Monday, 05 Apr 2021 07:38 AM MYT
With the recent unexpected recovery of the property market during the Covid-19 pandemic, COV has begun making a comeback. — Ernest Chua/TODAY pic
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SINGAPORE, April 5 — Having seen property prices tumble during the 1997 Asian Financial Crisis and the severe acute respiratory syndrome (Sars) outbreak in 2003, Ng thought the ongoing Covid-19 pandemic would present him with a golden opportunity to secure his dream retirement home at a discount.
Instead, the 66-year-old retiree saw prices “go up tremendously” as he ended up having to fork out about S$160,000 (RM492,100) in cash over valuation (COV) for a five-room resale Housing and Development Board (HDB) flat in Pasir Ris. The 27-year-old recently renovated flat came with a price tag of around S$650,000.