Policy before and after · Macroprudential
Singapore raises ABSD, tightens housing finance and extends cooling measures to public housing, executive condominiums and industrial property
Announced 11 January 2013 · Effective 12 January 2013
Read the full event recordCompare with another policyCreate research brief
Comparison window
Comparison anchored to effective date: 12 January 2013. Before: 14 October 2012 to 11 January 2013. After: 12 January 2013 to 11 April 2013. The same 90 days on each side; the anchor day counts as after.
Before · 14 Oct 2012 to 11 Jan 2013
13 land-sales awards
- 34 land-sales steps in all
- 0 other archive events
The event
Announced 11 Jan 2013
Effective 12 Jan 2013
The effective date is the anchor.
After · 12 Jan 2013 to 11 Apr 2013
5 land-sales awards
- 14 land-sales steps in all
- All 90 days observable
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.
- 13 land-sales awards in the 90 days before the effective date, and 5 in the 90 observable days after.
- None of the 4 tracked series has a whole period on both sides of a 90-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
- 11 January 2013
- Effective
- 12 January 2013
- Issuing authority
- Monetary Authority of Singapore, Ministry of National Development, Ministry of Finance, Housing & Development Board
- Category
- Macroprudential
- Affected market
- Private residential property, HDB flats, executive condominiums and industrial property. Buyer stamp duties, housing-loan limits, mortgage servicing, public-housing ownership and subletting, EC development and sales rules, and industrial seller stamp duty.
- Primary source
- Additional Measures to Ensure a Stable and Sustainable Property Market. Joint press release, Ministry of Finance, Ministry of National Development, Monetary Authority of Singapore and Ministry of Trade and Industry, 11 January 2013, complete with Annex I on ABSD, Annex II on LTV and cash, Annex III on public housing and Annex IV on lease-dependent CPF and HDB loan rules.
On 11 January 2013 Singapore raised Additional Buyer's Stamp Duty on every group already subject to it and extended it to Permanent Residents buying a first residential property and citizens buying a second, reduced loan-to-value limits and raised the minimum cash payment from 10% to 25% for borrowers with an outstanding housing loan, introduced a 30% Mortgage Servicing Ratio for financial-institution loans used to buy HDB flats, cut the HDB concessionary-loan MSR from 40% to 35%, restricted Permanent Resident subletting and ownership of HDB flats, tightened executive condominium rules, and introduced Seller's Stamp Duty on industrial property for the first time.
In brief
In brief
- 13 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 |
|---|---|---|---|---|
| Minimum cash for a second or subsequent housing loan, raised from 10%. | 10% | 25% | +15 pts | Claim 3 |
| ABSD on foreign and entity purchases, raised from 10%. | 10% | 15% | +5 pts | Claim 2 |
| Loan-to-value limits were reduced for borrowers with outstanding housing loans: second housing loan from 60% to 50%, third or subsequent from 60% to 40%, and non-individual borrowers from 40% to 20%. | 40% | 20% | −20 pts | Claim 6 |
| HDB reduced the Mortgage Servicing Ratio for its concessionary loans from 40% to 35%. | 40% | 35% | −5 pts | Claim 5 |
View all 5 before-and-after valuesHide the other 1
| ABSD on a citizen's second residential property, previously zero. | 0% | 7% | +7 pts | Claim 1 |
Observed around this event
View linked outcomesThe same statistic over the 90 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 90-day window
Before
None
Coverage 0/90 days
After
None
Coverage 0/90 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 90-day window
Before
None
Coverage 0/90 days
After
None
Coverage 0/90 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
HDB Resale Price Index
index (2009Q1=100) · Value in the latest whole quarterly period inside each 90-day window
Before
None
Coverage 0/90 days
After
None
Coverage 0/90 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
- Housing & Development Board
- 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
URA Private Residential Property Price Index, all residential properties, level (1Q2009 = 100)
index
Comparison unavailable: series aggregation type is unresolved.
Provenance
- Source
- Urban Redevelopment Authority
- Series kind
- Unresolved (not recorded)
- Basis
- Observation periods wholly inside each window, values as originally recorded.
- Origin
- Unresolved
- 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
34 lines
34 land-sales steps (13 awards) · 0 archive events
From the effective date
15 lines
14 land-sales steps (5 awards) · 1 archive event
Explore concurrent eventsHide concurrent events
Before (34)
15 October 2012 · Land sales
Punggol Field Walk / Punggol East: Launched for tenderExecutive Condominium housing · status on 15 October 2012: Tender open
15 October 2012 · Land sales
Bishan Street 14: Launched for tenderCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 15 October 2012: Tender open
16 October 2012 · Land sales
Woodlands Avenue 6 / Woodlands Drive 16: AwardedExecutive Condominium housing · status on 16 October 2012: Awarded · awarded to Opal Star Pte. Ltd. & Binjai Holdings Pte. Ltd. at S$150,180,000
16 October 2012 · Land sales
New Upper Changi Road / Bedok Road: Tender closedResidential · status on 16 October 2012: Tender closed, award pending
16 October 2012 · Land sales
Victoria Street / Jalan Sultan: AwardedHotel or Commercial & Residential · status on 16 October 2012: Awarded · awarded to Forward Land Pte Ltd at S$331,336,000
22 October 2012 · Land sales
New Upper Changi Road / Bedok Road: AwardedResidential · status on 22 October 2012: Awarded · awarded to Sherwood Development Pte Ltd at S$434,550,000
30 October 2012 · Land sales
Sembawang Crescent / Sembawang Drive: Launched for tenderExecutive Condominium housing · status on 30 October 2012: Tender open
7 November 2012 · Land sales
Alexandra Road / Alexandra View: Launched for tenderResidential · status on 7 November 2012: Tender open
8 November 2012 · Land sales
Sengkang West Way / Fernvale Link (Parcel B): Tender closedExecutive Condominium housing · status on 8 November 2012: Tender closed, award pending
12 November 2012 · Land sales
Sengkang West Way / Fernvale Link (Parcel B): AwardedExecutive Condominium housing · status on 12 November 2012: Awarded · awarded to Verspring Properties Pte. Ltd. at S$135,000,000
15 November 2012 · Land sales
Jurong West Street 41: Launched for tenderResidential · status on 15 November 2012: Tender open
15 November 2012 · Land sales
Ang Mo Kio Avenue 2 / Ang Mo Kio Street 13: Launched for tenderResidential · status on 15 November 2012: Tender open
15 November 2012 · Land sales
Jalan Jurong Kechil: Tender closedResidential (option for retirement housing is allowed) · status on 15 November 2012: Tender closed, award pending
20 November 2012 · Land sales
Jurong Town Hall Road: Tender closedHotel · status on 20 November 2012: Tender closed, award pending
22 November 2012 · Land sales
Pasir Ris Drive 3 / Pasir Ris Rise: Tender closedExecutive Condominium housing · status on 22 November 2012: Tender closed, award pending
22 November 2012 · Land sales
Jalan Jurong Kechil: AwardedResidential (option for retirement housing is allowed) · status on 22 November 2012: Awarded · awarded to World Class Developments (North) Pte Ltd at S$73,800,000
23 November 2012 · Land sales
Jurong Town Hall Road: AwardedHotel · status on 23 November 2012: Awarded · awarded to Tamerton Pte Ltd at S$238,200,000
26 November 2012 · Land sales
Pasir Ris Drive 3 / Pasir Ris Rise: AwardedExecutive Condominium housing · status on 26 November 2012: Awarded · awarded to Hao Yuan Investment Pte Ltd at S$207,000,000
27 November 2012 · Land sales
Yishun Ring Road / Yishun Avenue 9: Launched for tenderMixed commercial and residential · status on 27 November 2012: Tender open
29 November 2012 · Land sales
Bishan Street 14: Tender closedCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 29 November 2012: Tender closed, award pending
3 December 2012 · Land sales
Bishan Street 14: AwardedCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 3 December 2012: Awarded · awarded to Allamanda Residential Development Pte. Ltd. at S$505,100,000
4 December 2012 · Land sales
Punggol Point: Launched for tenderFood & Beverage with or without retail use · status on 4 December 2012: Tender open
4 December 2012 · Land sales
Thomson Road / Irrawaddy Road: Tender closedWhite · status on 4 December 2012: Tender closed, award pending
6 December 2012 · Land sales
Punggol Field Walk / Punggol East: Tender closedExecutive Condominium housing · status on 6 December 2012: Tender closed, award pending
7 December 2012 · Land sales
Thomson Road / Irrawaddy Road: AwardedWhite · status on 7 December 2012: Awarded · awarded to Hoi Hup Realty Pte Ltd, Sunway Developments Pte. Ltd. and Hoi Hup J.V. Development Pte Ltd at S$492,500,000
10 December 2012 · Land sales
Punggol Field Walk / Punggol East: AwardedExecutive Condominium housing · status on 10 December 2012: Awarded · awarded to Sing Holdings Limited at S$162,100,000
11 December 2012 · Land sales
Alexandra Road / Alexandra View: Tender closedResidential · status on 11 December 2012: Tender closed, award pending
13 December 2012 · Land sales
Sembawang Crescent / Sembawang Drive: Tender closedExecutive Condominium housing · status on 13 December 2012: Tender closed, award pending
17 December 2012 · Land sales
Sembawang Crescent / Sembawang Drive: AwardedExecutive Condominium housing · status on 17 December 2012: Awarded · awarded to JBE Holdings Pte Ltd at S$211,920,000
17 December 2012 · Land sales
Alexandra Road / Alexandra View: AwardedResidential · status on 17 December 2012: Awarded · awarded to Singland Homes Pte. Ltd. at S$332,680,000
18 December 2012 · Land sales
Commonwealth Avenue: Launched for tenderCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 18 December 2012: Tender open
19 December 2012 · Land sales
Venture Avenue: Launched for tenderCommercial (with minimum component for office use) · status on 19 December 2012: Tender open
8 January 2013 · Land sales
Ang Mo Kio Avenue 2 / Ang Mo Kio Street 13: Tender closedResidential · status on 8 January 2013: Tender closed, award pending
9 January 2013 · Land sales
Ang Mo Kio Avenue 2 / Ang Mo Kio Street 13: AwardedResidential · status on 9 January 2013: Awarded · awarded to Pinehill Investments Pte. Ltd. at S$550,000,048
After (15)
24 January 2013 · Land sales
Yishun Ring Road / Yishun Avenue 9: Tender closedMixed commercial and residential · status on 24 January 2013: Tender closed, award pending
29 January 2013 · Land sales
Jurong West Street 41: Tender closedResidential · status on 29 January 2013: Tender closed, award pending
31 January 2013 · Land sales
Yishun Ring Road / Yishun Avenue 9: AwardedMixed commercial and residential · status on 31 January 2013: Awarded · awarded to CEL Property Pte Ltd at S$212,100,000
31 January 2013 · Land sales
Jurong West Street 41: AwardedResidential · status on 31 January 2013: Awarded · awarded to MCL Land (Prestige) Pte. Ltd. at S$438,888,000
31 January 2013 · Planning
Singapore's Land Use Plan sets out up to 700,000 new homes and 76,600 hectares of land by 2030Announced 31 January 2013
5 February 2013 · Land sales
Commonwealth Avenue: Tender closedCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 5 February 2013: Tender closed, award pending
7 February 2013 · Land sales
Commonwealth Avenue: AwardedCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 7 February 2013: Awarded · awarded to Intrepid Investments Pte Ltd, Verwood Holdings Pte. Ltd. and Hong Realty (Private) Limited at S$562,818,171
26 February 2013 · Land sales
Punggol Point: Tender closedFood & Beverage with or without retail use · status on 26 February 2013: Tender closed, award pending
28 February 2013 · Land sales
Sengkang West Way: Launched for tenderCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 28 February 2013: Tender open
28 February 2013 · Land sales
Kim Tian Road: Launched for tenderResidential · status on 28 February 2013: Tender open
7 March 2013 · Land sales
Punggol Point: AwardedFood & Beverage with or without retail use · status on 7 March 2013: Awarded · awarded to Fragrance Group Limited at S$11,368,800
12 March 2013 · Land sales
Venture Avenue: Tender closedCommercial (with minimum component for office use) · status on 12 March 2013: Tender closed, award pending
13 March 2013 · Land sales
Venture Avenue: AwardedCommercial (with minimum component for office use) · status on 13 March 2013: Awarded · awarded to Sim Lian JV (Vision) Pte Ltd at S$701,078,147
28 March 2013 · Land sales
Woodlands Avenue 5 / Woodlands Avenue 6: Launched for tenderExecutive Condominium housing · status on 28 March 2013: Tender open
11 April 2013 · Land sales
Sengkang West Way: Tender closedCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 11 April 2013: Tender closed, award pending
Methodology5 rules
- Comparison anchored to effective date: 12 January 2013. 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 (5)
Primary sources4
Additional Measures to Ensure a Stable and Sustainable Property Market. Joint press release, Ministry of Finance, Ministry of National Development, Monetary Authority of Singapore and Ministry of Trade and Industry, 11 January 2013, complete with Annex I on ABSD, Annex II on LTV and cash, Annex III on public housing and Annex IV on lease-dependent CPF and HDB loan rules.
Ministry of Finance · Primary source · Published 11 January 2013
MAS Notice 825, Residential Property Loans (Finance Companies), issued 27 August 2013, effective 28 August 2013. Cited as the current consolidated version, last revised 21 August 2025.
Monetary Authority of Singapore · Primary source · Published 27 August 2013
HDB Resale Price Index, quarterly official dataset, 1990-Q1 to 2026-Q2. Retrieved 14 August 2026 via the data.gov.sg datastore API. Final index values, not flash estimates.
Housing & Development Board · Primary source · Published 14 August 2026
URA Private Residential Property Price Index By Type Of Property, quarterly, base 1Q2009 = 100. SingStat TableBuilder table M212261, Residential Properties series, 206 quarters 1975-Q1 to 2026-Q2. Retrieved 14 August 2026 via the open TableBuilder API.
Urban Redevelopment Authority · Primary source · Published 14 August 2026
Supporting sources1
Knight Frank Singapore Residential Research Quarterly Bulletin, Q1 2013. Supporting industry source for monthly developer-sales figures and contemporaneous market interpretation.
The Business Times · Secondary source · Published 1 April 2013
Original source link unavailable
Event checked against its primary sources on 14 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.