The prices of HDB flats in a surprising turnabout, rose 1.2 percent in the second quarter after 0.6 per cent dip in first quarter of this year.

Flash estimates from the Housing Development Board (HDB) on Wednesday showed the resale price index rising to 140 which is an all-time record high.

This increase in demand for HDB resale flats could be attributed to the drop in COV (Cash Over Valuation) requirements by HDB sellers since the economic downturn began last year. The market is such that HDB resale flats can even be bought at valuation or below valuation levels now.

However, in view of the strong demand for HDB resale flats, especially in the mature estate areas, such COV levels will undoubtedly begin to rise.

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