Policy before and after · Cooling measure

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 · Effective 30 September 2022

Read the full event record Compare with another policy Create research brief View Medium-term interest rate floor, bank loans policy evolution View HDB loan eligibility interest rate floor policy evolution View Loan-to-value limit, HDB loans policy evolution View Loan-to-value limits, bank loans policy evolution View Total Debt Servicing Ratio policy evolution View Mortgage Servicing Ratio policy evolution View Wait-out period policy evolution

Comparison window

Comparison anchored to effective date: 30 September 2022. Before: 3 April 2022 to 29 September 2022. After: 30 September 2022 to 28 March 2023. The same 180 days on each side; the anchor day counts as after.

Before · 3 Apr 2022 to 29 Sep 2022

5 land-sales awards

17 land-sales steps in all
2 other archive events
Singapore private residential transactions, all types of sale: no whole period in the window

The event

Announced 29 Sep 2022

Effective 30 Sep 2022

The effective date is the anchor.

After · 30 Sep 2022 to 28 Mar 2023

2 land-sales awards

15 land-sales steps in all
All 180 days observable
Singapore private residential transactions, all types of sale: 3,588 (Q4 2022)

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.
5 land-sales awards in the 180 days before the effective date, and 2 in the 180 observable days after.
None of the 8 tracked series has a whole period on both sides of a 180-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

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.
5 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 parameters

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 outcomes

The same statistic over the 180 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 180-day window

Before

None

Coverage 0/180 days

After

3,588

Q4 2022

Coverage 92/180 days

Difference

Not stated

No whole quarterly period of this series falls inside the before 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 180-day window

Before

None

Coverage 0/180 days

After

188.6

Q4 2022

Coverage 92/180 days

Difference

Not stated

No whole quarterly period of this series falls inside the before 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 180-day window

Before

None

Coverage 0/180 days

After

690

Q4 2022

Coverage 92/180 days

Difference

Not stated

No whole quarterly period of this series falls inside the before 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 180-day window

Before

None

Coverage 0/180 days

After

504

Q4 2022

Coverage 92/180 days

Difference

Not stated

No whole quarterly period of this series falls inside the before 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 180-day window

Before

None

Coverage 0/180 days

After

171.9

Q4 2022

Coverage 92/180 days

Difference

Not stated

No whole quarterly period of this series falls inside the before 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 180-day window

Before

None

Coverage 0/180 days

After

145.4

Q4 2022

Coverage 92/180 days

Difference

Not stated

No whole quarterly period of this series falls inside the before 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 180-day window

Before

None

Coverage 0/180 days

After

218.2

Q4 2022

Coverage 92/180 days

Difference

Not stated

No whole quarterly period of this series falls inside the before 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 180-day window

Before

None

Coverage 0/180 days

After

204.9

Q4 2022

Coverage 92/180 days

Difference

Not stated

No whole quarterly period of this series falls inside the before 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

19 lines

17 land-sales steps (5 awards) · 2 archive events

From the effective date

16 lines

15 land-sales steps (2 awards) · 1 archive event

Explore concurrent events

Before (19)

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

After (16)

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
14 February 2023 · Archive 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
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

Recorded relationships

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
Open original source
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
Open original source
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
Open original source
MAS Notice 645 and accompanying TDSR guidance, as revised September 2022
Monetary 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.