Policy before and after · Cooling measure
Singapore raises ABSD, tightens TDSR to 55% and lowers HDB loan LTV to 85%
Announced 15 December 2021 · Effective 16 December 2021
Read the full event recordCompare with another policyCreate research briefView Additional Buyer's Stamp Duty policy evolutionView Total Debt Servicing Ratio policy evolutionView Loan-to-value limit, HDB loans policy evolution
Comparison window
Comparison anchored to effective date: 16 December 2021. Before: 17 September 2021 to 15 December 2021. After: 16 December 2021 to 15 March 2022. The same 90 days on each side; the anchor day counts as after.
Before · 17 Sep 2021 to 15 Dec 2021
3 land-sales awards
- 12 land-sales steps in all
- 1 other archive event
The event
Announced 15 Dec 2021
Effective 16 Dec 2021
The effective date is the anchor.
After · 16 Dec 2021 to 15 Mar 2022
3 land-sales awards
- 11 land-sales steps in all
- All 90 days observable
What this comparison can and cannot show
Generated from this window's records
Recorded
- 12 policy parameters recorded with a before and an after value on this event.
- 3 land-sales awards in the 90 days before the effective date, and 3 in the 90 observable days after.
- None of the 8 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
- 15 December 2021
- Effective
- 16 December 2021
- Issuing authority
- Monetary Authority of Singapore, Ministry of National Development, Ministry of Finance
- Category
- Cooling measure
- Affected market
- Private residential and HDB residential markets
- Primary source
- MOF/MND/MAS joint press release: Measures to Cool the Property Market
On 15 December 2021 the Singapore Government announced a multi-instrument package effective 16 December 2021, combining higher ABSD rates across buyer classes, a tighter TDSR threshold (60% to 55%), a lower maximum LTV for housing loans granted by HDB (90% to 85%; FI LTV unchanged at 75% for the relevant category), and a commitment to increase public and private housing supply. It was the first major nationwide residential cooling package since July 2018 (approximately 3 years 5 months). Classify as a multi-instrument demand plus financing package with supply response, not simply an ABSD increase.
In brief
In brief
- ABSD, Singapore Citizen, 2nd property: increased from 12% to 17%.
- ABSD, Singapore Citizen, 3rd and subsequent property: increased from 15% to 25%.
- 9 of the 12 recorded parameters changed; 3 did not.
- 3 GLS site awards were recorded in the before window and 3 in the after window.
What changed
| Policy parameter | Before | After | Change |
|---|---|---|---|
| ABSD · Singapore Citizen, 1st property | 0% | 0% | Unchanged |
| ABSD · Singapore Citizen, 2nd property | 12% | 17% | Increased |
| ABSD · Singapore Citizen, 3rd and subsequent property | 15% | 25% | Increased |
| ABSD · Singapore Permanent Resident, 1st property | 5% | 5% | Unchanged |
| ABSD · Singapore Permanent Resident, 2nd property | 15% | 25% | Increased |
| ABSD · Singapore Permanent Resident, 3rd and subsequent property | 15% | 30% | Increased |
| ABSD · Foreigner | 20% | 30% | Increased |
| ABSD · Entity | 25% | 35% | Increased |
View all 12 parametersHide the other 4
| ABSD · entity rate for housing developers, Housing developer, potentially remittable subject to conditions | 25% | 35% | Increased |
| ABSD · additional developer absd, Housing developer, non remittable, payable upfront | 5% | 5% | Unchanged |
| TDSR · threshold | 60% | 55% | Decreased |
| HDB_LTV · max ltv hdb granted loans | 90% | 85% | Decreased |
Where these values come from
- Source
- Recorded on this event's policy matrix in Prevo's archive. The event's primary source: MOF/MND/MAS joint press release: Measures to Cool the Property Market.
- Primary source published
- 15 December 2021
- Validity
- In force from the event's effective date, 16 December 2021. The row records no date of its own; the date is the event's.
- Basis
- Archive record. The matrix row carries no source reference of its own; the event's sources are listed below.
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
Private residential units sold, all segments (uncompleted plus completed)
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
Uncompleted private residential units launched, all segments
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
New private residential units launched by developers, excluding ECs (uncompleted units only)
units
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
New private residential units sold by developers, excluding ECs (HEADLINE: uncompleted plus completed)
units
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
Foreigners' share of private residential purchases
%
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
Private residential resale transactions
units
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
13 lines
12 land-sales steps (3 awards) · 1 archive event
From the effective date
11 lines
11 land-sales steps (3 awards) · 0 archive events
Explore concurrent eventsHide concurrent events
Before (13)
21 September 2021 · Land sales
Marina View: Tender closedWhite site: mixed residential, hotel, commercial and/or serviced apartment · status on 21 September 2021: Tender closed, award pending
28 September 2021 · Land sales
Slim Barracks Rise (Parcel A): Tender closedResidential with commercial at 1st storey · status on 28 September 2021: Tender closed, award pending
28 September 2021 · Land sales
Slim Barracks Rise (Parcel B): Tender closedResidential with commercial at 1st storey · status on 28 September 2021: Tender closed, award pending
29 September 2021 · Land sales
Marina View: AwardedWhite site: mixed residential, hotel, commercial and/or serviced apartment · status on 29 September 2021: Awarded · awarded to Boulevard View Pte Ltd at S$1,508,000,101
30 September 2021 · Land sales
Lentor Hills Road (Parcel A): Launched for tenderResidential · status on 30 September 2021: Tender open
30 September 2021 · Land sales
Lentor Hills Road (Parcel B): Released on the Reserve ListResidential · status on 30 September 2021: On the Reserve List
30 September 2021 · Land sales
Jalan Tembusu: Launched for tenderResidential · status on 30 September 2021: Tender open
11 October 2021 · Land sales
Slim Barracks Rise (Parcel A): AwardedResidential with commercial at 1st storey · status on 11 October 2021: Awarded · awarded to EL Development Pte Ltd at S$320,100,000
11 October 2021 · Land sales
Slim Barracks Rise (Parcel B): AwardedResidential with commercial at 1st storey · status on 11 October 2021: Awarded · awarded to Gao Xiuhua at S$162,388,000
21 October 2021 · Land sales
Dairy Farm Walk: Launched for tenderResidential · status on 21 October 2021: Tender open
27 October 2021 · Archive event
Singapore introduces the Prime Location Public Housing (PLH) model, with a 10-year MOP and resale limited to BTO-eligible buyersAnnounced 27 October 2021
30 November 2021 · Land sales
Pine Grove (Parcel A): Released on the Reserve ListResidential · status on 30 November 2021: On the Reserve List
30 November 2021 · Land sales
Pine Grove (Parcel B): Released on the Reserve ListResidential · status on 30 November 2021: On the Reserve List
After (11)
23 December 2021 · Land sales
Bukit Batok West Avenue 8: Launched for tender, Confirmed ListExecutive Condominium housing · status on 23 December 2021: Tender open
18 January 2022 · Land sales
Jalan Tembusu: Tender closedResidential · status on 18 January 2022: Tender closed, award pending
18 January 2022 · Land sales
Lentor Hills Road (Parcel A): Tender closedResidential · status on 18 January 2022: Tender closed, award pending
26 January 2022 · Land sales
Jalan Tembusu: AwardedResidential · status on 26 January 2022: Awarded · awarded to CDL Triton Pte. Ltd. at S$768,000,000
26 January 2022 · Land sales
Lentor Hills Road (Parcel A): AwardedResidential · status on 26 January 2022: Awarded · awarded to Intrepid Investments Pte. Ltd., GuocoLand (Singapore) Pte. Ltd. and TID Residential Pte. Ltd. at S$586,591,288
24 February 2022 · Land sales
Pine Grove (Parcel A): Launched for tenderResidential · status on 24 February 2022: Tender open
8 March 2022 · Land sales
Dairy Farm Walk: Tender closedResidential · status on 8 March 2022: Tender closed, award pending
8 March 2022 · Land sales
Bukit Batok West Avenue 8: Tender closedExecutive Condominium housing · status on 8 March 2022: Tender closed, award pending
11 March 2022 · Land sales
Dairy Farm Walk: AwardedResidential · 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 ListResidential · status on 14 March 2022: Tender open
14 March 2022 · Land sales
Kampong Bugis: Removed from the Reserve ListWhite site · status on 14 March 2022: Removed from the Reserve List
Recorded relationships
- 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 has as its direct predecessor this event.
- This event has as a structural ancestor Singapore raises ABSD by 5 to 10 points and tightens LTV limits.
- Singapore imposes 35% ABSD on residential property transferred into a living trust has as a structural ancestor this event.
Methodology5 rules
- Comparison anchored to effective date: 16 December 2021. 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
MOF/MND/MAS joint press release: Measures to Cool the Property Market
Ministry of Finance · Primary source · Published 15 December 2021
MOF/MND/MAS joint media release: Raising Additional Buyer's Stamp Duty Rates and Tightening Loan-to-Value Limits to Promote a Stable and Sustainable Property Market
Monetary Authority of Singapore · Primary source · Published 5 July 2018
IRAS historical ABSD rate schedule
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
Event checked against its primary sources on 13 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.