Policy before and after · Cooling measure

Event

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 record Compare with another policy Create research brief View Additional Buyer's Stamp Duty policy evolution View Total Debt Servicing Ratio policy evolution View Loan-to-value limit, HDB loans policy evolution

Comparison window

Comparison anchored to effective date: 16 December 2021. Before: 16 December 2020 to 15 December 2021. After: 16 December 2021 to 15 December 2022. The same 365 days on each side; the anchor day counts as after.

Before · 16 Dec 2020 to 15 Dec 2021

8 land-sales awards

31 land-sales steps in all
3 other archive events
Singapore private residential transactions, all types of sale: 25,632 (Q3 2021)

The event

Announced 15 Dec 2021

Effective 16 Dec 2021

The effective date is the anchor.

After · 16 Dec 2021 to 15 Dec 2022

11 land-sales awards

39 land-sales steps in all
All 365 days observable
Singapore private residential transactions, all types of sale: 18,302 (Q3 2022)

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.
8 land-sales awards in the 365 days before the effective date, and 11 in the 365 observable days after.
4 of 8 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: 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

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.
Singapore private residential transactions, all types of sale totalled 25,632 in the whole periods inside the 365 days before the effective date (Q1 2021, Q2 2021, Q3 2021) and 18,302 in those inside the 365 days after (Q1 2022, Q2 2022, Q3 2022).
9 GLS site awards were recorded in the before window and 11 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 parameters

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 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

25,632

Q1 2021, Q2 2021, Q3 2021

Coverage 273/365 days

After

18,302

Q1 2022, Q2 2022, Q3 2022

Coverage 273/365 days

Difference

-7,330

-28.6%

Qualified: whole periods cover 273/365 days before and 273/365 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

165.3

Q1 2021, Q2 2021, Q3 2021

Coverage 273/365 days

After

187.8

Q1 2022, Q2 2022, Q3 2022

Coverage 273/365 days

Difference

+22.5

+13.6%

Qualified: whole periods cover 273/365 days before and 273/365 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

Private residential units sold, all segments (uncompleted plus completed)

units · Total over whole quarterly periods inside each 365-day window

Before

10,009

Q1 2021, Q2 2021, Q3 2021

Coverage 273/365 days

After

6,409

Q1 2022, Q2 2022, Q3 2022

Coverage 273/365 days

Difference

-3,600

-36%

Qualified: whole periods cover 273/365 days before and 273/365 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

Uncompleted private residential units launched, all segments

units · Total over whole quarterly periods inside each 365-day window

Before

8,221

Q1 2021, Q2 2021, Q3 2021

Coverage 273/365 days

After

4,024

Q1 2022, Q2 2022, Q3 2022

Coverage 273/365 days

Difference

-4,197

-51.1%

Qualified: whole periods cover 273/365 days before and 273/365 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

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

34 lines

31 land-sales steps (8 awards) · 3 archive events

From the effective date

42 lines

39 land-sales steps (11 awards) · 3 archive events

Explore concurrent events

Before (34)

15 April 2021 · Land sales
Lentor Central: Launched for tender
Residential with commercial at 1st storey · status on 15 April 2021: Tender open
15 April 2021 · Land sales
Tampines Street 62 (Parcel A): Launched for tender
Executive Condominium residential · status on 15 April 2021: Tender open
27 April 2021 · Land sales
Northumberland Road: Tender closed
Residential with commercial at 1st storey · status on 27 April 2021: Tender closed, award pending
5 May 2021 · Land sales
Northumberland Road: Awarded
Residential with commercial at 1st storey · status on 5 May 2021: Awarded · awarded to Maximus Residential SG Pte. Ltd. and Maximus Commercial SG Pte. Ltd. at S$445,888,000
25 May 2021 · Land sales
Ang Mo Kio Avenue 1: Tender closed
Residential · status on 25 May 2021: Tender closed, award pending
25 May 2021 · Land sales
Tengah Garden Walk: Tender closed
Executive Condominium housing · status on 25 May 2021: Tender closed, award pending
27 May 2021 · Land sales
Jalan Tembusu: Released on the Reserve List
Residential · status on 27 May 2021: On the Reserve List
27 May 2021 · Land sales
Tampines Street 62 (Parcel B): Released on the Reserve List
Executive Condominium residential · status on 27 May 2021: On the Reserve List
2 June 2021 · Land sales
Ang Mo Kio Avenue 1: Awarded
Residential · status on 2 June 2021: Awarded · awarded to United Venture Development (2021) Pte. Ltd. at S$381,381,000
3 June 2021 · Land sales
Tengah Garden Walk: Awarded
Executive Condominium housing · status on 3 June 2021: Awarded · awarded to Taurus Properties SG Pte. Ltd. at S$400,318,000
15 June 2021 · Land sales
Slim Barracks Rise (Parcel A): Launched for tender
Residential with commercial at 1st storey · status on 15 June 2021: Tender open
15 June 2021 · Land sales
Slim Barracks Rise (Parcel B): Launched for tender
Residential with commercial at 1st storey · status on 15 June 2021: Tender open
28 June 2021 · Land sales
Marina View: Reserve List site launched for tender
White site: mixed residential, hotel, commercial and/or serviced apartment · status on 28 June 2021: Tender open
28 June 2021 · Archive event
Singapore gives developers an additional six months of COVID-19 relief on ABSD commencement and completion timelines, for land bought up to 7 May 2021
Announced 28 June 2021
29 June 2021 · Land sales
Jalan Anak Bukit: Tender closed, concept stage
Commercial and residential integrated transport hub · status on 29 June 2021: Tender closed, award pending
29 June 2021 · Archive event
Singapore adds family and nominee routes to the shareholding test for exempting listed developers from the qualifying certificate regime
Announced 29 June 2021
22 July 2021 · Land sales
Lentor Central: Tender closed
Residential with commercial at 1st storey · status on 22 July 2021: Tender closed, award pending
22 July 2021 · Land sales
Tampines Street 62 (Parcel A): Tender closed
Executive Condominium residential · status on 22 July 2021: Tender closed, award pending
29 July 2021 · Land sales
Lentor Central: Awarded
Residential with commercial at 1st storey · status on 29 July 2021: Awarded · awarded to GLL D Pte. Ltd. at S$784,113,000
3 August 2021 · Land sales
Tampines Street 62 (Parcel A): Awarded
Executive Condominium residential · status on 3 August 2021: Awarded · awarded to QJ-OS Pte. Ltd. and Santarli Realty Pte. Ltd. at S$422,000,000
30 August 2021 · Land sales
Jalan Anak Bukit: Awarded, concept and price
Commercial and residential integrated transport hub · status on 30 August 2021: Awarded · awarded to FE Landmark Pte. Ltd., FEC Residences Trustee Pte. Ltd. (in its capacity as Trustee-Manager of FEC Residences Trust) and FEC Retail Trustee Pte. Ltd. (in its capacity as Trustee-Manager of FEC Retail Trust) at S$1,028,333,333
21 September 2021 · Land sales
Marina View: Tender closed
White 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 closed
Residential 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 closed
Residential with commercial at 1st storey · status on 28 September 2021: Tender closed, award pending
29 September 2021 · Land sales
Marina View: Awarded
White 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 tender
Residential · status on 30 September 2021: Tender open
30 September 2021 · Land sales
Lentor Hills Road (Parcel B): Released on the Reserve List
Residential · status on 30 September 2021: On the Reserve List
30 September 2021 · Land sales
Jalan Tembusu: Launched for tender
Residential · status on 30 September 2021: Tender open
11 October 2021 · Land sales
Slim Barracks Rise (Parcel A): Awarded
Residential 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): Awarded
Residential 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 tender
Residential · 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 buyers
Announced 27 October 2021
30 November 2021 · Land sales
Pine Grove (Parcel A): Released on the Reserve List
Residential · status on 30 November 2021: On the Reserve List
30 November 2021 · Land sales
Pine Grove (Parcel B): Released on the Reserve List
Residential · status on 30 November 2021: On the Reserve List

After (42)

23 December 2021 · Land sales
Bukit Batok West Avenue 8: Launched for tender, Confirmed List
Executive Condominium housing · status on 23 December 2021: Tender open
18 January 2022 · Land sales
Jalan Tembusu: Tender closed
Residential · status on 18 January 2022: Tender closed, award pending
18 January 2022 · Land sales
Lentor Hills Road (Parcel A): Tender closed
Residential · status on 18 January 2022: Tender closed, award pending
26 January 2022 · Land sales
Jalan Tembusu: Awarded
Residential · 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): Awarded
Residential · 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 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

Recorded relationships

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
Open original source
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
Open original source
IRAS historical ABSD rate schedule
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
Open original source

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.