HDB Valuation and COV in 2026: How It Works

White HDB blocks under a cloudy sky — HDB blocks in Singapore. Photo: Shermin Ng on Unsplash

At a glance

Who asks for it: The buyer, by the next working day after the OTP is granted
Fee: $120 including GST, paid by the buyer
Result: Usually within 10 working days; valid for 3 months
What it caps: CPF use and the HDB or bank loan (75% of the lower of price or value)
COV: Price minus value, paid in cash only

How HDB valuation works

HDB valuation is an independent value placed on a resale flat that sets how much CPF and housing loan the buyer can use. The buyer asks for it through a Request for Value after the seller grants the Option to Purchase, and pays HDB $120. If an inspection is needed, the appointed valuer contacts the seller to arrange it. We checked these rules on HDB’s pages on 12 October 2026.

The value matters because two caps depend on it. CPF use is limited to the lower of the price and the value (pro-rated for older flats with shorter leases), and the housing loan, whether from HDB or a bank, is up to 75% of the lower of the two. A low valuation shrinks both at once.

Item	Rule
Who files	Buyer, on My Flat Dashboard (or their agent)
When	By the next working day after the OTP is granted
Fee	$120 including GST
Inspection	Valuer arranges it with the seller
Result	Usually within 10 working days, by email
Validity	3 months; both resale application portions must go in within that time
Cash-only buyers	No Request for Value needed

When the seller and buyer get the number

The valuation arrives during the 21-day option period, after the price is agreed. The buyer has to wait for the result before exercising the OTP. That order is deliberate: you negotiate the price first and only learn the value once the option is signed.

For a seller, that means there is no official number to price against. You price off recent transactions in your block and town, and the valuation then tells you whether the buyer can finance the full price without extra cash. If you want a sense of where your flat sits before listing, recent nearby prices are shown when you register an Intent to Sell. Our HDB resale process guide covers that step.

What cash over valuation means now

Cash over valuation (COV) is the amount by which the agreed price exceeds HDB’s value. Because CPF and loans stop at the value, the buyer pays the COV in cash.

Example	Figure
Agreed price	$700,000
HDB valuation	$680,000
COV, paid in cash	$20,000
Maximum loan (75% of $680,000)	$510,000
Rest of the $680,000, from CPF and cash	$170,000

So the buyer in this example needs $20,000 in cash on top of the usual downpayment. For many upgrading couples, that cash is the hardest part to find.

Why COV mostly disappeared

COV used to be quoted openly in negotiations. Before 2014, the valuation came first and sellers asked for a fixed sum “over valuation”. EdgeProp reported a median COV of $38,000 in 2011, with COV in popular estates such as Bishan reaching up to $100,000.

That changed in March 2014, when HDB moved the valuation to after the OTP. Sellers lost a published benchmark to quote against, and HDB stopped publishing median COV figures. Since then, buyer and seller agree one price without knowing the value, which takes away the anchor that used to push COV up.

The data since then is patchy, because no official series exists:

Period	What was reported	Source
2011	Median COV about $38,000	EdgeProp, citing older HDB data
2016	About 80% of resale deals had no COV	EdgeProp, citing PropNex
2022	About 1 in 4 resale buyers paid COV	99.co, citing The Straits Times
2025	69.1% of a 110-deal sample of $1m+ flats paid no COV; 9.1% paid $80,000 or more	PropNex survey, reported July 2026

We could not find any official or market-wide COV figure for 2026. The market itself has cooled: HDB’s flash estimate shows resale prices down 0.2% in the third quarter of 2026, the third quarterly dip in a row. A softer market usually means fewer buyers willing to pay over value, but we haven’t seen numbers that confirm this for 2026.

What to do if the valuation comes in low

If the value is below the agreed price, the deal isn’t automatically off. The buyer has three choices, and the seller has a say in the second.

The buyer pays the gap in cash and the deal continues at the agreed price.
Both sides renegotiate. The seller can drop the price to the value or meet the buyer partway, so the buyer pays a smaller COV.
The buyer lets the option lapse, losing only the option fee (up to $1,000), and the seller is free to relist.

As a seller, think about what a lapse costs you: another round of viewings, a new 21-day option period and another valuation. Meeting a buyer partway on a small gap is often cheaper than starting again, especially if your own next purchase depends on this sale.

As a buyer, keep a cash buffer of a few percent of the price until the result is in. Don’t exercise the OTP until you have both the valuation and your loan offer.

We could not confirm a formal appeal process for an HDB valuation on HDB’s pages. If you believe the value is wrong, ask HDB directly before the option period ends.

How valuation affects upgraders

If you’re selling to upgrade, a low valuation on your buyer’s side can delay your own plans, and a low valuation on the flat you’re buying can raise the cash you need. Work out both before you commit. Your loan options, including the 75% limit and the cash rules for bank loans, are in our HDB loan vs bank loan guide, and your buyer’s HFE letter is explained in our HFE letter guide.

This page is general information, checked on 12 October 2026. HDB is the authority on any individual valuation.

Common questions

When does HDB do the valuation?

After the seller grants the Option to Purchase. The buyer files a Request for Value by the next working day after the option date, and the result usually comes within 10 working days, inside the 21-day option period.

Can COV be paid with CPF?

No. CPF use and the housing loan are both based on the lower of the price and HDB's value, so anything above the value has to come from cash.

Is COV still common in 2026?

Less than it used to be. HDB no longer publishes COV figures. In a PropNex survey of 110 million-dollar resale deals completed in 2025, reported in July 2026, 69.1% of buyers paid no COV. Popular units can still command it.

What happens if the valuation is lower than the agreed price?

The buyer can pay the gap in cash, ask the seller to lower the price, or let the option lapse and lose only the option fee. The seller keeps the option fee in that last case and can relist.

Who pays for the HDB valuation?

The buyer. The Request for Value costs $120 including GST, paid to HDB when the buyer submits it with page 1 of the OTP.

Do cash buyers need a Request for Value?

No. HDB says buyers who use no CPF and take no housing loan do not need to submit one.

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Sources

Facts on this page were checked against these sources on 12 October 2026.