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: 18 November 2023 to 15 February 2024. After: 16 February 2024 to 15 May 2024. The same 90 days on each side; the anchor day counts as after.
Before · 18 Nov 2023 to 15 Feb 2024
2 land-sales awards
- 13 land-sales steps in all
- 0 other archive events
The event
Announced 16 Feb 2024
Effective 16 Feb 2024
The effective date is the anchor.
After · 16 Feb 2024 to 15 May 2024
3 land-sales awards
- 14 land-sales steps in all
- All 90 days observable
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.
- 2 land-sales awards in the 90 days before the effective date, and 3 in the 90 observable days after.
- None of the 3 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
- 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.
- 2 GLS site awards were recorded in the before window and 3 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 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
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
- 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
13 lines
13 land-sales steps (2 awards) · 0 archive events
From the effective date
14 lines
14 land-sales steps (3 awards) · 0 archive events
Explore concurrent eventsHide concurrent events
Before (13)
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 (14)
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
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.