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 …
Jayson Ang – January 14, 2025 – Share
Singapore's property market has long been an attractive investment destination for international buyers, offering a stable and well-regulated environment with...
Read More
Jayson Ang – November 23, 2024 – Share
Purchasing a home is one of the most significant financial decisions you will make in your lifetime. It's essential to...
Read More
Jayson Ang – November 1, 2025 – Share
TLDR In 2025, more first-time Singapore buyers are choosing condos over BTO flats. Key reasons include faster move-in times, better...
Read More
Jayson Ang – November 17, 2025 – Share
TLDR Foreigners who want landed living in Singapore but cannot buy traditional landed homes (except in Sentosa Cove) can consider...
Read More
Jayson Ang – April 17, 2024 – Share
TLDR The article discusses the current housing market in Singapore, focusing on the challenges faced by individuals like Sherlyn Tan...
Read More
Jayson Ang – October 3, 2024 – Share
TLDR Over the past two decades in Singapore, the trend of HDB residents upgrading to landed properties has fluctuated. While...
Read More
Jayson Ang – March 16, 2024 – Share
Investing in property can be a great way to build wealth and secure your financial future. However, with Singapore's highly...
Read More
Jayson Ang – September 20, 2025 – Share
TLDR HDB’s old strategy of hiding Cash Over Valuation (COV) data isn’t cooling Singapore’s resale flat market anymore. Prices keep...
Read More
Jayson Ang – December 17, 2024 – Share
Singapore, a vibrant and multicultural city-state, is not only known for its iconic landmarks and delicious cuisine but also for...
Read More
Jayson Ang – July 20, 2024 – Share
TLDR The article covers the shift to SORA for home loan rates, urging consideration of refinancing options amidst rising rates....
Read More
Jayson Ang – May 22, 2024 – Share
Real estate investment has always been a popular choice for investors looking to generate passive income and build long-term wealth....
Read More
Jayson Ang – August 17, 2024 – Share
TLDR The real estate market for HDB flats in Singapore has witnessed significant growth, with prices reaching new highs. The...
Read More
Jayson Ang – February 5, 2025 – Share
Singapore, a bustling metropolis known for its stunning skyline, offers an array of vantage points to witness the city's architectural...
Read More
Jayson Ang – January 2, 2025 – Share
Singapore, a thriving city-state in Southeast Asia, has become a magnet for foreign investors looking to capitalize on its booming...
Read More
Jayson Ang – June 6, 2023 – Share
5 Things to do When You Go For A Property Viewing In Singapore Here are 5 things to keep in...
Read More
Jayson Ang – December 31, 2022 – Share
TLDR When deciding to sell your house in Singapore's competitive real estate market, timing is crucial. Selling during a seller's...
Read More
Jayson Ang – June 10, 2023 – Share
5 Things to Know About Singapore's Freehold & Leasehold Properties Here are 5 things you need to know about Singapore's...
Read More
Jayson Ang – August 11, 2023 – Share
TLDR The blog post discusses the challenges Singapore faces in housing affordability, particularly the rising costs of private homes compared...
Read More
Jayson Ang – January 18, 2023 – Share
TLDR Considering the Singapore property market trends and financial factors, it's crucial to make informed decisions about upgrading from an...
Read More
Jayson Ang – August 7, 2023 – Share
TLDR: Key Takeaways from the Blog Post Singapore's real estate market offers both pros and cons for investors. The advantages...
Read More
