Cash-Over-Valuation, or COV for short as it is commonly known in Singapore, was a prevalent feature in the resale market for HDB (Housing Development Board) flats in Singapore for years until it was reviewed on 10 March 2014. COV can be defined as the difference between the resale price and the market value of the flat (HDB) that is paid by the buyer upfront. If the flat is sold at valuation or below, no COV is paid. However, COV has often been accused of causing volatility in the HDB resale flat market and sharp price hikes.