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Hi Vicki,

Please allow me to resolve your confusion on property matters.

COV means "Cash Over Valuation". Basically if you are paying a COV, that means you are purchasing at a price above the valuation of the property.

For example, if the property valuation is worth $1 million, and you are purchasing it at $1.02 million, you are effectively paying $20,000 COV for the property. This is becasue, as you're a first time buyer, you are eligible to loan up to 80% loan of the property price/valuation price, whichever is lower. In this case, you can only loan up to $800k for the $1m property. The extra $20k would be the COV to be paid to the Seller.

Having said that, it is now a Buyers' Market. Chances of you getting a property BELOW Valuation is higher than you getting a property Above Valuation.

There are many great buys in this market, if you know how to source them out. And I will be more than willing to assist you in your search for your first home in Singapore.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi Vicki

Do contact me at 97970200  or ngsiewwhye@gmail.com to discuss more

Mark, your RIGHT choice
MCG Read More

Hi,

COV means cash over valuation.
Perhaps you could furnish me with more information so that I can FULLY understand your requirements and specifications to be able to succinctly shortlist and come up with a customized list of units for you to view.

I will walk you through the entire process, shouldering all the responsibilities- assisting you all the way from finding the perfect unit to negotiating for the best price to post deal paperwork. I will also provide you with the rental transaction caveats and rental report to further enhance your understanding of the market sentiments.

Visit my website to view all my recent accolades - esteemed awards and testimonials to gather more information on me: www.kumarrai.com

D Kumar
 +65 96659926 
ERA Associate Division Director
www.kumarrai.com
www.singapore-newproperties.com.
contactdkumarrai@gmail.com

#1 team of ERA in Singapore, Asia Pacific and international for 2014.

About Me-

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Hi Vicki, I think you are referring to HDB unit. And do you know that as a single PR, you are not allowed to purchase any HDB unit?

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Afternoon Vicki,

COV is a term indicating cash over valuation. In the terms of purchase, the seller and buyer will commit to an agreed transaction pricing. Buyer will then request for valuation on the unit which will be derived based on the sizing, facing, condition, balance lease and property type. Hence should the seller agent indicate S$50k COV, it would likely be an indicative value on how much additional cash you need to prepare.

Do feel free to contact me should you require additional assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Good evening Vicki,

May I know you are looking at private property or HDB?

Usually COV (cash over valuation) refers more to resale HDB.

To be eligible, you have to be SPR for at least 3 years (you should have) to purchase with another SPR (3 years as well) if not purchase with a Singaporean.

There's no standard guide on how much COV payable.

Different units will have different valuation so if valuation is below purchase price, COV is payable.

Illustration:
purchase price $800k
valuation $750k
cash over valuation: $50k (to be payable in cash, cannot be financed by loan or cpf OA funds)

Perhaps you can share more with me, i might be able to value add further.

- One of well-earned Star Performers under the category of Top Private Property Transactors in Jan 2017-

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171 
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