Cash over valuation for HDB resale flats - Singapore

Recent data release by Housing Development Board ( HDB ) shows that 86% of all resale transactions in the fourth quarter of 2007 required cash payments over valuation, up from 80% in the previous quarter.

As compared to the 3rd quarter of 2007, we see a 13% drop in the number of flats sold to 6700. This can be quite expected as in most years, sales do tend to slow down towards the end of the year with the arrival of festive seasons and school holidays. For the whole of 2007, a total of 29436 flats were transacted.

2007 concluded with resale prices rising a spectacular 17.5%, which happens to be the biggest growth for HDB resale flats in a decade.

Will we see a repeat of growth for 2008? We’ll see…. It is however made known by HDB that at least 4500 new flats will be release in the first half of 2008 for buyers worried about the increasing prices of resale flats.