Policy before and after · Tax policy
Singapore raises the top residential buyer's stamp duty rate to 4% on value above S$1 million
Announced 19 February 2018 · Effective 20 February 2018
Read the full event recordCompare with another policyCreate research brief
Comparison window
Comparison anchored to effective date: 20 February 2018. Before: 24 August 2017 to 19 February 2018. After: 20 February 2018 to 18 August 2018. The same 180 days on each side; the anchor day counts as after.
Before · 24 Aug 2017 to 19 Feb 2018
6 land-sales awards
- 21 land-sales steps in all
- 0 other archive events
- Singapore private residential transactions, all types of sale: 6,210 (Q4 2017)
The event
Announced 19 Feb 2018
Effective 20 Feb 2018
The effective date is the anchor.
After · 20 Feb 2018 to 18 Aug 2018
7 land-sales awards
- 21 land-sales steps in all
- All 180 days observable
- Singapore private residential transactions, all types of sale: 7,186 (Q2 2018)
What this comparison can and cannot show
Generated from this window's records
Recorded
- 5 verified claims on this event record a before and an after value.
- 6 land-sales awards in the 180 days before the effective date, and 7 in the 180 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
- 19 February 2018
- Effective
- 20 February 2018
- Issuing authority
- Ministry of Finance, Inland Revenue Authority of Singapore
- Category
- Tax policy
- Affected market
- Residential property in Singapore acquired on or after 20 February 2018, on the portion of the purchase price or market value that exceeds S$1,000,000. Non-residential property is outside the measure and keeps its 1%, 2% and 3% schedule. An Option to Purchase granted on or before 19 February 2018 keeps the old rates if exercised on or before 12 March 2018 or within its validity period, whichever is earlier.
- Primary source
- Buyer’s Stamp Duty (BSD) Rate to be Raised, on the Value of Residential Property in Excess of $1 Million
On 19 February 2018, in Budget 2018, the Ministry of Finance announced that for residential property acquired on or after 20 February 2018 the top marginal buyer's stamp duty rate would rise from 3% to 4%, charged only on the portion of value above S$1 million. The first S$180,000 stayed at 1% and the next S$180,000 at 2%. The 3% band, which had run without limit above S$360,000, now stops at S$1,000,000, and a new 4% band covers everything above it. Duty on a purchase at or below S$1 million did not change. Non-residential property kept its 1%, 2% and 3% schedule, so from this date residential and non-residential buyers faced different rates for the first time. An Option to Purchase granted on or before 19 February 2018 kept the old rates if exercised on or before 12 March 2018 or within its validity period, whichever was earlier. The release stated that the additional conveyance duties would be adjusted accordingly, without giving the rates.
In brief
In brief
- Singapore private residential transactions, all types of sale totalled 6,210 in the whole periods inside the 180 days before the effective date (Q4 2017) and 7,186 in those inside the 180 days after (Q2 2018).
- Private Residential Property Price Index, All Residential was 138.7 in Q4 2017, the latest whole period before the effective date, and 149 in Q2 2018, the latest whole period in the 180 days after.
- 6 GLS site awards were recorded in the before window and 7 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 |
|---|---|---|---|---|
| Top residential BSD rate, on the portion above S$1 million, from 3% | 3% | 4% | +1 pts | Claim 1 |
| IRAS records the buyer's stamp duty rate as up to 3% before 20 February 2018 and the rate for residential property acquired from 20 February 2018 to 14 February 2023 as up to 4%. | 3% | 4% | +1 pts | Claim 11 |
| The 1% band on the first S$180,000 of a residential purchase was unchanged. | 1% | 1% | No change | Claim 5 |
| The 2% band on the next S$180,000 of a residential purchase was unchanged. | 2% | 2% | No change | Claim 6 |
View all 5 before-and-after valuesHide the other 1
| Buyer's stamp duty on non-residential property was unchanged at 1% on the first S$180,000, 2% on the next S$180,000 and 3% on the amount exceeding S$360,000, with no 4% band. | 3% | 3% | No change | Claim 7 |
Observed around this event
View linked outcomesThe same statistic over the 180 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 180-day window
Before
6,210
Q4 2017
Coverage 92/180 days
After
7,186
Q2 2018
Coverage 91/180 days
Difference
+976
+15.7%
Qualified: whole periods cover 92/180 days before and 91/180 days after. Days outside a whole period are not counted and are not treated as zero. The two totals span different numbers of days.
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 180-day window
Before
138.7
Q4 2017
Coverage 92/180 days
After
149
Q2 2018
Coverage 91/180 days
Difference
+10.3
+7.4%
Qualified: whole periods cover 92/180 days before and 91/180 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
21 lines
21 land-sales steps (6 awards) · 0 archive events
From the effective date
22 lines
21 land-sales steps (7 awards) · 1 archive event
Explore concurrent eventsHide concurrent events
Before (21)
28 September 2017 · Land sales
Beach Road: Tender closedCommercial · status on 28 September 2017: Tender closed, award pending
3 October 2017 · Land sales
Beach Road: AwardedCommercial · status on 3 October 2017: Awarded · awarded to GLL Prosper Pte. Ltd. and GLL Thrive Pte. Ltd. at S$1,622,000,000
19 October 2017 · Land sales
Jiak Kim Street: Launched for tenderResidential with Commercial at 1st storey · status on 19 October 2017: Tender open
31 October 2017 · Land sales
Chong Kuo Road: Launched for tenderResidential · status on 31 October 2017: Tender open
2 November 2017 · Land sales
Fourth Avenue: Launched for tenderResidential · status on 2 November 2017: Tender open
30 November 2017 · Land sales
Holland Road: Launched for tenderCommercial & Residential · status on 30 November 2017: Tender open
30 November 2017 · Land sales
Handy Road / Mount Sophia: Launched for tenderResidential · status on 30 November 2017: Tender open
5 December 2017 · Land sales
Fourth Avenue: Tender closedResidential · status on 5 December 2017: Tender closed, award pending
5 December 2017 · Land sales
Jiak Kim Street: Tender closedResidential with Commercial at 1st storey · status on 5 December 2017: Tender closed, award pending
8 December 2017 · Land sales
Fourth Avenue: AwardedResidential · status on 8 December 2017: Awarded · awarded to Allgreen Properties Limited at S$552,956,000
8 December 2017 · Land sales
Jiak Kim Street: AwardedResidential with Commercial at 1st storey · status on 8 December 2017: Awarded · awarded to FCL Residences Pte. Ltd. at S$955,407,818
12 December 2017 · Land sales
Sumang Walk: Launched for tenderExecutive Condominium housing · status on 12 December 2017: Tender open
19 December 2017 · Land sales
West Coast Vale: Launched for tenderResidential · status on 19 December 2017: Tender open
28 December 2017 · Land sales
Sengkang Central: Launched for tenderCommercial & Residential · status on 28 December 2017: Tender open
28 December 2017 · Land sales
Hillview Rise: Launched for tenderResidential · status on 28 December 2017: Tender open
30 January 2018 · Land sales
Chong Kuo Road: Tender closedResidential · status on 30 January 2018: Tender closed, award pending
30 January 2018 · Land sales
Handy Road / Mount Sophia: Tender closedResidential · status on 30 January 2018: Tender closed, award pending
30 January 2018 · Land sales
West Coast Vale: Tender closedResidential · status on 30 January 2018: Tender closed, award pending
7 February 2018 · Land sales
Chong Kuo Road: AwardedResidential · status on 7 February 2018: Awarded · awarded to Lian Soon Holdings Pte. Ltd. and OKP Land Pte Ltd at S$43,948,000
7 February 2018 · Land sales
Handy Road / Mount Sophia: AwardedResidential · status on 7 February 2018: Awarded · awarded to CDL Regulus Pte. Ltd. at S$212,200,000
7 February 2018 · Land sales
West Coast Vale: AwardedResidential · status on 7 February 2018: Awarded · awarded to CDL Pegasus Pte. Ltd. at S$472,400,000
After (22)
27 February 2018 · Land sales
Sumang Walk: Tender closedExecutive Condominium housing · status on 27 February 2018: Tender closed, award pending
27 February 2018 · Land sales
Cuscaden Road: Launched for tenderResidential · status on 27 February 2018: Tender open
7 March 2018 · Land sales
Sumang Walk: AwardedExecutive Condominium housing · status on 7 March 2018: Awarded · awarded to CDL Constellation Pte. Ltd. and TID Residential Pte. Ltd. at S$509,370,000
16 March 2018 · Land sales
Mattar Road: Launched for tenderResidential · status on 16 March 2018: Tender open
16 March 2018 · Land sales
Silat Avenue: Launched for tenderResidential & Residential with Commercial at 1st Storey · status on 16 March 2018: Tender open
20 March 2018 · Land sales
Holland Road: Tender closedCommercial & Residential · status on 20 March 2018: Tender closed, award pending
26 April 2018 · Land sales
Cuscaden Road: Tender closedResidential · status on 26 April 2018: Tender closed, award pending
26 April 2018 · Land sales
Mattar Road: Tender closedResidential · status on 26 April 2018: Tender closed, award pending
26 April 2018 · Land sales
Silat Avenue: Tender closedResidential & Residential with Commercial at 1st Storey · status on 26 April 2018: Tender closed, award pending
3 May 2018 · Land sales
Hillview Rise: Tender closedResidential · status on 3 May 2018: Tender closed, award pending
16 May 2018 · Land sales
Holland Road: AwardedCommercial & Residential · status on 16 May 2018: Awarded · awarded to Stirling Land Holdings Pte. Ltd., Stirling View Pte. Ltd. (as Trustee of Commons SR Trust) and Stirling Property Pte. Ltd. (as Trustee of Commons Commercial Trust) at S$1,213,333,000
17 May 2018 · Land sales
Cuscaden Road: AwardedResidential · status on 17 May 2018: Awarded · awarded to Amberden Pte Ltd, FEC Properties Pte Ltd and Orchard Square Pte. Ltd. at S$410,000,000
17 May 2018 · Land sales
Mattar Road: AwardedResidential · status on 17 May 2018: Awarded · awarded to FSKH Development Pte Ltd at S$223,019,000
17 May 2018 · Land sales
Silat Avenue: AwardedResidential & Residential with Commercial at 1st Storey · status on 17 May 2018: Awarded · awarded to UOL Venture Investments Pte. Ltd., UIC Homes Pte. Ltd. and Kheng Leong Company (Private) Limited at S$1,035,300,000
31 May 2018 · Land sales
Dairy Farm Road: Launched for tenderResidential with commercial at 1st storey · status on 31 May 2018: Tender open
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
5 July 2018 · Archive event
Singapore raises ABSD by 5 to 10 points and tightens LTV limitsAnnounced 5 July 2018
10 August 2018 · Land sales
Anchorvale Crescent: Launched for tenderExecutive Condominium housing · status on 10 August 2018: Tender open
16 August 2018 · Land sales
Sengkang Central: AwardedCommercial & Residential · status on 16 August 2018: Awarded · awarded to Siena Residential Development Pte. Ltd. and Siena Trustee Pte. Ltd. (as Trustee-Manager of Siena Commercial Trust) at S$777,777,777
Methodology5 rules
- Comparison anchored to effective date: 20 February 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 (3)
Primary sources3
Buyer’s Stamp Duty (BSD) Rate to be Raised, on the Value of Residential Property in Excess of $1 Million
Ministry of Finance · Primary source · Published 19 February 2018
Press Release: Buyer's Stamp Duty (BSD) Rate to be Raised, on the Value of Residential Property in Excess of $1 Million (National Archives of Singapore copy)
Ministry of Finance · Primary source · Published 19 February 2018
Buyer's Stamp Duty (BSD)
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
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.