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Khaw: Overall COV irrelevant http://www.asiaone.com/print/News/AsiaOne%...725-290777.html COV figure for resale flats is "misleading" and "quite irrelevant", said National Development Minister Khaw Boon Wan. -myp David Lim Mon, Jul 25, 2011 my paper THE overall median cash-over-valuation (COV) figure for resale flats is "misleading" and "quite irrelevant" because data on the type of flats transacted and their location changes from month to month, said National Development Minister Khaw Boon Wan yesterday. That is why the Housing Board has stopped its usual practice of disclosing the figure across all housing estates in its quarterly releases, which it started doing in the second quarter of 2007. COV is the cash premium paid by an HDB resale-flat buyer on top of the flat's valuation. Mr Khaw's comments yesterday came two days after HDB released fresh figures showing that resale-flat prices rose 3.1 per cent to hit a new record in the second quarter. The rate of increase was 1.6 per cent in the first quarter. That same day, HDB also said it will no longer disclose in its quarterly releases the overall median COV figure nationwide. Yesterday, he explained that using the nationwide overall median COV figure for broad comparisons across the country would be like comparing apples to oranges. For example, one cannot compare the COV of resale flats in Ang Mo Kio, where prices tend to be higher, to that of resale flats in Woodlands, which tend to be lower, said Mr Khaw. Such data "serves some purpose but I think it can be misleading; that's why I don't think we should reflect the data", the minister said, adding that "much more sophisticated computation" is needed to make a meaningful comparison. He said that, when it comes to buying a flat, the key point for consumers is the purchase price, which is "fully disclosed" on the HDB website. There, home buyers can also find COV information for flat types in different towns. Mr Khaw, who is an MP for Sembawang GRC, was speaking to reporters on the sidelines of his visit to two blocks of flats in Wellington Circle. He was there to give out new rice cookers - sponsored by Akira - as well as staples such as rice and canned food to needy residents living in 286 one- and two-room rental flats. When asked about the spike in resale-flat prices, he said that, while the Government is concerned, "the problems cannot be solved overnight". Mr Khaw said it would take three to five years "to substantively solve the problem". Meanwhile, he is "quite confident" that the situation will improve as a result of the two build-to-order (BTO) launches and surplus flats that will be on offer by the end of this year. Slated for next month and September, the two BTO projects could contribute more than 6,500 units in areas such as Ang Mo Kio, Jurong East, Punggol and Bedok, according to HDB's website. With 15,500 BTO flats offered so far this year, HDB is on track to reach its goal of delivering 25,000 flats by year's end. Mr Khaw's top priority now is to help those who want to get married or want to start a family. To do this, he plans to continue releasing BTO flats to help them feel more assured about their chances of getting a unit. As for those who currently own a flat and want to upgrade, his advice is to hold on for now. He said: "Why come in now when prices are so high? You will regret it. What happens if there's a price correction?"

SLA teams up with MapKing on new maps for pocket PC devices By S Ramesh, Channel NewsAsia | Posted: 30 August 2007 1608 hrs SINGAPORE: You will soon be able to get more information about Singapore roads and places of interest on your mobile and navigation devices. The Singapore Land Authority has given map software provider, MapKing Singapore, licensing rights to put SLA base maps in Personal Navigation Device and Pocket PC devices. This is the first time SLA maps are made available on mobile and navigation devices. And come next year, MapKing and SLA will also roll out a no-frills PDA map search for free download by the public. - CNA/ir