Should I pay Cash over Valuation for a HDB resale?

HDB flat prices in the resale market have surged with cash over valuation due to delayed BTOs. Why do I have to pay more than what is needed?
Follow me in my home buying journey.

Offical HDB announcement to reduce the focus on COV: https://www20.hdb.gov.sg/fi10/fi10296...
Written Answer by Ministry of National Development on Cash Over Valuation (COV): https://www.mnd.gov.sg/newsroom/parli...
Resale Price Index and Stats from HDB: https://www.hdb.gov.sg/residential/bu...
SRX Property Index chart: https://www.srx.com.sg/price-index
Hedonic Pricing Method: https://www.ecosystemvaluation.org/he...
What is Hedonic Pricing? https://corporatefinanceinstitute.com...
More historical news on COV: https://ifonlysingaporeans.blogspot.c...
$1 million Queenstown flat in 2012: https://www.businesstimes.com.sg/hub/...
$1 million Bishan flat in 2013: https://www.straitstimes.com/singapor...
New HDB Resale Rules from 2014 onwards: https://www20.hdb.gov.sg/fi10/fi10320...
New Cash over Valuation database crowdsourced: https://stackedhomes.com/editorial/hd...
Official comments on HDB cooling measure: https://www.businesstimes.com.sg/real...

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