By Zaihan Mohd Yusof

YES, I paid $100,000 in cash-over-valuation (COV) for my HDB flat. No, I did not mistakenly add an extra zero to that figure.

"Gila" (crazy in Malay), said one friend. Totally exorbitant, chided another.

But I have only one question: How much would you pay for the home of your dreams?

I don't just mean a flat which looks impressive and sits in a prime location.

I mean a real home - one where you imagine you'll watch your children grow up in and where you'll spend your twilight years. A home for keeps.

This was why I felt it was worth paying $755,000 for the four-bedroom executive maisonette in Choa Chu Kang, even though I feel that property prices have hit ridiculously high levels.

The 12-year-old flat has 87 years left on its 99-year lease.

Resale prices for HDB flats rose for the eighth straight quarter from April to June, surging 4.1 per cent from the previous quarter.

The median COV also hit a record high of $30,000.

COV is the amount a buyer must pay the seller in cash over the HDB's valuation of the flat. It is not covered by a bank loan.

Typically, the agreed price for a resale flat includes a cash premium on top of the official valuation determined by an HDB panel of independent professional valuers.

The Business Times reported last month that the median COV for executive flats and five-roomers in hot areas, such as Bishan, was $70,500 and $52,500 respectively.

Sure, the amount I paid was more than that. But it wasn't an impulse buy.

My wife and I considered many things before choosing this flat and finally signing on the dotted line.