Policy before and after · Tax policy
Singapore raises the top marginal Buyer's Stamp Duty rates to 6% for residential and 5% for non-residential property
Announced 14 February 2023 · Effective 15 February 2023
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Comparison window
Comparison anchored to effective date: 15 February 2023. Before: 19 August 2022 to 14 February 2023. After: 15 February 2023 to 13 August 2023. The same 180 days on each side; the anchor day counts as after.
Before · 19 Aug 2022 to 14 Feb 2023
5 land-sales awards
- 21 land-sales steps in all
- 1 other archive event
- Singapore private residential transactions, all types of sale: 3,588 (Q4 2022)
The event
Announced 14 Feb 2023
Effective 15 Feb 2023
The effective date is the anchor.
After · 15 Feb 2023 to 13 Aug 2023
4 land-sales awards
- 22 land-sales steps in all
- All 180 days observable
- Singapore private residential transactions, all types of sale: 5,388 (Q2 2023)
What this comparison can and cannot show
Generated from this window's records
Recorded
- 7 verified claims on this event record a before and an after value.
- 5 land-sales awards in the 180 days before the effective date, and 4 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
- 14 February 2023
- Effective
- 15 February 2023
- Issuing authority
- Ministry of Finance, Inland Revenue Authority of Singapore
- Category
- Tax policy
- Affected market
- All residential and non-residential property in Singapore acquired on or after 15 February 2023, by any buyer, on the portion of the dutiable value above S$1.5 million for residential property and above S$1 million for non-residential property. The dutiable value is the higher of the purchase price or the market value. Qualifying acquisitions of equity interests in property holding entities are reached through the Additional Conveyance Duties for Buyers. Acquisitions under an Option to Purchase granted on or before 14 February 2023 and exercised on or before 7 March 2023, or within its validity period if earlier, and not varied on or after 15 February 2023, keep the earlier rates.
- Primary source
- Buyer’s Stamp Duty (BSD) Rates to be Raised for Higher-Value Properties
On 14 February 2023 Singapore raised the top marginal Buyer's Stamp Duty rates for property acquired on or after 15 February 2023. For residential property the portion of value above S$1.5 million and up to S$3 million is taxed at 5% and the portion above S$3 million at 6%, where 4% had applied to all value above S$1 million. For non-residential property the portion above S$1 million and up to S$1.5 million is taxed at 4% and the portion above S$1.5 million at 5%, where 3% had applied. These are marginal rates on slices of value, not rates on the price: the first S$1.5 million of a residential purchase and the first S$1 million of a non-residential one pay exactly what they did before, and a S$3 million home pays S$119,600 against S$104,600, about 4% of the price. The duty falls on every buyer regardless of citizenship or properties owned. The ceiling on the Additional Conveyance Duties for Buyers, charged on acquisitions of equity interests in property holding entities, rose from up to 44% to up to 46%. An Option to Purchase granted on or before 14 February 2023 and exercised by 7 March 2023 kept the old rates. The Government's stated reason was to enhance the progressivity of the regime.
In brief
In brief
- Singapore private residential transactions, all types of sale totalled 3,588 in the whole periods inside the 180 days before the effective date (Q4 2022) and 5,388 in those inside the 180 days after (Q2 2023).
- Private Residential Property Price Index, All Residential was 188.6 in Q4 2022, the latest whole period before the effective date, and 194.4 in Q2 2023, the latest whole period in the 180 days after.
- 5 GLS site awards were recorded in the before window and 5 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 |
|---|---|---|---|---|
| Non-residential BSD on the value above S$1.5m, from 3% | 3% | 5% | +2 pts | Claim 3 |
| Residential BSD on the value above S$3m, from 4% | 4% | 6% | +2 pts | Claim 1 |
| Non-residential BSD on the value between S$1m and S$1.5m, from 3% | 3% | 4% | +1 pts | Claim 4 |
| Residential BSD on the value between S$1.5m and S$3m, from 4% | 4% | 5% | +1 pts | Claim 2 |
View all 7 before-and-after valuesHide the other 3
| The ceiling on the Additional Conveyance Duties for Buyers, which apply to qualifying acquisitions of equity interests in property holding entities, was raised from up to 44% to up to 46%. | 44% | 46% | +2 pts | Claim 9 |
| The 4% residential rate, which had applied to all value above S$1 million, was confined to the S$500,000 between S$1 million and S$1.5 million. | 4% | 4% | No change | Claim 5 |
| The first three bands were unchanged for both residential and non-residential property: 1% on the first S$180,000, 2% on the next S$180,000 and 3% on the next S$640,000. | 3% | 3% | No change | Claim 6 |
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
3,588
Q4 2022
Coverage 92/180 days
After
5,388
Q2 2023
Coverage 91/180 days
Difference
+1,800
+50.2%
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
188.6
Q4 2022
Coverage 92/180 days
After
194.4
Q2 2023
Coverage 91/180 days
Difference
+5.8
+3.1%
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
22 lines
21 land-sales steps (5 awards) · 1 archive event
From the effective date
24 lines
22 land-sales steps (4 awards) · 2 archive events
Explore concurrent eventsHide concurrent events
Before (22)
31 August 2022 · Land sales
Bukit Timah Link: Launched for tenderResidential · status on 31 August 2022: Tender open
31 August 2022 · Land sales
Hillview Rise: Launched for tenderResidential · status on 31 August 2022: Tender open
13 September 2022 · Land sales
Lentor Hills Road (Parcel B): Tender closedResidential · status on 13 September 2022: Tender closed, award pending
13 September 2022 · Land sales
Lentor Central (13,444.3 sqm parcel): Tender closedResidential · status on 13 September 2022: Tender closed, award pending
13 September 2022 · Land sales
Bukit Batok West Avenue 5: Tender closedResidential (Executive Condominium units) · status on 13 September 2022: Tender closed, award pending
19 September 2022 · Land sales
Lentor Hills Road (Parcel B): AwardedResidential · 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): AwardedResidential · 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: AwardedResidential (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 tenderPrivate 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-outAnnounced 29 September 2022
31 October 2022 · Land sales
Lentor Gardens: Launched for tender, Confirmed ListResidential · status on 31 October 2022: Tender open
31 October 2022 · Land sales
Lentor Central (14,703.2 sqm parcel): Released on the Reserve ListResidential · status on 31 October 2022: On the Reserve List
3 November 2022 · Land sales
Hillview Rise: Tender closedResidential · status on 3 November 2022: Tender closed, award pending
3 November 2022 · Land sales
Bukit Timah Link: Tender closedResidential · status on 3 November 2022: Tender closed, award pending
15 November 2022 · Land sales
Hillview Rise: AwardedResidential · 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: AwardedResidential · 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 ListResidential · 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 ListResidential · status on 25 November 2022: On the Reserve List
25 November 2022 · Land sales
Senja Close: Released on the Reserve ListExecutive Condominium residential · status on 25 November 2022: On the Reserve List
5 December 2022 · Land sales
Marina Gardens Lane: Launched for tenderResidential with commercial at 1st storey · status on 5 December 2022: Tender open
23 December 2022 · Land sales
Tampines Avenue 11: Launched for tender, Confirmed ListMixed 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 ListExecutive Condominium housing · status on 23 December 2022: Tender open
After (24)
14 March 2023 · Land sales
Jalan Tembusu (20,572.1 sqm parcel): Launched for tenderResidential · status on 14 March 2023: Tender open
14 March 2023 · Land sales
Tampines Street 62 (Parcel B): Launched for tenderExecutive Condominium residential · status on 14 March 2023: Tender open
21 March 2023 · Land sales
Parry Avenue: Tender closed, concept and pricePrivate assisted living and Health and Medical Care · status on 21 March 2023: Tender closed, award pending
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
26 April 2023 · Archive event
Singapore raises ABSD, doubling foreign-buyer rate from 30% to 60%Announced 26 April 2023
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
20 June 2023 · Land sales
Parry Avenue: Awarded, concept and pricePrivate assisted living and Health and Medical Care · status on 20 June 2023: Awarded · awarded to Pre 20 Pte. Ltd. at S$71,988,000
22 June 2023 · Land sales
Jurong Lake District Master Developer site: Launched for Concept and Price tenderWhite site · status on 22 June 2023: Tender open
27 June 2023 · Land sales
Marina Gardens Lane: Tender closedResidential with commercial at 1st storey · status on 27 June 2023: Tender closed, award pending
27 June 2023 · Land sales
Tampines Avenue 11: Tender closedMixed commercial and residential, integrated with a bus interchange, community club and hawker centre · status on 27 June 2023: Tender closed, award pending
27 June 2023 · Land sales
Plantation Close: Tender closedExecutive Condominium housing · status on 27 June 2023: Tender closed, award pending
30 June 2023 · Land sales
Marina Gardens Crescent: Launched for tender, Confirmed ListPlot 1 White site; Plot 2 Open Space; Plots 3 and 4 subterranean link plots · status on 30 June 2023: Tender open
30 June 2023 · Land sales
Media Circle: Launched for tender, Confirmed ListResidential with commercial at 1st storey · status on 30 June 2023: Tender open
11 July 2023 · Land sales
Marina Gardens Lane: AwardedResidential with commercial at 1st storey · status on 11 July 2023: Awarded · awarded to Kingsford Huray Development Pte. Ltd., Obsidian Development Pte. Ltd. and Polarix Cultural & Science Park Investment Pte. Ltd. at S$1,034,480,000
11 July 2023 · Land sales
Tampines Avenue 11: AwardedMixed commercial and residential, integrated with a bus interchange, community club and hawker centre · status on 11 July 2023: Awarded · awarded to Topaz Residential Pte. Ltd. and Topaz Commercial Pte. Ltd. at S$1,206,390,880
18 July 2023 · Land sales
Jalan Tembusu (20,572.1 sqm parcel): Tender closedResidential · status on 18 July 2023: Tender closed, award pending
18 July 2023 · Land sales
Tampines Street 62 (Parcel B): Tender closedExecutive Condominium residential · status on 18 July 2023: Tender closed, award pending
19 July 2023 · Archive event
Singapore brings foreign purchases of Commercial and Residential zoned land under Residential Property Act approval, with transitional exemptionsAnnounced 19 July 2023
10 August 2023 · Land sales
Jalan Tembusu (20,572.1 sqm parcel): AwardedResidential · status on 10 August 2023: Awarded · awarded to Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$828,800,000
Methodology5 rules
- Comparison anchored to effective date: 15 February 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 (3)
Primary sources3
Buyer’s Stamp Duty (BSD) Rates to be Raised for Higher-Value Properties
Ministry of Finance · Primary source · Published 14 February 2023
Buyer's Stamp Duty (BSD)
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
Stamp Duty
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.