Policy before and after · Cooling measure
Singapore raises ABSD by 5 to 10 points and tightens LTV limits
Announced 5 July 2018 · Effective 6 July 2018
Read the full event recordCompare with another policyCreate research briefView Additional Buyer's Stamp Duty policy evolutionView Loan-to-value limits, bank loans policy evolutionView Mortgage equity withdrawal loans policy evolutionView Minimum cash downpayment policy evolution
Comparison window
Comparison anchored to effective date: 6 July 2018. Before: 6 June 2018 to 5 July 2018. After: 6 July 2018 to 4 August 2018. The same 30 days on each side; the anchor day counts as after.
Before · 6 Jun 2018 to 5 Jul 2018
1 land-sales award
- 4 land-sales steps in all
- 0 other archive events
The event
Announced 5 Jul 2018
Effective 6 Jul 2018
The effective date is the anchor.
After · 6 Jul 2018 to 4 Aug 2018
0 land-sales awards
- 0 land-sales steps in all
- All 30 days observable
What this comparison can and cannot show
Generated from this window's records
Recorded
- 22 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
- 5 July 2018
- Effective
- 6 July 2018
- Issuing authority
- Monetary Authority of Singapore, Ministry of National Development, Ministry of Finance
- Category
- Cooling measure
- Affected market
- Acquisitions of residential property for ABSD purposes. The revised LTV limits applied to housing loans granted by financial institutions for the purchase of residential property, INCLUDING eligible loans used to purchase HDB flats. Loans granted directly by HDB were not affected. The exemption depended on the LENDER, not the property type: an HDB flat purchased with a covered financial-institution loan WAS affected.
- Primary source
- MOF/MND/MAS joint media release: Raising Additional Buyer's Stamp Duty Rates and Tightening Loan-to-Value Limits to Promote a Stable and Sustainable Property Market
On the evening of 5 July 2018, MOF, MND and MAS jointly announced increased Additional Buyer's Stamp Duty rates and tightened Loan-to-Value limits, effective the following day. ABSD rose 5 percentage points for individuals other than Singapore Citizens and Singapore Permanent Residents buying their first residential property, and 10 percentage points for entities, from 15% to 25%. A new 5% non-remittable ABSD was introduced for housing developers on top of the 25% entity rate, which remained potentially remittable subject to prescribed development and sale conditions. LTV limits for financial-institution housing loans were tightened by 5 percentage points across the applicable tiers, while Mortgage Equity Withdrawal Loan limits were tightened by 5 or 15 points depending on the borrower's existing exposure. The measures landed during a rapid price recovery that had begun in Q3 2017 following close to four years of gradual decline, and at the peak of the 2017-18 collective sale cycle.
In brief
In brief
- ABSD, Singapore Citizen, 2nd property: increased from 7% to 12%.
- ABSD, Singapore Citizen, 3rd and subsequent property: increased from 10% to 15%.
- 15 of the 22 recorded parameters changed; 2 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 | 7% | 12% | Increased |
| ABSD · Singapore Citizen, 3rd and subsequent property | 10% | 15% | Increased |
| ABSD · Singapore Permanent Resident, 1st property | 5% | 5% | Unchanged |
| ABSD · Singapore Permanent Resident, 2nd property | 10% | 15% | Increased |
| ABSD · Singapore Permanent Resident, 3rd and subsequent property | 10% | 15% | Increased |
| ABSD · Foreigner | 15% | 20% | Increased |
| ABSD · Entity | 15% | 25% | Increased |
View all 22 parametersHide the other 14
| ABSD · remittable, Housing developer | Unknown | 25% | Not stated |
| ABSD · non remittable, Housing developer | Unknown | 5% | Not stated |
| FI_LTV · standard, 0 | 80% | 75% | Decreased |
| FI_LTV · tenure or age linked, 0 | 60% | 55% | Decreased |
| FI_LTV · standard, 1 | 50% | 45% | Decreased |
| FI_LTV · tenure or age linked, 1 | 30% | 25% | Decreased |
| FI_LTV · standard, 2+ | 40% | 35% | Decreased |
| FI_LTV · tenure or age linked, 2+ | 20% | 15% | Decreased |
| FI_LTV · non individual | 20% | 15% | Decreased |
| MWL · no | 80% | 75% | Decreased |
| MWL · yes | 60% | 45% | Decreased |
| MIN_CASH_DOWNPAYMENT · 75 no outstanding loan | Unknown | 5% | Not stated |
| MIN_CASH_DOWNPAYMENT · 55 no outstanding loan | Unknown | 10% | Not stated |
| MIN_CASH_DOWNPAYMENT · one or more outstanding loans | Unknown | 25% | Not stated |
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 media release: Raising Additional Buyer's Stamp Duty Rates and Tightening Loan-to-Value Limits to Promote a Stable and Sustainable Property Market.
- Primary source published
- 5 July 2018
- Validity
- In force from the event's effective date, 6 July 2018. 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
Price index of non-landed private residential properties, Core Central Region
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
- Cited by this event's own outcomes
Price index of non-landed private residential properties, Outside Central Region
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
- Cited by this event's own outcomes
Price index of non-landed private residential properties, Rest of Central Region
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
- Cited by this event's own outcomes
Uncompleted private residential units sold, 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
- 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
0 lines
0 land-sales steps (0 awards) · 0 archive events
Explore concurrent eventsHide concurrent events
Before (4)
21 June 2018 · Land sales
Sengkang Central: Tender closedCommercial & Residential · status on 21 June 2018: Tender closed, award pending
28 June 2018 · Land sales
Canberra Link: Launched for tenderExecutive Condominium housing · status on 28 June 2018: Tender open
28 June 2018 · Land sales
Jalan Jurong Kechil: Launched for tenderResidential · status on 28 June 2018: Tender open
3 July 2018 · Land sales
Hillview Rise: AwardedResidential · status on 3 July 2018: Awarded · awarded to Intrepid Investments Pte. Ltd. and Garden Estates (Pte) Limited at S$460,000,000
After (0)
Nothing recorded.
Recorded relationships
- Singapore raises ABSD, tightens TDSR to 55% and lowers HDB loan LTV to 85% has as a structural ancestor this event.
- Singapore raises ABSD, doubling foreign-buyer rate from 30% to 60% has as a structural ancestor this 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 has as a structural ancestor this event.
Methodology5 rules
- Comparison anchored to effective date: 6 July 2018. 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 (4)
Primary sources4
MOF/MND/MAS joint media release: Raising Additional Buyer's Stamp Duty Rates and Tightening Loan-to-Value Limits to Promote a Stable and Sustainable Property Market
Monetary Authority of Singapore · Primary source · Published 5 July 2018
URA quarterly private residential property statistics (series)
Urban Redevelopment Authority · Primary source · Publication date not recorded
Original source link unavailable
IRAS historical ABSD rate schedule
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
Stamp Duties (Housing Developers) (Remission of ABSD) Rules and Stamp Duties (Non-licensed Housing Developers) (Remission of ABSD) Rules
Ministry of Finance · Primary source · Publication date not recorded
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.