I will leave the gate open for 'ah longs'

I will leave the gate open for 'ah longs'

HE WOULD not mind an 'ah-long flat' of any size, or at any location.

All he has is one requirement: No cash-over-valuation or COV.

Most property agents will tell 35-year-old sales manager Raymond Tan that his demand is almost impossible.

The median COV for the fourth quarter is $34,000, according to the Singapore Real Estate Exchange.

This year has also seen a record-breaking COV of $250,000 for an executive maisonette in Bishan and the sale of a million-dollar HDB flat in Queenstown.

The COV is the amount that a buyer pays above the flat's valuation, in cash .

But then comes the rarity - 395 flats exchanged hands at zero COV between January and November this year, reported Lianhe Zaobao.

This figure accounts for 2.3 per cent of all transactions and is an increase from last year's figure of 338 cases.

Property agents said some zero COV flats are situated in unpopular locations, like Jurong West, Bukit Batok and Bedok South. They could also be low-floor units and poorly-maintained.

And in some cases, sellers could be in a rush to sell the property as they are emigrating or proceeding with a divorce or need to settle a debt.

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