Policy before and after · Cooling measure
Singapore raises ABSD, doubling foreign-buyer rate from 30% to 60%
Announced 26 April 2023 · Effective 27 April 2023
Read the full event recordCompare with another policyCreate research briefView Additional Buyer's Stamp Duty policy evolution
Comparison window
Comparison anchored to effective date: 27 April 2023. Before: 28 March 2023 to 26 April 2023. After: 27 April 2023 to 26 May 2023. The same 30 days on each side; the anchor day counts as after.
Before · 28 Mar 2023 to 26 Apr 2023
1 land-sales award
- 4 land-sales steps in all
- 0 other archive events
The event
Announced 26 Apr 2023
Effective 27 Apr 2023
The effective date is the anchor.
After · 27 Apr 2023 to 26 May 2023
0 land-sales awards
- 3 land-sales steps in all
- All 30 days observable
What this comparison can and cannot show
Generated from this window's records
Recorded
- 11 policy parameters recorded with a before and an after value on this event.
- 1 land-sales award in the 30 days before the effective date, and 0 in the 30 observable days after.
- None of the 8 tracked series has a whole period on both sides of a 30-day window, so no market figure is compared.
Cannot be concluded
- That this event moved any figure on this page. The comparison is by date; nothing here is attributed to the event.
- A reading of the concurrent land sales and events as responses to this one. They are listed by date alone.
About this eventIssuing authority, category, affected market, primary source, summary
- Announced
- 26 April 2023
- Effective
- 27 April 2023
- Issuing authority
- Monetary Authority of Singapore, Ministry of National Development, Ministry of Finance
- Category
- Cooling measure
- Affected market
- Private residential property
- Primary source
- MOF/MND/MAS joint press release: Measures for a Sustainable Property Market
Singapore increased ABSD rates effective for acquisitions on or after 27 April 2023, to pre-emptively moderate investment demand and prioritise owner-occupation after private residential prices accelerated 3.3% QoQ in Q1 2023. Foreigners 30% to 60%; SC second property 17% to 20%; SC third and subsequent 25% to 30%; SPR second 25% to 30%; SPR third and subsequent 30% to 35%; entities and trusts 35% to 65% excluding qualifying housing developers, who continued to face 35% subject to remission conditions plus the unchanged 5% non-remittable component. First-property rates for SCs (0%) and SPRs (5%) were unchanged; these groups accounted for around 90% of residential transactions based on 2022 data. The Government estimated roughly 10% of transactions would be affected (government estimate).
In brief
In brief
- ABSD, Singapore Citizen, 2nd property: increased from 17% to 20%.
- ABSD, Singapore Citizen, 3rd and subsequent property: increased from 25% to 30%.
- 7 of the 11 recorded parameters changed; 4 did not.
- 1 GLS site award was recorded in the before window and 0 in the after window.
What changed
| Policy parameter | Before | After | Change |
|---|---|---|---|
| ABSD · Singapore Citizen, 1st property | 0% | 0% | Unchanged |
| ABSD · Singapore Citizen, 2nd property | 17% | 20% | Increased |
| ABSD · Singapore Citizen, 3rd and subsequent property | 25% | 30% | Increased |
| ABSD · Singapore Permanent Resident, 1st property | 5% | 5% | Unchanged |
| ABSD · Singapore Permanent Resident, 2nd property | 25% | 30% | Increased |
| ABSD · Singapore Permanent Resident, 3rd and subsequent property | 30% | 35% | Increased |
| ABSD · Foreigner | 30% | 60% | Increased |
| ABSD · Entity | 35% | 65% | Increased |
View all 11 parametersHide the other 3
| ABSD · entity rate for housing developers, Housing developer, potentially remittable subject to conditions | 35% | 35% | Unchanged |
| ABSD · additional developer absd, Housing developer, non remittable, payable upfront | 5% | 5% | Unchanged |
| ABSD · Trustee (covered trust) | 35% | 65% | Increased |
Where these values come from
- Source
- Recorded on this event's policy matrix in Prevo's archive. The event's primary source: MOF/MND/MAS joint press release: Measures for a Sustainable Property Market.
- Primary source published
- 26 April 2023
- Validity
- In force from the event's effective date, 27 April 2023. The row records no date of its own; the date is the event's.
- Basis
- Archive record. The matrix row carries no source reference of its own; the event's sources are listed below.
Observed around this event
View linked outcomesThe same statistic over the 30 days before and after the anchor. Figures describe what was recorded in each window; they do not attribute a change to this event.
Singapore private residential transactions, all types of sale
units · Total over whole quarterly periods inside each 30-day window
Before
None
Coverage 0/30 days
After
None
Coverage 0/30 days
Difference
Not stated
No whole quarterly period of this series falls inside either window, so no comparison is stated. A longer window may contain one.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- FLOW
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Calculated (sum of published period values)
- Shown because
- Mapped to this kind of event
Private Residential Property Price Index, All Residential
index (2009Q1=100) · Value in the latest whole quarterly period inside each 30-day window
Before
None
Coverage 0/30 days
After
None
Coverage 0/30 days
Difference
Not stated
No whole quarterly period of this series falls inside either window, so no comparison is stated. A longer window may contain one.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- INDEX
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Source fact (latest whole period)
- Shown because
- Mapped to this kind of event
Private residential units sold, all segments (uncompleted plus completed)
units · Total over whole quarterly periods inside each 30-day window
Before
None
Coverage 0/30 days
After
None
Coverage 0/30 days
Difference
Not stated
No whole quarterly period of this series falls inside either window, so no comparison is stated. A longer window may contain one.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- FLOW
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Calculated (sum of published period values)
- Shown because
- Mapped to this kind of event
Uncompleted private residential units launched, all segments
units · Total over whole quarterly periods inside each 30-day window
Before
None
Coverage 0/30 days
After
None
Coverage 0/30 days
Difference
Not stated
No whole quarterly period of this series falls inside either window, so no comparison is stated. A longer window may contain one.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- FLOW
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Calculated (sum of published period values)
- Shown because
- Mapped to this kind of event
Foreigners' share of private residential purchases
%
Comparison unavailable: series aggregation type is unresolved.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- Unresolved (not recorded)
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Unresolved
- Shown because
- Cited by this event's own outcomes
URA private residential property price index, calendar-year change
%
Comparison unavailable: series aggregation type is unresolved.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- Unresolved (not recorded)
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Unresolved
- Shown because
- Cited by this event's own outcomes
URA PPI, CCR non-landed, calendar-year change
%
Comparison unavailable: series aggregation type is unresolved.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- Unresolved (not recorded)
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Unresolved
- Shown because
- Cited by this event's own outcomes
URA PPI, CCR non-landed, QoQ change
%
Comparison unavailable: series aggregation type is unresolved.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- Unresolved (not recorded)
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Unresolved
- Shown because
- Cited by this event's own outcomes
Concurrent planning and land activity
Land sales and other archive events dated inside the windows, listed by date only. Each land-sales line shows the site as the record stood on that day.
Before the effective date
4 lines
4 land-sales steps (1 award) · 0 archive events
From the effective date
3 lines
3 land-sales steps (0 awards) · 0 archive events
Explore concurrent eventsHide concurrent events
Before (4)
4 April 2023 · Land sales
Lentor Gardens: Tender closedResidential · status on 4 April 2023: Tender closed, award pending
12 April 2023 · Land sales
Lentor Central (14,703.2 sqm parcel): Launched for tender, Confirmed ListResidential · status on 12 April 2023: Tender open
12 April 2023 · Land sales
Lentor Gardens (20,640.8 sqm parcel): Released on the Reserve ListResidential · status on 12 April 2023: On the Reserve List
13 April 2023 · Land sales
Lentor Gardens: AwardedResidential · status on 13 April 2023: Awarded · awarded to GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd. at S$486,800,222
After (3)
25 May 2023 · Land sales
Champions Way: Launched for tender, Confirmed ListResidential · status on 25 May 2023: Tender open
25 May 2023 · Land sales
Lorong 1 Toa Payoh: Released on the Reserve ListResidential · status on 25 May 2023: On the Reserve List
25 May 2023 · Land sales
Punggol Walk: Released on the Reserve ListCommercial · status on 25 May 2023: On the Reserve List
Methodology5 rules
- Comparison anchored to effective date: 27 April 2023. The anchor is the effective date where one is recorded, otherwise the announcement date.
- The windows are the same number of days on each side of the anchor, and the anchor day belongs to the after window.
- A series counts toward a window only for observation periods wholly inside it, with values as originally recorded, not as later revised.
- Where no whole period falls inside a window, no value and no difference is stated; a day no whole period covers is missing, never zero.
- Concurrent land sales and archive events are listed by date alone. Nothing on this page is attributed to the event.
Sources
The event's sources (7)
Primary sources5
MOF/MND/MAS joint press release: Measures for a Sustainable Property Market
Ministry of National Development · Primary source · Published 26 April 2023
MAS copy of the joint release: Measures for a Sustainable Property Market
Monetary Authority of Singapore · Primary source · Published 26 April 2023
URA Q2 2023 final quarterly private residential statistics
Urban Redevelopment Authority · Primary source · Published 28 July 2023
URA Q3 2023 final quarterly private residential statistics
Urban Redevelopment Authority · Primary source · Published 27 October 2023
IRAS historical ABSD rate schedule
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
Supporting sources2
Q2 2023 consultancy analyses of URA REALIS caveat transactions, nationality shares (Huttons approximately 4.1%, OrangeTee approximately 4.2% on 205 non-landed homes)
The Business Times · Secondary source · Published 1 July 2023
Original source link unavailable
Q3 2023 consultancy analysis of URA REALIS caveat transactions, nationality share approximately 1.7%
The Business Times · Secondary source · Published 1 October 2023
Original source link unavailable
Event checked against its primary sources on 13 August 2026. Each claim keeps its own verification status.
Observed series come from the published statistics named on each card. Land-sales lines link to the site record and its releases.