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:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
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 …

Mandarin Top 5

Top 5 Rules for Investing in Singapore’s Property Market – Expert Insights!

Jayson Ang – October 15, 2024 –

Investing in Singapore's property market has long been considered a lucrative and stable investment option. With its robust economy, strong...

All Blog Posts Buying Tips

Planning for Retirement: Considerations for Downsizing Your Property

Jayson Ang – February 19, 2023 –

TLDR Downsizing your home for retirement can bring financial security, closer family ties, and new adventures. Consider the benefits of...

All Blog Posts Opinion

Discover 5 Reasons Executive Condominiums Could Prove To Be A Smart Investment Despite Growing Inflation

Jayson Ang – January 22, 2023 –

TLDR An overview of the article discussing the benefits of Executive Condominiums (ECs) over private condos in the current real...

Buying Tips Mandarin Top 5

Singapore Living: 5 Must-Know Factors for Choosing the Perfect Neighborhood

Jayson Ang – June 30, 2023 –

Singapore Living: 5 Must-Know Factors for Choosing the Perfect Neighborhood When it comes to purchasing a property in Singapore, the...

All Opinion

Singapore’s Aging Population: Is the Housing Market Ready?

Jayson Ang – February 18, 2026 –

TLDR Singapore is rapidly aging, with one in four citizens expected to be over 65 by 2030. Current housing models,...

All Blog Posts Buying Tips

When Is the Right Time to Sell Your House?

Jayson Ang – December 31, 2022 –

TLDR When deciding to sell your house in Singapore's competitive real estate market, timing is crucial. Selling during a seller's...

All Blog Posts Opinion

Don’t Miss Out: Take Control of Your Life in Your 30s and 40s

Jayson Ang – December 28, 2022 –

TLDR The stages of wealth management vary from ages 30 to 80, with different focuses and considerations at each stage:...

All Buying Tips Opinion Selling Tips

Market Mistakes in Property Investment: Key Lessons and Strategies for Success

Jayson Ang – July 16, 2024 –

TLDR In property investment, common mistakes include lack of research, overleveraging, and neglecting due diligence. To succeed, conduct thorough market...

All Buying Tips

Sell High Buy High : Will This Still Make You a Profit?

Jayson Ang – December 7, 2022 –

TL;DR Summary: Timing of Property Sale: Selling high and buying high may seem counterintuitive, but understanding market dynamics can...

Mandarin Top 5

Singapore’s Real Estate Market: The 5 Most Important Documents to Review Before Buying a Property

Jayson Ang – March 26, 2024 –

Singapore's real estate market is highly regulated and can be complex for those unfamiliar with the process. As a prospective...

All Buying Tips Opinion Selling Tips

5 Warning Signs of New Launch Condominiums That Certain Property Agents Might Not Disclose to You

Jayson Ang – November 29, 2025 –

TLDR When buying a new launch condo, don’t just rely on show flats or sales pitches—look deeper. Watch out if...

Mandarin Top 5

Navigating the Singapore Property Market as a Foreign Investor: What You Need to Know

Jayson Ang – August 7, 2024 –

Singapore, a thriving hub of business and commerce in Southeast Asia, boasts a highly developed economy and a robust real...

Mandarin Top 5

Top 5 : Factors Influence Real Estate Investors’ Decisions when Investing in Singapore Condos?

Jayson Ang – December 11, 2024 –

Singapore's real estate market has always been an attractive investment option for both local and foreign investors. The city-state's stable...

Mandarin Top 5

5 Tips : How To Invest In Singapore Property Without Losing Sleep Over It

Jayson Ang – June 18, 2024 –

Investing in Singapore's property market can be a lucrative venture, but it's important to approach it with caution and a...

All Buying Tips Opinion Selling Tips

The Real Impact of Industrial Areas on Condo Prices: A Tale of Two Towns

Jayson Ang – March 2, 2026 –

TLDR A case study comparing condos near light industrial areas in Yishun and Bishan found that proximity to these zones...

All Blog Posts Buying Tips

Buying a Second Property – 3 Key Factors to Consider

Jayson Ang – June 18, 2023 –

TLDR When navigating the complexities of purchasing a second property in Singapore, ensure you meet eligibility criteria, consider affordability factors...