Following up to iProperty.com.sg’s coverage on National Development Minister Khaw Boon Wan’s comment that Cash Over Valuation (COV) cannot be abolished, here are the ten estates with the highest and lowest median COVs for the first half of 2011.

Top 5 Estates with the Highest COV

(Source: StreetSine's Property Analytics)

Bukit Timah comes in first place with a staggering $43,000 median COV. The consistently expensive district has brought in about $13,500 higher than the second highest estate in Singapore, Bishan.

The high median COV of Bukit Timah is hardly surprising, and there may be a few contributing factors. One of which is this characteristic of the district, which has a population of mostly well-heeled residents and a low number of HDB flats. Another possible reason could be the construction of Circle Line MRT stations – in particular, Farrer Road and Botanic Gardens stations. The high price could be a reflection of the convenience and accessibility that the new Circle Line stations will bring.

At $29,500, Bishan is the estate with the second highest median COV in Singapore. The estate, located at the central part of Singapore, is filled with a handful of well-known schools as well as Junction 8 Shopping Centre, a popular destination among residents and those living in neighbouring districts.

The other estates that make up the top five are Punggol, coming in third with a median COV of $27,000, followed by Pasir Ris with a median COV of $25,600 and Bukit Merah at $25,500.

Top 5 Estates with the Lowest COV

On the other end of the spectrum, the five estates bringing in the lowest median COVs have yet to even hit the $20,000 mark. It is notable that most of them are found in the Northern and Western parts of Singapore.

(Source: StreetSine's Property Analytics)

The lowest recorded median COV is $18,000, and it is shared by three estates: Woodlands, Sembawang and Choa Chu Kang. The three estates are located at the North-West region of Singapore.

One possible reason for the low COVs is the distance these districts are from Central Singapore. For instance, it takes close to an hour to get from Choa Chu Kang to town, despite intricate public transport networks. Another explanation could be the large areas that these estates cover. As there tend to be more sellers in larger areas, sellers feel the need to maintain a competitive edge and keep prices low.

The estate with the fourth-lowest COV is Jurong West, with a median COV of $19,000, followed by Ang Mo Kio at $19,996 median COV. Jurong West however, which also faces the issue of being located far away from Central Singapore, may see a rise in median COV in future because of the newly improved Jurong East interchange station.