SINGAPORE — Overall HDB Cash-Over-Valuation (COV) premiums for resale flats fell last month to their lowest level since July 2009 while prices of private resale properties have gone up, according to figures released today (Sept 6) by the SRX Property Index (SPI).

Median COVs for HDB flats dropped by S$2,000 to S$18,000 in August, the lowest it’s been since July 2009 when the overall COV was S$10,000.

Regionally, the lowest COVs were for executive flats in Punggol with two out of the three flats sold last month sold below valuation, and the median COV was in negative territory at -S$13,000.

The highest COVs were for executive flat in Bishan HDB, with a median COV of S$120,000.

Overall HDB resale prices slipped 0.7 per cent in August, making it the fourth consecutive monthly drop in resale prices. This marks the first time prices have dropped by four months in a row since January 2006.

HDB resale volume remained relatively flat. According to flash estimates, 1,280 HDB flats were sold in the resale market last month, similar to 1,286 in July. Year-on-year, August’s resale volume represented a 29 per cent drop from the same period in 2012.

Resale prices of non-landed private residential units increased by 1.5 per cent in August, reaching a new high.

An estimated 540 non-landed homes were resold in August, represents a more than 50 per cent drop year-on-year from the 1,240 units sold in August 2012.