Policy before and after · Tax policy

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 · Effective 15 February 2023

Read the full event record Compare with another policy Create research brief

Comparison window

Comparison anchored to effective date: 15 February 2023. Before: 15 February 2022 to 14 February 2023. After: 15 February 2023 to 14 February 2024. The same 365 days on each side; the anchor day counts as after.

Before · 15 Feb 2022 to 14 Feb 2023

9 land-sales awards

36 land-sales steps in all
3 other archive events
Singapore private residential transactions, all types of sale: 16,547 (Q4 2022)

The event

Announced 14 Feb 2023

Effective 15 Feb 2023

The effective date is the anchor.

After · 15 Feb 2023 to 14 Feb 2024

13 land-sales awards

53 land-sales steps in all
All 365 days observable
Singapore private residential transactions, all types of sale: 14,923 (Q4 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.
9 land-sales awards in the 365 days before the effective date, and 13 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: 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

Singapore private residential transactions, all types of sale totalled 16,547 in the whole periods inside the 365 days before the effective date (Q2 2022, Q3 2022, Q4 2022) and 14,923 in those inside the 365 days after (Q2 2023, Q3 2023, Q4 2023).
Private Residential Property Price Index, All Residential was 188.6 in Q4 2022, the latest whole period before the effective date, and 201.5 in Q4 2023, the latest whole period in the 365 days after.
9 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
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 values

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 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

16,547

Q2 2022, Q3 2022, Q4 2022

Coverage 275/365 days

After

14,923

Q2 2023, Q3 2023, Q4 2023

Coverage 275/365 days

Difference

-1,624

-9.8%

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

188.6

Q2 2022, Q3 2022, Q4 2022

Coverage 275/365 days

After

201.5

Q2 2023, Q3 2023, Q4 2023

Coverage 275/365 days

Difference

+12.9

+6.8%

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

39 lines

36 land-sales steps (9 awards) · 3 archive events

From the effective date

56 lines

53 land-sales steps (13 awards) · 3 archive events

Explore concurrent events

Before (39)

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
8 May 2022 · Archive event
Singapore imposes 35% ABSD on residential property transferred into a living trust
Announced 8 May 2022
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

After (56)

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
25 May 2023 · Land sales
Champions Way: Launched for tender, Confirmed List
Residential · status on 25 May 2023: Tender open
25 May 2023 · Land sales
Lorong 1 Toa Payoh: Released on the Reserve List
Residential · status on 25 May 2023: On the Reserve List
25 May 2023 · Land sales
Punggol Walk: Released on the Reserve List
Commercial · status on 25 May 2023: On the Reserve List
20 June 2023 · Land sales
Parry Avenue: Awarded, concept and price
Private 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 tender
White site · status on 22 June 2023: Tender open
27 June 2023 · Land sales
Marina Gardens Lane: Tender closed
Residential with commercial at 1st storey · status on 27 June 2023: Tender closed, award pending
27 June 2023 · Land sales
Tampines Avenue 11: Tender closed
Mixed 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 closed
Executive Condominium housing · status on 27 June 2023: Tender closed, award pending
30 June 2023 · Land sales
Marina Gardens Crescent: Launched for tender, Confirmed List
Plot 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 List
Residential with commercial at 1st storey · status on 30 June 2023: Tender open
11 July 2023 · Land sales
Marina Gardens Lane: Awarded
Residential 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: Awarded
Mixed 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 closed
Residential · status on 18 July 2023: Tender closed, award pending
18 July 2023 · Land sales
Tampines Street 62 (Parcel B): Tender closed
Executive 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 exemptions
Announced 19 July 2023
10 August 2023 · Land sales
Jalan Tembusu (20,572.1 sqm parcel): Awarded
Residential · status on 10 August 2023: Awarded · awarded to Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$828,800,000
15 August 2023 · Land sales
Clementi Avenue 1: Launched for tender
Residential · status on 15 August 2023: Tender open
15 August 2023 · Land sales
Pine Grove (Parcel B): Launched for tender
Residential · status on 15 August 2023: Tender open
20 August 2023 · Archive event
Singapore introduces the Standard, Plus and Prime flat classification for new BTO flats, with a 10-year MOP and subsidy recovery for Plus and Prime
Announced 20 August 2023
5 September 2023 · Land sales
Lorong 1 Toa Payoh: Launched for tender
Residential · status on 5 September 2023: Tender open
11 September 2023 · Land sales
Plantation Close: Awarded
Executive Condominium housing · status on 11 September 2023: Awarded · awarded to Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd at S$348,500,000
12 September 2023 · Land sales
Lentor Central (14,703.2 sqm parcel): Tender closed
Residential · status on 12 September 2023: Tender closed, award pending
12 September 2023 · Land sales
Champions Way: Tender closed
Residential · status on 12 September 2023: Tender closed, award pending
18 September 2023 · Land sales
Lentor Central (14,703.2 sqm parcel): Awarded
Residential · status on 18 September 2023: Awarded · awarded to Intrepid Investments Pte. Ltd., GuocoLand (Singapore) Pte. Ltd. and CSC Land Group (Singapore) Pte. Ltd. at S$435,166,426
18 September 2023 · Land sales
Champions Way: Awarded
Residential · status on 18 September 2023: Awarded · awarded to CDL Stellar Pte. Ltd. at S$294,889,000
9 October 2023 · Land sales
Tampines Street 62 (Parcel B): Awarded
Executive Condominium residential · status on 9 October 2023: Awarded · awarded to Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$543,280,000
17 October 2023 · Land sales
Orchard Boulevard: Launched for tender
Residential with commercial at 1st storey · status on 17 October 2023: Tender open
7 November 2023 · Land sales
Clementi Avenue 1: Tender closed
Residential · status on 7 November 2023: Tender closed, award pending
7 November 2023 · Land sales
Pine Grove (Parcel B): Tender closed
Residential · status on 7 November 2023: Tender closed, award pending
7 November 2023 · Land sales
Lorong 1 Toa Payoh: Tender closed
Residential · status on 7 November 2023: Tender closed, award pending
15 November 2023 · Land sales
Clementi Avenue 1: Awarded
Residential · status on 15 November 2023: Awarded · awarded to CSC Land Group (Singapore) Pte. Ltd. and Caspian Residential 3 Pte. Ltd. at S$633,447,945
15 November 2023 · Land sales
Pine Grove (Parcel B): Awarded
Residential · status on 15 November 2023: Awarded · awarded to Golden Ray Edge 3 Pte. Ltd. at S$692,388,000
15 November 2023 · Land sales
Lorong 1 Toa Payoh: Awarded
Residential · status on 15 November 2023: Awarded · awarded to CDL Constellation Pte. Ltd., Frasers Property Phoenix Pte. Ltd. and Sekisui House, Ltd. at S$968,000,000
16 November 2023 · Land sales
Holland Drive: Released on the Reserve List
Residential · status on 16 November 2023: On the Reserve List
16 November 2023 · Land sales
De Souza Avenue: Released on the Reserve List
Residential · status on 16 November 2023: On the Reserve List
30 November 2023 · Land sales
Plantation Close (20,038.2 sqm parcel): Launched for tender, Confirmed List
Executive Condominium housing · status on 30 November 2023: Tender open
30 November 2023 · Land sales
Tampines Street 95: Released on the Reserve List
Executive Condominium housing · status on 30 November 2023: On the Reserve List
4 December 2023 · Land sales
Upper Thomson Road (Parcel A): Launched for tender, Confirmed List
Residential with commercial at 1st storey, including long-stay serviced apartments · status on 4 December 2023: Tender open
4 December 2023 · Land sales
Upper Thomson Road (Parcel B): Launched for tender, Confirmed List
Residential · status on 4 December 2023: Tender open
4 December 2023 · Land sales
Zion Road (Parcel A): Launched for tender, Confirmed List
Residential with commercial at 1st storey, including long-stay serviced apartments · status on 4 December 2023: Tender open
4 December 2023 · Land sales
Zion Road (Parcel B): Released on the Reserve List
Residential · status on 4 December 2023: On the Reserve List
18 January 2024 · Land sales
Marina Gardens Crescent: Tender closed
Plot 1 White site; Plot 2 Open Space; Plots 3 and 4 subterranean link plots · status on 18 January 2024: Tender closed, award pending
18 January 2024 · Land sales
Media Circle: Tender closed
Residential with commercial at 1st storey · status on 18 January 2024: Tender closed, award pending
1 February 2024 · Land sales
Orchard Boulevard: Tender closed
Residential with commercial at 1st storey · status on 1 February 2024: Tender closed, award pending
1 February 2024 · Land sales
Plantation Close (20,038.2 sqm parcel): Tender closed
Executive Condominium housing · status on 1 February 2024: Tender closed, award pending
8 February 2024 · Land sales
Media Circle: Awarded
Residential with commercial at 1st storey · status on 8 February 2024: Awarded · awarded to CNQC Realty (Clementi) Pte. Ltd. and Forsea Residence Pte. Ltd. at S$395,288,889
8 February 2024 · Land sales
Marina Gardens Crescent: Not awarded, returned to the Reserve List
Plot 1 White site; Plot 2 Open Space; Plots 3 and 4 subterranean link plots · status on 8 February 2024: Tender not awarded
14 February 2024 · Land sales
Plantation Close (20,038.2 sqm parcel): Awarded
Executive Condominium housing · status on 14 February 2024: Awarded · awarded to Hoi Hup Realty Pte Ltd and Sunway Developments Pte. Ltd. at S$423,380,000

Recorded relationships

This event has as its direct predecessor Singapore raises the top residential buyer's stamp duty rate to 4% on value above S$1 million.

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
Open original source
Buyer's Stamp Duty (BSD)
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
Open original source
Stamp Duty
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.