Policy before and after · Tax policy

Event

Singapore imposes 35% ABSD on residential property transferred into a living trust

Announced 8 May 2022 · Effective 9 May 2022

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Comparison window

Comparison anchored to effective date: 9 May 2022. Before: 9 May 2021 to 8 May 2022. After: 9 May 2022 to 8 May 2023. The same 365 days on each side; the anchor day counts as after.

Before · 9 May 2021 to 8 May 2022

11 land-sales awards

39 land-sales steps in all
5 other archive events
Singapore private residential transactions, all types of sale: 22,351 (Q1 2022)

The event

Announced 8 May 2022

Effective 9 May 2022

The effective date is the anchor.

After · 9 May 2022 to 8 May 2023

8 land-sales awards

36 land-sales steps in all
All 365 days observable
Singapore private residential transactions, all types of sale: 13,857 (Q1 2023)

What this comparison can and cannot show

Generated from this window's records

Recorded

2 verified claims on this event record a before and an after value.
11 land-sales awards in the 365 days before the effective date, and 8 in the 365 observable days after.
2 of 2 tracked series have a whole period on both sides, so a before and after figure is stated for them.

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: 8 May 2022
Effective: 9 May 2022
Issuing authority: Ministry of Finance, Inland Revenue Authority of Singapore
Category: Tax policy
Affected market: Any conveyance, assignment or transfer of residential property in Singapore to a trustee of a living trust, including a settlement or a declaration of trust by an existing owner, where the first instrument effecting it is executed on or after 9 May 2022. A living trust is one created by a settlor during his or her lifetime. Trustees for collective investment schemes, trustee-managers of business trusts and trustees for housing developers are outside the new profile and stay under the entity or housing developer rates. Property already held on trust before 9 May 2022 is not reached.
Primary source: Additional Buyer's Stamp Duty (ABSD) For Residential Properties Transferred Into A Living Trust

On Sunday 8 May 2022 Singapore announced Additional Buyer's Stamp Duty (Trust) of 35% on any transfer of residential property into a living trust by an instrument executed on or after 9 May 2022. Until then a transfer into a living trust bore Buyer's Stamp Duty, and ABSD only according to the profile of its beneficial owners, so a trust with no identifiable beneficial owner at the time of transfer paid no ABSD at all. The new duty is payable upfront by the trustee whatever the trust's beneficiaries. A trustee may claim a refund of the difference between 35% and the rate of the highest-rated beneficial owner, but only where every beneficial owner is an identifiable individual whose interest has vested and cannot be varied or revoked, and only on application within six months of execution. The Ministry of Finance described the change as closing a gap found in a periodic policy review. No other ABSD rate moved, and the 35% matched the rate already charged on entities.

In brief

Singapore private residential transactions, all types of sale totalled 22,351 in the whole periods inside the 365 days before the effective date (Q3 2021, Q4 2021, Q1 2022) and 13,857 in those inside the 365 days after (Q3 2022, Q4 2022, Q1 2023).
Private Residential Property Price Index, All Residential was 174.8 in Q1 2022, the latest whole period before the effective date, and 194.8 in Q1 2023, the latest whole period in the 365 days after.
12 GLS site awards were recorded in the before window and 8 in the after window.

What changed

No policy matrix is recorded for this event. These are its verified claims that store a before and an after value.

As recorded in the claim	Before	After	Change	Source
Trustees for housing developers continued to be subject to ABSD of 40%, made up of 5% non-remittable and 35% remitted upfront subject to conditions.	40%	40%	No change	Claim 10
Every other ABSD rate in the release's table was unchanged on 9 May 2022, including the 35% rate for entities.	35%	35%	No change	Claim 11

Observed around this event

View linked outcomes

The same statistic over the 365 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 365-day window

Before

22,351

Q3 2021, Q4 2021, Q1 2022

Coverage 274/365 days

After

13,857

Q3 2022, Q4 2022, Q1 2023

Coverage 274/365 days

Difference

-8,494

-38%

Qualified: whole periods cover 274/365 days before and 274/365 days after. Days outside a whole period are not counted and are not treated as zero.

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 365-day window

Before

174.8

Q3 2021, Q4 2021, Q1 2022

Coverage 274/365 days

After

194.8

Q3 2022, Q4 2022, Q1 2023

Coverage 274/365 days

Difference

+20

+11.4%

Qualified: whole periods cover 274/365 days before and 274/365 days after. Days outside a whole period are not counted and are not treated as zero.

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

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

44 lines

39 land-sales steps (11 awards) · 5 archive events

From the effective date

39 lines

36 land-sales steps (8 awards) · 3 archive events

Explore concurrent events

Before (44)

25 May 2021 · Land sales
Ang Mo Kio Avenue 1: Tender closed
Residential · status on 25 May 2021: Tender closed, award pending
25 May 2021 · Land sales
Tengah Garden Walk: Tender closed
Executive Condominium housing · status on 25 May 2021: Tender closed, award pending
27 May 2021 · Land sales
Jalan Tembusu: Released on the Reserve List
Residential · status on 27 May 2021: On the Reserve List
27 May 2021 · Land sales
Tampines Street 62 (Parcel B): Released on the Reserve List
Executive Condominium residential · status on 27 May 2021: On the Reserve List
2 June 2021 · Land sales
Ang Mo Kio Avenue 1: Awarded
Residential · status on 2 June 2021: Awarded · awarded to United Venture Development (2021) Pte. Ltd. at S$381,381,000
3 June 2021 · Land sales
Tengah Garden Walk: Awarded
Executive Condominium housing · status on 3 June 2021: Awarded · awarded to Taurus Properties SG Pte. Ltd. at S$400,318,000
15 June 2021 · Land sales
Slim Barracks Rise (Parcel A): Launched for tender
Residential with commercial at 1st storey · status on 15 June 2021: Tender open
15 June 2021 · Land sales
Slim Barracks Rise (Parcel B): Launched for tender
Residential with commercial at 1st storey · status on 15 June 2021: Tender open
28 June 2021 · Land sales
Marina View: Reserve List site launched for tender
White site: mixed residential, hotel, commercial and/or serviced apartment · status on 28 June 2021: Tender open
28 June 2021 · Archive event
Singapore gives developers an additional six months of COVID-19 relief on ABSD commencement and completion timelines, for land bought up to 7 May 2021
Announced 28 June 2021
29 June 2021 · Land sales
Jalan Anak Bukit: Tender closed, concept stage
Commercial and residential integrated transport hub · status on 29 June 2021: Tender closed, award pending
29 June 2021 · Archive event
Singapore adds family and nominee routes to the shareholding test for exempting listed developers from the qualifying certificate regime
Announced 29 June 2021
22 July 2021 · Land sales
Lentor Central: Tender closed
Residential with commercial at 1st storey · status on 22 July 2021: Tender closed, award pending
22 July 2021 · Land sales
Tampines Street 62 (Parcel A): Tender closed
Executive Condominium residential · status on 22 July 2021: Tender closed, award pending
29 July 2021 · Land sales
Lentor Central: Awarded
Residential with commercial at 1st storey · status on 29 July 2021: Awarded · awarded to GLL D Pte. Ltd. at S$784,113,000
3 August 2021 · Land sales
Tampines Street 62 (Parcel A): Awarded
Executive Condominium residential · status on 3 August 2021: Awarded · awarded to QJ-OS Pte. Ltd. and Santarli Realty Pte. Ltd. at S$422,000,000
30 August 2021 · Land sales
Jalan Anak Bukit: Awarded, concept and price
Commercial and residential integrated transport hub · status on 30 August 2021: Awarded · awarded to FE Landmark Pte. Ltd., FEC Residences Trustee Pte. Ltd. (in its capacity as Trustee-Manager of FEC Residences Trust) and FEC Retail Trustee Pte. Ltd. (in its capacity as Trustee-Manager of FEC Retail Trust) at S$1,028,333,333
21 September 2021 · Land sales
Marina View: Tender closed
White site: mixed residential, hotel, commercial and/or serviced apartment · status on 21 September 2021: Tender closed, award pending
28 September 2021 · Land sales
Slim Barracks Rise (Parcel A): Tender closed
Residential with commercial at 1st storey · status on 28 September 2021: Tender closed, award pending
28 September 2021 · Land sales
Slim Barracks Rise (Parcel B): Tender closed
Residential with commercial at 1st storey · status on 28 September 2021: Tender closed, award pending
29 September 2021 · Land sales
Marina View: Awarded
White site: mixed residential, hotel, commercial and/or serviced apartment · status on 29 September 2021: Awarded · awarded to Boulevard View Pte Ltd at S$1,508,000,101
30 September 2021 · Land sales
Lentor Hills Road (Parcel A): Launched for tender
Residential · status on 30 September 2021: Tender open
30 September 2021 · Land sales
Lentor Hills Road (Parcel B): Released on the Reserve List
Residential · status on 30 September 2021: On the Reserve List
30 September 2021 · Land sales
Jalan Tembusu: Launched for tender
Residential · status on 30 September 2021: Tender open
11 October 2021 · Land sales
Slim Barracks Rise (Parcel A): Awarded
Residential with commercial at 1st storey · status on 11 October 2021: Awarded · awarded to EL Development Pte Ltd at S$320,100,000
11 October 2021 · Land sales
Slim Barracks Rise (Parcel B): Awarded
Residential with commercial at 1st storey · status on 11 October 2021: Awarded · awarded to Gao Xiuhua at S$162,388,000
21 October 2021 · Land sales
Dairy Farm Walk: Launched for tender
Residential · status on 21 October 2021: Tender open
27 October 2021 · Archive event
Singapore introduces the Prime Location Public Housing (PLH) model, with a 10-year MOP and resale limited to BTO-eligible buyers
Announced 27 October 2021
30 November 2021 · Land sales
Pine Grove (Parcel A): Released on the Reserve List
Residential · status on 30 November 2021: On the Reserve List
30 November 2021 · Land sales
Pine Grove (Parcel B): Released on the Reserve List
Residential · status on 30 November 2021: On the Reserve List
15 December 2021 · Archive event
Singapore raises ABSD, tightens TDSR to 55% and lowers HDB loan LTV to 85%
Announced 15 December 2021
23 December 2021 · Land sales
Bukit Batok West Avenue 8: Launched for tender, Confirmed List
Executive Condominium housing · status on 23 December 2021: Tender open
18 January 2022 · Land sales
Jalan Tembusu: Tender closed
Residential · status on 18 January 2022: Tender closed, award pending
18 January 2022 · Land sales
Lentor Hills Road (Parcel A): Tender closed
Residential · status on 18 January 2022: Tender closed, award pending
26 January 2022 · Land sales
Jalan Tembusu: Awarded
Residential · status on 26 January 2022: Awarded · awarded to CDL Triton Pte. Ltd. at S$768,000,000
26 January 2022 · Land sales
Lentor Hills Road (Parcel A): Awarded
Residential · status on 26 January 2022: Awarded · awarded to Intrepid Investments Pte. Ltd., GuocoLand (Singapore) Pte. Ltd. and TID Residential Pte. Ltd. at S$586,591,288
24 February 2022 · Land sales
Pine Grove (Parcel A): Launched for tender
Residential · status on 24 February 2022: Tender open
8 March 2022 · Land sales
Dairy Farm Walk: Tender closed
Residential · status on 8 March 2022: Tender closed, award pending
8 March 2022 · Land sales
Bukit Batok West Avenue 8: Tender closed
Executive Condominium housing · status on 8 March 2022: Tender closed, award pending
11 March 2022 · Land sales
Dairy Farm Walk: Awarded
Residential · status on 11 March 2022: Awarded · awarded to Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$347,001,000
14 March 2022 · Land sales
Dunman Road: Launched for tender, Confirmed List
Residential · status on 14 March 2022: Tender open
14 March 2022 · Land sales
Kampong Bugis: Removed from the Reserve List
White site · status on 14 March 2022: Removed from the Reserve List
22 March 2022 · Land sales
Bukit Batok West Avenue 8: Awarded
Executive Condominium housing · status on 22 March 2022: Awarded · awarded to CNQC-OS (2) Pte. Ltd. and SNC Realty Pte. Ltd. at S$266,000,000
4 April 2022 · Planning
URA tightens the conditions on CBD Incentive and Strategic Development Incentive redevelopments, leaving the incentives unchanged
Announced 4 April 2022

After (39)

17 May 2022 · Land sales
Lentor Central (13,444.3 sqm parcel): Launched for tender, Confirmed List
Residential · status on 17 May 2022: Tender open
17 May 2022 · Land sales
Lentor Gardens: Released on the Reserve List
Residential · status on 17 May 2022: On the Reserve List
17 May 2022 · Land sales
Lentor Hills Road (Parcel B): Launched for tender, Confirmed List
Residential · status on 17 May 2022: Tender open
2 June 2022 · Land sales
Pine Grove (Parcel A): Tender closed
Residential · status on 2 June 2022: Tender closed, award pending
2 June 2022 · Land sales
Dunman Road: Tender closed
Residential · status on 2 June 2022: Tender closed, award pending
14 June 2022 · Land sales
Pine Grove (Parcel A): Awarded
Residential · status on 14 June 2022: Awarded · awarded to United Venture Development (No. 5) Pte. Ltd. at S$671,500,800
14 June 2022 · Land sales
Dunman Road: Awarded
Residential · status on 14 June 2022: Awarded · awarded to Sing-Haiyi Jade Pte. Ltd. at S$1,283,888,998
28 June 2022 · Land sales
Bukit Batok West Avenue 5: Launched for tender, Confirmed List
Residential (Executive Condominium units) · status on 28 June 2022: Tender open
31 August 2022 · Land sales
Bukit Timah Link: Launched for tender
Residential · status on 31 August 2022: Tender open
31 August 2022 · Land sales
Hillview Rise: Launched for tender
Residential · status on 31 August 2022: Tender open
13 September 2022 · Land sales
Lentor Hills Road (Parcel B): Tender closed
Residential · status on 13 September 2022: Tender closed, award pending
13 September 2022 · Land sales
Lentor Central (13,444.3 sqm parcel): Tender closed
Residential · status on 13 September 2022: Tender closed, award pending
13 September 2022 · Land sales
Bukit Batok West Avenue 5: Tender closed
Residential (Executive Condominium units) · status on 13 September 2022: Tender closed, award pending
19 September 2022 · Land sales
Lentor Hills Road (Parcel B): Awarded
Residential · status on 19 September 2022: Awarded · awarded to TID Residential Pte. Ltd. at S$276,360,000
19 September 2022 · Land sales
Lentor Central (13,444.3 sqm parcel): Awarded
Residential · status on 19 September 2022: Awarded · awarded to Forsea Residence Pte. Ltd., Soilbuild Group Holdings Ltd. and UED Alpha Pte. Ltd. at S$481,028,300
28 September 2022 · Land sales
Bukit Batok West Avenue 5: Awarded
Residential (Executive Condominium units) · status on 28 September 2022: Awarded · awarded to CDL Zenith Pte. Ltd. at S$336,068,000
29 September 2022 · Land sales
Parry Avenue: Launched for Concept and Price tender
Private assisted living and Health and Medical Care · status on 29 September 2022: Tender open
29 September 2022 · Archive event
Singapore raises property-loan stress-test floors, cuts the HDB housing-loan LTV limit to 80%, and introduces a temporary 15-month HDB resale wait-out
Announced 29 September 2022
31 October 2022 · Land sales
Lentor Gardens: Launched for tender, Confirmed List
Residential · status on 31 October 2022: Tender open
31 October 2022 · Land sales
Lentor Central (14,703.2 sqm parcel): Released on the Reserve List
Residential · status on 31 October 2022: On the Reserve List
3 November 2022 · Land sales
Hillview Rise: Tender closed
Residential · status on 3 November 2022: Tender closed, award pending
3 November 2022 · Land sales
Bukit Timah Link: Tender closed
Residential · status on 3 November 2022: Tender closed, award pending
15 November 2022 · Land sales
Hillview Rise: Awarded
Residential · status on 15 November 2022: Awarded · awarded to Far East Civil Engineering (Pte.) Limited and Sekisui House, Ltd. at S$320,777,000
15 November 2022 · Land sales
Bukit Timah Link: Awarded
Residential · status on 15 November 2022: Awarded · awarded to Bukit One Pte. Ltd. at S$200,001,888
25 November 2022 · Land sales
Clementi Avenue 1: Released on the Reserve List
Residential · status on 25 November 2022: On the Reserve List
25 November 2022 · Land sales
Jalan Tembusu (20,572.1 sqm parcel): Released on the Reserve List
Residential · status on 25 November 2022: On the Reserve List
25 November 2022 · Land sales
Senja Close: Released on the Reserve List
Executive Condominium residential · status on 25 November 2022: On the Reserve List
5 December 2022 · Land sales
Marina Gardens Lane: Launched for tender
Residential with commercial at 1st storey · status on 5 December 2022: Tender open
23 December 2022 · Land sales
Tampines Avenue 11: Launched for tender, Confirmed List
Mixed commercial and residential, integrated with a bus interchange, community club and hawker centre · status on 23 December 2022: Tender open
23 December 2022 · Land sales
Plantation Close: Launched for tender, Confirmed List
Executive Condominium housing · status on 23 December 2022: Tender open
14 February 2023 · Archive event
Singapore raises the top marginal Buyer's Stamp Duty rates to 6% for residential and 5% for non-residential property
Announced 14 February 2023
14 March 2023 · Land sales
Jalan Tembusu (20,572.1 sqm parcel): Launched for tender
Residential · status on 14 March 2023: Tender open
14 March 2023 · Land sales
Tampines Street 62 (Parcel B): Launched for tender
Executive Condominium residential · status on 14 March 2023: Tender open
21 March 2023 · Land sales
Parry Avenue: Tender closed, concept and price
Private assisted living and Health and Medical Care · status on 21 March 2023: Tender closed, award pending
4 April 2023 · Land sales
Lentor Gardens: Tender closed
Residential · 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 List
Residential · status on 12 April 2023: Tender open
12 April 2023 · Land sales
Lentor Gardens (20,640.8 sqm parcel): Released on the Reserve List
Residential · status on 12 April 2023: On the Reserve List
13 April 2023 · Land sales
Lentor Gardens: Awarded
Residential · status on 13 April 2023: Awarded · awarded to GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd. at S$486,800,222
26 April 2023 · Archive event
Singapore raises ABSD, doubling foreign-buyer rate from 30% to 60%
Announced 26 April 2023

Recorded relationships

Methodology5 rules

Comparison anchored to effective date: 9 May 2022. 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 (5)

Primary sources5

Additional Buyer's Stamp Duty (ABSD) For Residential Properties Transferred Into A Living Trust
Ministry of Finance · Primary source · Published 8 May 2022
Open original source
Stamp Duties Act 1929 (Amendment of First Schedule) Notification 2022
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 8 May 2022
Open original source
Stamp Duties (Trusts for Identifiable Individual Beneficiary) (Remission of ABSD) Rules 2022
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 8 May 2022
Open original source
Additional Buyer's Stamp Duty (ABSD)
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
Open original source
Remission of ABSD (Trust)
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
Open original source

Event checked against its primary sources on 26 September 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.