearish & Exit During the Bullish

TLDR A comprehensive overview of the real estate market trends, emphasizing the importance of strategic property analysis and investment decisions....
Read More
1 2 3 35

Compare Listings