Policy before and after · Cooling measure
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 · Effective 30 September 2022
Read the full event recordCompare with another policyCreate research briefView Medium-term interest rate floor, bank loans policy evolutionView HDB loan eligibility interest rate floor policy evolutionView Loan-to-value limit, HDB loans policy evolutionView Loan-to-value limits, bank loans policy evolutionView Total Debt Servicing Ratio policy evolutionView Mortgage Servicing Ratio policy evolutionView Wait-out period policy evolution
Comparison window
Comparison anchored to effective date: 30 September 2022. Before: 2 July 2022 to 29 September 2022. After: 30 September 2022 to 28 December 2022. The same 90 days on each side; the anchor day counts as after.
Before · 2 Jul 2022 to 29 Sep 2022
3 land-sales awards
- 9 land-sales steps in all
- 0 other archive events
The event
Announced 29 Sep 2022
Effective 30 Sep 2022
The effective date is the anchor.
After · 30 Sep 2022 to 28 Dec 2022
2 land-sales awards
- 12 land-sales steps in all
- All 90 days observable
What this comparison can and cannot show
Generated from this window's records
Recorded
- 10 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 2 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
- 29 September 2022
- Effective
- 30 September 2022
- Issuing authority
- Monetary Authority of Singapore, Ministry of National Development, Housing & Development Board
- Category
- Cooling measure
- Affected market
- FOUR distinct instruments with different scopes, stored separately and never represented as a single tightening measure: (a) medium-term interest-rate floors for property loans granted by financial institutions; (b) an interest-rate floor for determining the eligible amount of an HDB-granted housing loan; (c) the loan-to-value limit for HDB-granted housing loans; (d) a temporary eligibility restriction on purchases of non-subsidised HDB resale flats by private residential property owners and former owners.
- Primary source
- Joint MAS/MND/HDB media release: Measures to Promote Sustainable Conditions in the Property Market by Ensuring Prudent Borrowing and Moderating Demand
On 29 September 2022 MAS, MND and HDB jointly announced a four-instrument package effective 30 September 2022. Financial institutions' medium-term interest-rate floors for property loans rose from 3.5% to 4.0% for residential purchase loans and mortgage-equity withdrawal loans, and from 4.5% to 5.0% for non-residential. HDB introduced a NEW floor for determining the eligible HDB housing-loan amount, set at the higher of 3.0% or 0.1 percentage point above the prevailing CPF Ordinary Account rate; the rate HDB actually charged remained 2.6%. The maximum HDB housing-loan LTV fell from 85% to 80%. Finally, private residential property owners and former owners generally had to wait 15 months after disposing of their private property before buying a non-subsidised HDB resale flat, reversing the previous sequence in which they could buy first and dispose within six months. Singapore Citizens aged 55 and above, including their spouses, right-sizing to a 4-room or smaller flat were exempt. TDSR remained 55% and MSR remained 30%: the package changed the assumed interest rate used in the affordability calculation, not the ratio thresholds. The wait-out was expressly temporary and was removed with effect from 28 July 2026.
In brief
In brief
- FI_MEDIUM_TERM_RATE_FLOOR, purchase or mwl, residential: increased from 3.5% to 4%.
- FI_MEDIUM_TERM_RATE_FLOOR, purchase or mwl, non residential: increased from 4.5% to 5%.
- 4 of the 10 recorded parameters changed; 4 did not.
- 3 GLS site awards were recorded in the before window and 2 in the after window.
What changed
| Policy parameter | Before | After | Change |
|---|---|---|---|
| FI_MEDIUM_TERM_RATE_FLOOR · purchase or mwl, residential | 3.5% | 4% | Increased |
| FI_MEDIUM_TERM_RATE_FLOOR · purchase or mwl, non residential | 4.5% | 5% | Increased |
| HDB_LOAN_ELIGIBILITY_FLOOR · fixed component | Unknown | 3% | Not stated |
| HDB_LOAN_ELIGIBILITY_FLOOR · formula component, cpf oa rate plus 0.1pp | Unknown | Unknown | Not stated |
| HDB_LTV · max ltv hdb granted loans | 85% | 80% | Decreased |
| FI_LTV · headline max no outstanding housing loan | 75% | 75% | Unchanged |
| TDSR · threshold | 55% | 55% | Unchanged |
| MSR · threshold | 30% | 30% | Unchanged |
View all 10 parametersHide the other 2
| WAIT_OUT · PPO AND EX PPO, non subsidised hdb resale | 0 months | 15 months | Increased |
| WAIT_OUT · PPO AND EX PPO, subsidised housing | 30 months | 30 months | Unchanged |
Where these values come from
- Source
- Recorded on this event's policy matrix in Prevo's archive. The event's primary source: Joint MAS/MND/HDB media release: Measures to Promote Sustainable Conditions in the Property Market by Ensuring Prudent Borrowing and Moderating Demand.
- Primary source published
- 29 September 2022
- Validity
- In force from the event's effective date, 30 September 2022. 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
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
- Cited by this event's own outcomes
Price index of non-landed private residential properties, Core Central Region
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
- Cited by this event's own outcomes
Price index of non-landed private residential properties, Outside Central Region
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
- Cited by this event's own outcomes
Price index of non-landed private residential properties, Rest of Central Region
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
- 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
9 lines
9 land-sales steps (3 awards) · 0 archive events
From the effective date
12 lines
12 land-sales steps (2 awards) · 0 archive events
Explore concurrent eventsHide concurrent events
Before (9)
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
After (12)
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
Recorded relationships
- Singapore removes the 15-month wait-out for private-property owners buying non-subsidised HDB resale flats without an HDB housing loan partly reverses this event.
- This event has as a structural ancestor MAS introduces Total Debt Servicing Ratio framework for property loans.
- This event has as its direct predecessor Singapore raises ABSD, tightens TDSR to 55% and lowers HDB loan LTV to 85%.
- This event has as a structural ancestor Singapore raises ABSD by 5 to 10 points and tightens LTV limits.
- Singapore lowers the HDB housing-loan LTV limit from 80% to 75% has as its direct predecessor this event.
Methodology5 rules
- Comparison anchored to effective date: 30 September 2022. 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 (4)
Primary sources4
Joint MAS/MND/HDB media release: Measures to Promote Sustainable Conditions in the Property Market by Ensuring Prudent Borrowing and Moderating Demand
Ministry of National Development · Primary source · Published 29 September 2022
HDB reproduction of the 29 September 2022 joint release (HDB page displays 28 September 2022; the announcement was 29 September and the measures took effect 30 September, the same webpage-metadata pattern recorded on the July 2018, September 2022 and July 2026 events) (HDB page displays 28 September 2022; the announcement was 29 September and the measures took effect 30 September, the same webpage-metadata pattern recorded on the July 2018, September 2022 and July 2026 events) (HDB page displays 28 September 2022; the announcement was 29 September and the measures took effect 30 September, the same webpage-metadata pattern recorded on the July 2018, September 2022 and July 2026 events) (HDB page displays 28 September 2022; the announcement was 29 September and the measures took effect 30 September, the same webpage-metadata pattern recorded on the July 2018, September 2022 and July 2026 events)
Housing & Development Board · Primary source · Published 28 September 2022
HDB Pulse: Removal of the 15-month Wait-out Period for Private Residential Property Owners Purchasing Non-Subsidised HDB Resale Flats
Housing & Development Board · Primary source · Published 27 July 2026
MAS Notice 645 and accompanying TDSR guidance, as revised September 2022
Monetary 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.