In the wake of news that resale HDB flats COV are rising and rising, and rising, data from the Singapore Real Estate Exchange (SRX) now shows that the estate with the highest COV prices is Marine Parade. No surprises there since it’s always been a hotspot for home buyers, being so close to town yet far enough to feel the sea breeze, with good schools nearby and so much good food and a shopping mall and town centre to boot. What’s not to love?
And loving it they certainly are. Property agents say that Marine Parade have always been a good spot for sales of properties, both private and HDB flats. Now with news that the Eastern MRT line will run through Marine parade, COV prices for resale HDB flats here have almost doubled, with a 47 per cent rise to $55, 000. That also pushes the sale prices up and it’s no wonder home prices only seem to go up. The lack of new BTO flats and the limited number of HDB flats in the area, 23, 000, also means that limited supply of resale flats here outweighs strong demand.
SLP International head of research, Nicholas Mak, has an interesting comment, “It’s a vicious circle. People ask for a high COV because they know that to buy their next flat, they have to pay a high COV as well.” Across the board, the median COV is now $34, 000. In Punggol, which is at the forefront of the Waterfront Living lifestyle, COV prices have risen 27 per cent to $43, 000. 11 out of the 26 HDB estates in Singapore have seen a drop in COV prices however, notably in Bukit Panjang, Jurong West and Pasir Ris.