Policy before and after · Tax policy

Event

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 record Compare with another policy Create research brief

Comparison window

Comparison anchored to effective date: 20 February 2018. Before: 20 February 2017 to 19 February 2018. After: 20 February 2018 to 19 February 2019. The same 365 days on each side; the anchor day counts as after.

Before · 20 Feb 2017 to 19 Feb 2018

12 land-sales awards

40 land-sales steps in all
2 other archive events
Singapore private residential transactions, all types of sale: 19,808 (Q4 2017)

The event

Announced 19 Feb 2018

Effective 20 Feb 2018

The effective date is the anchor.

After · 20 Feb 2018 to 19 Feb 2019

14 land-sales awards

42 land-sales steps in all
All 365 days observable
Singapore private residential transactions, all types of sale: 16,811 (Q4 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.
12 land-sales awards in the 365 days before the effective date, and 14 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: 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

Singapore private residential transactions, all types of sale totalled 19,808 in the whole periods inside the 365 days before the effective date (Q2 2017, Q3 2017, Q4 2017) and 16,811 in those inside the 365 days after (Q2 2018, Q3 2018, Q4 2018).
Private Residential Property Price Index, All Residential was 138.7 in Q4 2017, the latest whole period before the effective date, and 149.6 in Q4 2018, the latest whole period in the 365 days after.
12 GLS site awards were recorded in the before window and 14 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 values

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.

No change

Claim 7

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

19,808

Q2 2017, Q3 2017, Q4 2017

Coverage 275/365 days

After

16,811

Q2 2018, Q3 2018, Q4 2018

Coverage 275/365 days

Difference

-2,997

-15.1%

Qualified: whole periods cover 275/365 days before and 275/365 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

138.7

Q2 2017, Q3 2017, Q4 2017

Coverage 275/365 days

After

149.6

Q2 2018, Q3 2018, Q4 2018

Coverage 275/365 days

Difference

+10.9

+7.9%

Qualified: whole periods cover 275/365 days before and 275/365 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

42 lines

40 land-sales steps (12 awards) · 2 archive events

From the effective date

43 lines

42 land-sales steps (14 awards) · 1 archive event

Explore concurrent events

Before (42)

28 February 2017 · Land sales
Toh Tuck Road: Launched for tender
Residential · status on 28 February 2017: Tender open
6 March 2017 · Land sales
Upper Serangoon Road: Launched for tender
Mixed commercial and residential · status on 6 March 2017: Tender open
10 March 2017 · Archive event
Singapore cuts SSD to three years and 12%, lifts TDSR from low-LTV equity withdrawal loans and adds duties on property-holding entities
Announced 10 March 2017
14 March 2017 · Land sales
Tampines Avenue 10 (Parcel C): Launched for tender
Residential · status on 14 March 2017: Tender open
11 April 2017 · Land sales
Toh Tuck Road: Tender closed
Residential · status on 11 April 2017: Tender closed, award pending
18 April 2017 · Land sales
Toh Tuck Road: Awarded
Residential · status on 18 April 2017: Awarded · awarded to S P Setia International (S) Pte Ltd at S$265,000,000
20 April 2017 · Land sales
Stirling Road: Launched for tender
Residential · status on 20 April 2017: Tender open
25 April 2017 · Land sales
Tampines Avenue 10 (Parcel C): Tender closed
Residential · status on 25 April 2017: Tender closed, award pending
3 May 2017 · Land sales
Tampines Avenue 10 (Parcel C): Awarded
Residential · status on 3 May 2017: Awarded · awarded to Bellevue Properties Pte. Ltd. at S$370,100,000
15 May 2017 · Planning
Singapore amends the Planning Act to raise penalties, require qualified persons and widen planning conditions
Effective 15 May 2017
18 May 2017 · Land sales
Stirling Road: Tender closed
Residential · status on 18 May 2017: Tender closed, award pending
23 May 2017 · Land sales
Stirling Road: Awarded
Residential · status on 23 May 2017: Awarded · awarded to Logan Property (Singapore) Company Pte Ltd and Nanshan Group Singapore Co. Pte. Ltd. at S$1,002,719,956
30 May 2017 · Land sales
Serangoon North Avenue 1: Launched for tender
Residential · status on 30 May 2017: Tender open
30 May 2017 · Land sales
Woodleigh Lane: Launched for tender
Residential · status on 30 May 2017: Tender open
13 June 2017 · Land sales
Upper Serangoon Road: Tender closed
Mixed commercial and residential · status on 13 June 2017: Tender closed, award pending
21 June 2017 · Land sales
Upper Serangoon Road: Awarded
Mixed commercial and residential · status on 21 June 2017: Awarded · awarded to Elara 1 Pte. Ltd. And Callisto 1 Pte. Ltd. at S$1,132,000,000
6 July 2017 · Land sales
Beach Road: Launched for tender
Commercial · status on 6 July 2017: Tender open
11 July 2017 · Land sales
Woodleigh Lane: Tender closed
Residential · status on 11 July 2017: Tender closed, award pending
14 July 2017 · Land sales
Woodleigh Lane: Awarded
Residential · status on 14 July 2017: Awarded · awarded to CEL Unique Development Pte. Ltd. at S$700,700,700
27 July 2017 · Land sales
Serangoon North Avenue 1: Tender closed
Residential · status on 27 July 2017: Tender closed, award pending
2 August 2017 · Land sales
Serangoon North Avenue 1: Awarded
Residential · status on 2 August 2017: Awarded · awarded to Corson Pte. Ltd. and Wingjoy Investment Pte. Ltd. at S$446,280,000
28 September 2017 · Land sales
Beach Road: Tender closed
Commercial · status on 28 September 2017: Tender closed, award pending
3 October 2017 · Land sales
Beach Road: Awarded
Commercial · 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 tender
Residential with Commercial at 1st storey · status on 19 October 2017: Tender open
31 October 2017 · Land sales
Chong Kuo Road: Launched for tender
Residential · status on 31 October 2017: Tender open
2 November 2017 · Land sales
Fourth Avenue: Launched for tender
Residential · status on 2 November 2017: Tender open
30 November 2017 · Land sales
Holland Road: Launched for tender
Commercial & Residential · status on 30 November 2017: Tender open
30 November 2017 · Land sales
Handy Road / Mount Sophia: Launched for tender
Residential · status on 30 November 2017: Tender open
5 December 2017 · Land sales
Fourth Avenue: Tender closed
Residential · status on 5 December 2017: Tender closed, award pending
5 December 2017 · Land sales
Jiak Kim Street: Tender closed
Residential with Commercial at 1st storey · status on 5 December 2017: Tender closed, award pending
8 December 2017 · Land sales
Fourth Avenue: Awarded
Residential · status on 8 December 2017: Awarded · awarded to Allgreen Properties Limited at S$552,956,000
8 December 2017 · Land sales
Jiak Kim Street: Awarded
Residential 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 tender
Executive Condominium housing · status on 12 December 2017: Tender open
19 December 2017 · Land sales
West Coast Vale: Launched for tender
Residential · status on 19 December 2017: Tender open
28 December 2017 · Land sales
Sengkang Central: Launched for tender
Commercial & Residential · status on 28 December 2017: Tender open
28 December 2017 · Land sales
Hillview Rise: Launched for tender
Residential · status on 28 December 2017: Tender open
30 January 2018 · Land sales
Chong Kuo Road: Tender closed
Residential · status on 30 January 2018: Tender closed, award pending
30 January 2018 · Land sales
Handy Road / Mount Sophia: Tender closed
Residential · status on 30 January 2018: Tender closed, award pending
30 January 2018 · Land sales
West Coast Vale: Tender closed
Residential · status on 30 January 2018: Tender closed, award pending
7 February 2018 · Land sales
Chong Kuo Road: Awarded
Residential · 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: Awarded
Residential · 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: Awarded
Residential · status on 7 February 2018: Awarded · awarded to CDL Pegasus Pte. Ltd. at S$472,400,000

After (43)

27 February 2018 · Land sales
Sumang Walk: Tender closed
Executive Condominium housing · status on 27 February 2018: Tender closed, award pending
27 February 2018 · Land sales
Cuscaden Road: Launched for tender
Residential · status on 27 February 2018: Tender open
7 March 2018 · Land sales
Sumang Walk: Awarded
Executive 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 tender
Residential · status on 16 March 2018: Tender open
16 March 2018 · Land sales
Silat Avenue: Launched for tender
Residential & Residential with Commercial at 1st Storey · status on 16 March 2018: Tender open
20 March 2018 · Land sales
Holland Road: Tender closed
Commercial & Residential · status on 20 March 2018: Tender closed, award pending
26 April 2018 · Land sales
Cuscaden Road: Tender closed
Residential · status on 26 April 2018: Tender closed, award pending
26 April 2018 · Land sales
Mattar Road: Tender closed
Residential · status on 26 April 2018: Tender closed, award pending
26 April 2018 · Land sales
Silat Avenue: Tender closed
Residential & Residential with Commercial at 1st Storey · status on 26 April 2018: Tender closed, award pending
3 May 2018 · Land sales
Hillview Rise: Tender closed
Residential · status on 3 May 2018: Tender closed, award pending
16 May 2018 · Land sales
Holland Road: Awarded
Commercial & 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: Awarded
Residential · 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: Awarded
Residential · status on 17 May 2018: Awarded · awarded to FSKH Development Pte Ltd at S$223,019,000
17 May 2018 · Land sales
Silat Avenue: Awarded
Residential & 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 tender
Residential with commercial at 1st storey · status on 31 May 2018: Tender open
21 June 2018 · Land sales
Sengkang Central: Tender closed
Commercial & Residential · status on 21 June 2018: Tender closed, award pending
28 June 2018 · Land sales
Canberra Link: Launched for tender
Executive Condominium housing · status on 28 June 2018: Tender open
28 June 2018 · Land sales
Jalan Jurong Kechil: Launched for tender
Residential · status on 28 June 2018: Tender open
3 July 2018 · Land sales
Hillview Rise: Awarded
Residential · 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 limits
Announced 5 July 2018
10 August 2018 · Land sales
Anchorvale Crescent: Launched for tender
Executive Condominium housing · status on 10 August 2018: Tender open
16 August 2018 · Land sales
Sengkang Central: Awarded
Commercial & 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
27 August 2018 · Land sales
Pasir Ris Drive 3 / Pasir Ris Drive 8 / Pasir Ris Central: Launched for tender
Mixed commercial and residential · status on 27 August 2018: Tender open
4 September 2018 · Land sales
Canberra Link: Tender closed
Executive Condominium housing · status on 4 September 2018: Tender closed, award pending
4 September 2018 · Land sales
Dairy Farm Road: Tender closed
Residential with commercial at 1st storey · status on 4 September 2018: Tender closed, award pending
4 September 2018 · Land sales
Jalan Jurong Kechil: Tender closed
Residential · status on 4 September 2018: Tender closed, award pending
7 September 2018 · Land sales
Dairy Farm Road: Awarded
Residential with commercial at 1st storey · status on 7 September 2018: Awarded · awarded to UED Residential Pte. Ltd at S$368,800,001
7 September 2018 · Land sales
Jalan Jurong Kechil: Awarded
Residential · status on 7 September 2018: Awarded · awarded to COHL Singapore Pte. Limited and CSC Land Group (Singapore) Pte. Ltd. at S$215,000,000
10 September 2018 · Land sales
Canberra Link: Awarded
Executive Condominium housing · status on 10 September 2018: Awarded · awarded to Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd at S$271,000,000
14 September 2018 · Land sales
Anchorvale Crescent: Tender closed
Executive Condominium housing · status on 14 September 2018: Tender closed, award pending
27 September 2018 · Land sales
Anchorvale Crescent: Awarded
Executive Condominium housing · status on 27 September 2018: Awarded · awarded to Evia Real Estate (8) Pte Ltd & Gamuda (Singapore) Pte Ltd at S$318,888,899
27 September 2018 · Land sales
Club Street: Launched for tender
Hotel · status on 27 September 2018: Tender open
31 October 2018 · Land sales
Tampines Avenue 10: Launched for tender
Executive Condominium housing · status on 31 October 2018: Tender open
31 October 2018 · Land sales
Kampong Java Road: Launched for tender
Residential · status on 31 October 2018: Tender open
30 November 2018 · Land sales
Sims Drive: Launched for tender
Residential · status on 30 November 2018: Tender open
30 November 2018 · Land sales
Middle Road: Launched for tender
Residential with Commercial at 1st Storey · status on 30 November 2018: Tender open
14 December 2018 · Land sales
Pasir Ris Drive 3 / Pasir Ris Drive 8 / Pasir Ris Central: Tender closed
Mixed commercial and residential · status on 14 December 2018: Tender closed, award pending
15 January 2019 · Land sales
Tampines Avenue 10: Tender closed
Executive Condominium housing · status on 15 January 2019: Tender closed, award pending
15 January 2019 · Land sales
Kampong Java Road: Tender closed
Residential · status on 15 January 2019: Tender closed, award pending
15 January 2019 · Land sales
Club Street: Tender closed
Hotel · status on 15 January 2019: Tender closed, award pending
21 January 2019 · Land sales
Kampong Java Road: Awarded
Residential · status on 21 January 2019: Awarded · awarded to CELH Development Pte. Ltd. at S$418,380,000
21 January 2019 · Land sales
Club Street: Awarded
Hotel · status on 21 January 2019: Awarded · awarded to Midtown Development Pte Ltd at S$562,200,000
22 January 2019 · Land sales
Tampines Avenue 10: Awarded
Executive Condominium housing · status on 22 January 2019: Awarded · awarded to Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd at S$434,450,000

Recorded relationships

Singapore raises the top marginal Buyer's Stamp Duty rates to 6% for residential and 5% for non-residential property has as its direct predecessor this event.

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
Open original source
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
Open original source
Buyer's Stamp Duty (BSD)
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.