Policy before and after · Policy relaxation
Singapore lowers the ABSD clawback for housing developers that sell at least 90% of units on time
Announced 16 February 2024 · Effective 16 February 2024
Read the full event recordCompare with another policyCreate research briefView ABSD for housing developers: remission clawback policy evolution
Comparison window
Comparison anchored to effective date: 16 February 2024. Before: 20 August 2023 to 15 February 2024. After: 16 February 2024 to 13 August 2024. The same 180 days on each side; the anchor day counts as after.
Before · 20 Aug 2023 to 15 Feb 2024
9 land-sales awards
- 29 land-sales steps in all
- 1 other archive event
- Singapore private residential transactions, all types of sale: 4,334 (Q4 2023)
The event
Announced 16 Feb 2024
Effective 16 Feb 2024
The effective date is the anchor.
After · 16 Feb 2024 to 13 Aug 2024
9 land-sales awards
- 34 land-sales steps in all
- All 180 days observable
- Singapore private residential transactions, all types of sale: 4,915 (Q2 2024)
What this comparison can and cannot show
Generated from this window's records
Recorded
- 5 policy parameters recorded with a before and an after value on this event.
- 9 land-sales awards in the 180 days before the effective date, and 9 in the 180 observable days after.
- 3 of 3 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
- 16 February 2024
- Effective
- 16 February 2024
- Issuing authority
- Ministry of National Development, Ministry of Finance, Inland Revenue Authority of Singapore
- Category
- Policy relaxation
- Affected market
- Residential land bought by a licensed housing developer, or a trustee for one, under an instrument executed on or after 6 July 2018 on which ABSD was remitted upfront, where the developer commences and completes the development on time and sells at least 90% but less than 100% of the units within the sale timeline. The same mechanism applies to an additional site amalgamated with an initial site under rule 5 of the remission Rules. Land bought before 6 July 2018 and instruments covered by the 2018 antecedent-option remission rules are outside it.
- Primary source
- Budget Statement 2024 (FY2024)
From 16 February 2024 a licensed housing developer that sells at least 90% but less than 100% of the units in a development within the sale timeline has less of its remitted ABSD clawed back, for residential land bought under an instrument executed on or after 6 July 2018, provided it also met the commencement and completion conditions. The clawback falls by one percentage point of the land consideration for each whole percent of units sold above 89: on land bought from 16 December 2021 it is 34% at 90% sold and 25% at 99%, against 35% before. Below 90% the whole remission is still clawed back, with interest at 5% a year. The measure is not pro-rated to the unsold units. No ABSD rate moved.
In brief
In brief
- DEVELOPER_ABSD_CLAWBACK, Remission clawback, 90% of units sold, Housing developer, Land bought on or after 16 December 2021: decreased from 35% to 34%.
- DEVELOPER_ABSD_CLAWBACK, Remission clawback, 99% of units sold, Housing developer, Land bought on or after 16 December 2021: decreased from 35% to 25%.
- 4 of the 5 recorded parameters changed.
- Singapore private residential transactions, all types of sale totalled 4,334 in the whole periods inside the 180 days before the effective date (Q4 2023) and 4,915 in those inside the 180 days after (Q2 2024).
- 9 GLS site awards were recorded in the before window and 9 in the after window.
What changed
| Policy parameter | Before | After | Change |
|---|---|---|---|
| DEVELOPER_ABSD_CLAWBACK · Reduced clawback threshold, minimum share of units sold, Housing developer | Unknown | 90% | Not stated |
| DEVELOPER_ABSD_CLAWBACK · Remission clawback, 90% of units sold, Housing developer, Land bought on or after 16 December 2021 | 35% | 34% | Decreased |
| DEVELOPER_ABSD_CLAWBACK · Remission clawback, 99% of units sold, Housing developer, Land bought on or after 16 December 2021 | 35% | 25% | Decreased |
| DEVELOPER_ABSD_CLAWBACK · Remission clawback, 90% of units sold, Housing developer, Land bought 6 July 2018 to 15 December 2021 | 25% | 24% | Decreased |
| DEVELOPER_ABSD_CLAWBACK · Remission clawback, 99% of units sold, Housing developer, Land bought 6 July 2018 to 15 December 2021 | 25% | 15% | Decreased |
Where these values come from
- Source
- Recorded on this event's policy matrix in Prevo's archive. The event's primary source: Budget Statement 2024 (FY2024).
- Primary source published
- 16 February 2024
- Validity
- In force from the event's effective date, 16 February 2024. 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 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
4,334
Q4 2023
Coverage 92/180 days
After
4,915
Q2 2024
Coverage 91/180 days
Difference
+581
+13.4%
Qualified: whole periods cover 92/180 days before and 91/180 days after. Days outside a whole period are not counted and are not treated as zero. The two totals span different numbers of days.
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
201.5
Q4 2023
Coverage 92/180 days
After
206.1
Q2 2024
Coverage 91/180 days
Difference
+4.6
+2.3%
Qualified: whole periods cover 92/180 days before and 91/180 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
HDB Resale Price Index
index (2009Q1=100) · Value in the latest whole quarterly period inside each 180-day window
Before
180.4
Q4 2023
Coverage 92/180 days
After
187.9
Q2 2024
Coverage 91/180 days
Difference
+7.5
+4.2%
Qualified: whole periods cover 92/180 days before and 91/180 days after. Days outside a whole period are not counted and are not treated as zero.
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
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
30 lines
29 land-sales steps (9 awards) · 1 archive event
From the effective date
34 lines
34 land-sales steps (9 awards) · 0 archive events
Explore concurrent eventsHide concurrent events
Before (30)
20 August 2023 · Archive event
Singapore introduces the Standard, Plus and Prime flat classification for new BTO flats, with a 10-year MOP and subsidy recovery for Plus and PrimeAnnounced 20 August 2023
5 September 2023 · Land sales
Lorong 1 Toa Payoh: Launched for tenderResidential · status on 5 September 2023: Tender open
11 September 2023 · Land sales
Plantation Close: AwardedExecutive Condominium housing · status on 11 September 2023: Awarded · awarded to Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd at S$348,500,000
12 September 2023 · Land sales
Lentor Central (14,703.2 sqm parcel): Tender closedResidential · status on 12 September 2023: Tender closed, award pending
12 September 2023 · Land sales
Champions Way: Tender closedResidential · status on 12 September 2023: Tender closed, award pending
18 September 2023 · Land sales
Lentor Central (14,703.2 sqm parcel): AwardedResidential · status on 18 September 2023: Awarded · awarded to Intrepid Investments Pte. Ltd., GuocoLand (Singapore) Pte. Ltd. and CSC Land Group (Singapore) Pte. Ltd. at S$435,166,426
18 September 2023 · Land sales
Champions Way: AwardedResidential · status on 18 September 2023: Awarded · awarded to CDL Stellar Pte. Ltd. at S$294,889,000
9 October 2023 · Land sales
Tampines Street 62 (Parcel B): AwardedExecutive Condominium residential · status on 9 October 2023: Awarded · awarded to Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$543,280,000
17 October 2023 · Land sales
Orchard Boulevard: Launched for tenderResidential with commercial at 1st storey · status on 17 October 2023: Tender open
7 November 2023 · Land sales
Clementi Avenue 1: Tender closedResidential · status on 7 November 2023: Tender closed, award pending
7 November 2023 · Land sales
Pine Grove (Parcel B): Tender closedResidential · status on 7 November 2023: Tender closed, award pending
7 November 2023 · Land sales
Lorong 1 Toa Payoh: Tender closedResidential · status on 7 November 2023: Tender closed, award pending
15 November 2023 · Land sales
Clementi Avenue 1: AwardedResidential · status on 15 November 2023: Awarded · awarded to CSC Land Group (Singapore) Pte. Ltd. and Caspian Residential 3 Pte. Ltd. at S$633,447,945
15 November 2023 · Land sales
Pine Grove (Parcel B): AwardedResidential · status on 15 November 2023: Awarded · awarded to Golden Ray Edge 3 Pte. Ltd. at S$692,388,000
15 November 2023 · Land sales
Lorong 1 Toa Payoh: AwardedResidential · status on 15 November 2023: Awarded · awarded to CDL Constellation Pte. Ltd., Frasers Property Phoenix Pte. Ltd. and Sekisui House, Ltd. at S$968,000,000
16 November 2023 · Land sales
Holland Drive: Released on the Reserve ListResidential · status on 16 November 2023: On the Reserve List
16 November 2023 · Land sales
De Souza Avenue: Released on the Reserve ListResidential · status on 16 November 2023: On the Reserve List
30 November 2023 · Land sales
Plantation Close (20,038.2 sqm parcel): Launched for tender, Confirmed ListExecutive Condominium housing · status on 30 November 2023: Tender open
30 November 2023 · Land sales
Tampines Street 95: Released on the Reserve ListExecutive Condominium housing · status on 30 November 2023: On the Reserve List
4 December 2023 · Land sales
Upper Thomson Road (Parcel A): Launched for tender, Confirmed ListResidential with commercial at 1st storey, including long-stay serviced apartments · status on 4 December 2023: Tender open
4 December 2023 · Land sales
Upper Thomson Road (Parcel B): Launched for tender, Confirmed ListResidential · status on 4 December 2023: Tender open
4 December 2023 · Land sales
Zion Road (Parcel A): Launched for tender, Confirmed ListResidential with commercial at 1st storey, including long-stay serviced apartments · status on 4 December 2023: Tender open
4 December 2023 · Land sales
Zion Road (Parcel B): Released on the Reserve ListResidential · status on 4 December 2023: On the Reserve List
18 January 2024 · Land sales
Marina Gardens Crescent: Tender closedPlot 1 White site; Plot 2 Open Space; Plots 3 and 4 subterranean link plots · status on 18 January 2024: Tender closed, award pending
18 January 2024 · Land sales
Media Circle: Tender closedResidential with commercial at 1st storey · status on 18 January 2024: Tender closed, award pending
1 February 2024 · Land sales
Orchard Boulevard: Tender closedResidential with commercial at 1st storey · status on 1 February 2024: Tender closed, award pending
1 February 2024 · Land sales
Plantation Close (20,038.2 sqm parcel): Tender closedExecutive Condominium housing · status on 1 February 2024: Tender closed, award pending
8 February 2024 · Land sales
Media Circle: AwardedResidential with commercial at 1st storey · status on 8 February 2024: Awarded · awarded to CNQC Realty (Clementi) Pte. Ltd. and Forsea Residence Pte. Ltd. at S$395,288,889
8 February 2024 · Land sales
Marina Gardens Crescent: Not awarded, returned to the Reserve ListPlot 1 White site; Plot 2 Open Space; Plots 3 and 4 subterranean link plots · status on 8 February 2024: Tender not awarded
14 February 2024 · Land sales
Plantation Close (20,038.2 sqm parcel): AwardedExecutive Condominium housing · status on 14 February 2024: Awarded · awarded to Hoi Hup Realty Pte Ltd and Sunway Developments Pte. Ltd. at S$423,380,000
After (34)
21 February 2024 · Land sales
Orchard Boulevard: AwardedResidential with commercial at 1st storey · status on 21 February 2024: Awarded · awarded to United Venture Development (No.7) Pte. Ltd. at S$428,280,980
27 February 2024 · Land sales
Holland Drive: Launched for tenderResidential · status on 27 February 2024: Tender open
11 March 2024 · Land sales
River Valley Green (Parcel A): Launched for tender, Confirmed ListResidential · status on 11 March 2024: Tender open
11 March 2024 · Land sales
River Valley Green (Parcel B): Released on the Reserve ListResidential with commercial at 1st storey, including long-stay serviced apartments · status on 11 March 2024: On the Reserve List
26 March 2024 · Land sales
Jurong Lake District Master Developer site: Tender closed, concept and priceWhite site · status on 26 March 2024: Tender closed, award pending
4 April 2024 · Land sales
Zion Road (Parcel A): Tender closedResidential with commercial at 1st storey, including long-stay serviced apartments · status on 4 April 2024: Tender closed, award pending
4 April 2024 · Land sales
Upper Thomson Road (Parcel B): Tender closedResidential · status on 4 April 2024: Tender closed, award pending
16 April 2024 · Land sales
Canberra Crescent: Launched for tenderResidential · status on 16 April 2024: Tender open
16 April 2024 · Land sales
De Souza Avenue: Launched for tenderResidential · status on 16 April 2024: Tender open
16 April 2024 · Land sales
Zion Road (Parcel A): AwardedResidential with commercial at 1st storey, including long-stay serviced apartments · status on 16 April 2024: Awarded · awarded to CDL-MFA Vega Property Pte. Ltd. and CDL-MFA Altair Property Pte. Ltd. at S$1,106,888,000
16 April 2024 · Land sales
Upper Thomson Road (Parcel B): AwardedResidential · status on 16 April 2024: Awarded · awarded to GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd. at S$779,555,000
22 April 2024 · Land sales
Zion Road (Parcel B): Reserve List application acceptedResidential · status on 22 April 2024: On the Reserve List
13 May 2024 · Land sales
Zion Road (Parcel B): Launched for tender, triggered from the Reserve ListResidential · status on 13 May 2024: Tender open
14 May 2024 · Land sales
Holland Drive: Tender closedResidential · status on 14 May 2024: Tender closed, award pending
16 May 2024 · Land sales
Jalan Loyang Besar: Launched for tender, Confirmed ListExecutive Condominium housing · status on 16 May 2024: Tender open
20 May 2024 · Land sales
Holland Drive: AwardedResidential · status on 20 May 2024: Awarded · awarded to Holly Development Pte. Ltd. at S$805,390,000
30 May 2024 · Land sales
Margaret Drive: Launched for tenderResidential · status on 30 May 2024: Tender open
30 May 2024 · Land sales
Media Circle (long-stay serviced apartments): Launched for tenderResidential for long-stay serviced apartments only, with commercial at 1st storey · status on 30 May 2024: Tender open
13 June 2024 · Land sales
Dairy Farm Walk (21,881.8 sqm parcel): Launched for tender, Confirmed ListResidential · status on 13 June 2024: Tender open
13 June 2024 · Land sales
Tengah Garden Avenue: Launched for tender, Confirmed ListResidential with commercial at 1st storey · status on 13 June 2024: Tender open
13 June 2024 · Land sales
Bayshore Road: Released on the Reserve ListResidential · status on 13 June 2024: On the Reserve List
19 June 2024 · Land sales
Upper Thomson Road (Parcel A): Tender closed, no bidsResidential with commercial at 1st storey, including long-stay serviced apartments · status on 19 June 2024: Tender closed, no bids received
19 June 2024 · Land sales
River Valley Green (Parcel A): Tender closedResidential · status on 19 June 2024: Tender closed, award pending
27 June 2024 · Land sales
River Valley Green (Parcel A): AwardedResidential · status on 27 June 2024: Awarded · awarded to Winchamp Investment Pte. Ltd. at S$463,999,999
27 June 2024 · Land sales
Tampines Street 94: Launched for tender, Confirmed ListMixed commercial and residential · status on 27 June 2024: Tender open
18 July 2024 · Land sales
Canberra Crescent: Tender closedResidential · status on 18 July 2024: Tender closed, award pending
18 July 2024 · Land sales
De Souza Avenue: Tender closedResidential · status on 18 July 2024: Tender closed, award pending
18 July 2024 · Land sales
Zion Road (Parcel B): Tender closedResidential · status on 18 July 2024: Tender closed, award pending
1 August 2024 · Land sales
Margaret Drive: Tender closedResidential · status on 1 August 2024: Tender closed, award pending
1 August 2024 · Land sales
Jalan Loyang Besar: Tender closedExecutive Condominium housing · status on 1 August 2024: Tender closed, award pending
7 August 2024 · Land sales
Canberra Crescent: AwardedResidential · status on 7 August 2024: Awarded · awarded to Peak Nature Pte Ltd and Huatland Development Pte. Ltd. at S$279,000,800
7 August 2024 · Land sales
De Souza Avenue: AwardedResidential · status on 7 August 2024: Awarded · awarded to SL Capital (8) Pte Ltd at S$278,900,000
7 August 2024 · Land sales
Zion Road (Parcel B): AwardedResidential · status on 7 August 2024: Awarded · awarded to Valerian Residential Pte. Ltd. at S$730,088,888
7 August 2024 · Land sales
Margaret Drive: AwardedResidential · status on 7 August 2024: Awarded · awarded to Intrepid Investments Pte. Ltd., Hong Realty (Private) Limited and GuocoLand (Singapore) Pte. Ltd. at S$497,000,000
Methodology5 rules
- Comparison anchored to effective date: 16 February 2024. 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 (7)
Primary sources7
Budget Statement 2024 (FY2024)
Ministry of Finance · Primary source · Published 16 February 2024
Stamp Duties (Housing Developers) (Remission of ABSD) (Amendment) Rules 2024
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 16 February 2024
ABSD Revisions to Support Seniors and the Built Environment Sector
Ministry of National Development · Primary source · Published 16 February 2024
Stamp Duties (Instruments on or before 5 July 2018) (Remission) Rules 2018
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 5 July 2018
Stamp Duties (Housing Developers) (Remission of ABSD) Rules 2013
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 24 June 2013
Sites for Development of Five or More Residential Units
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
Budget 2024 - Overview of Tax Changes
Inland Revenue Authority of Singapore · Primary source · Publication date not recorded
Event checked against its primary sources on 27 September 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.