Policy before and after · Eligibility change

Event

Singapore cuts the EC cancellation fee to 5%, adds a resale levy for second-timers and caps MSR at 30% on EC bank loans

Announced 9 December 2013 · Effective 10 December 2013

Read the full event record Compare with another policy Create research brief View Mortgage Servicing Ratio policy evolution View Executive Condominium cancellation fee policy evolution

Comparison window

Comparison anchored to effective date: 10 December 2013. Before: 13 June 2013 to 9 December 2013. After: 10 December 2013 to 7 June 2014. The same 180 days on each side; the anchor day counts as after.

Before · 13 Jun 2013 to 9 Dec 2013

15 land-sales awards

46 land-sales steps in all
2 other archive events
HDB Resale Price Index: 148.1 (Q3 2013)

The event

Announced 9 Dec 2013

Effective 10 Dec 2013

The effective date is the anchor.

After · 10 Dec 2013 to 7 Jun 2014

15 land-sales awards

42 land-sales steps in all
All 180 days observable
HDB Resale Price Index: 143.5 (Q1 2014)

What this comparison can and cannot show

Generated from this window's records

Recorded

2 policy parameters recorded with a before and an after value on this event.
15 land-sales awards in the 180 days before the effective date, and 15 in the 180 observable days after.
1 of 1 tracked series has a whole period on both sides, so a before and after figure is stated for it.

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: 9 December 2013
Effective: 10 December 2013
Issuing authority: Monetary Authority of Singapore, Ministry of National Development
Category: Eligibility change
Affected market: Executive condominium units bought directly from property developers. The MSR cap reaches housing loans from financial institutions for such units where the Option to Purchase is granted on or after 10 December 2013, in any project. The cancellation fee cut and the resale levy for second-timer applicants reach projects on EC land sales launched on or after 9 December 2013, including sales whose tenders had not closed. Resale EC purchases, HDB flats and private housing are outside it.
Primary source: Refining the Executive Condominium Housing Scheme

On 9 December 2013 MND announced three changes to the Executive Condominium Housing Scheme. From 10 December 2013, for EC purchases whose Option to Purchase is granted on or after that date, MAS capped the Mortgage Servicing Ratio for financial-institution loans on ECs bought from developers at 30% of gross monthly income. For EC land sales launched on or after 9 December 2013, the cancellation fee fell from 20% to 5% of the purchase price and second-timer applicants buying from developers must pay a resale levy, as second-timers buying BTO flats do. MND said the aim was to bring EC terms closer to public housing and support a stable and sustainable EC market. The release made no other change to the scheme.

In brief

EC_CANCELLATION_FEE, share of purchase price, ec land sales launched from 9 dec 2013: decreased from 20% to 5%.
HDB Resale Price Index was 148.1 in Q3 2013, the latest whole period before the effective date, and 143.5 in Q1 2014, the latest whole period in the 180 days after.
15 GLS site awards were recorded in the before window and 15 in the after window.

What changed

Policy parameter	Before	After	Change
MSR · threshold, otp granted from 10 dec 2013, ec bought from developer	Unknown	30%	Not stated
EC_CANCELLATION_FEE · share of purchase price, ec land sales launched from 9 dec 2013	20%	5%	Decreased

Where these values come from

Source: Recorded on this event's policy matrix in Prevo's archive. The event's primary source: Refining the Executive Condominium Housing Scheme.
Primary source published: 9 December 2013
Validity: In force from the event's effective date, 10 December 2013. 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.

HDB Resale Price Index

index (2009Q1=100) · Value in the latest whole quarterly period inside each 180-day window

Before

148.1

Q3 2013

Coverage 92/180 days

After

143.5

Q1 2014

Coverage 90/180 days

Difference

-4.6

-3.1%

Qualified: whole periods cover 92/180 days before and 90/180 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

48 lines

46 land-sales steps (15 awards) · 2 archive events

From the effective date

43 lines

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

Explore concurrent events

Before (48)

13 June 2013 · Land sales
Fernvale Close: Tender closed
Condominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 13 June 2013: Tender closed, award pending
14 June 2013 · Land sales
Fernvale Close: Awarded
Condominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 14 June 2013: Awarded · awarded to FCL Topaz Pte. Ltd., Far East Orchard Limited and Sekisui House, Ltd. at S$256,980,000
17 June 2013 · Land sales
Yuan Ching Road / Tao Ching Road: Launched for tender
Executive Condominium housing · status on 17 June 2013: Tender open
17 June 2013 · Land sales
Punggol Drive / Edgedale Plains: Launched for tender
Executive Condominium housing · status on 17 June 2013: Tender open
18 June 2013 · Land sales
Cecil Street / Telok Ayer Street: Launched for tender
Commercial and open space (residential use will not be allowed) · status on 18 June 2013: Tender open
18 June 2013 · Land sales
Faber Walk: Tender closed
Residential · status on 18 June 2013: Tender closed, award pending
20 June 2013 · Land sales
Faber Walk: Awarded
Residential · status on 20 June 2013: Awarded · awarded to World Class Land Pte Ltd at S$156,688,000
28 June 2013 · Land sales
Yishun Avenue 2 / Yishun Central 1: Launched for tender
Mixed commercial and residential · status on 28 June 2013: Tender open
28 June 2013 · Land sales
Mount Sophia: Launched for tender
Residential · status on 28 June 2013: Tender open
28 June 2013 · Archive event
MAS introduces Total Debt Servicing Ratio framework for property loans
Announced 28 June 2013
16 July 2013 · Land sales
Tampines Avenue 10: Tender closed
Residential · status on 16 July 2013: Tender closed, award pending
19 July 2013 · Land sales
Tampines Avenue 10: Awarded
Residential · status on 19 July 2013: Awarded · awarded to MCC Land (Singapore) Pte Ltd at S$289,700,000
23 July 2013 · Land sales
Woodlands Industrial Park E9: Tender closed
Business 2 with an integrated Heavy Vehicle Park · status on 23 July 2013: Tender closed, award pending
29 July 2013 · Land sales
Woodlands Industrial Park E9: Awarded
Business 2 with an integrated Heavy Vehicle Park · status on 29 July 2013: Awarded · awarded to Incorporated Woodlands Pte Ltd at S$72,690,000
30 July 2013 · Land sales
Yuan Ching Road / Tao Ching Road: Tender closed
Executive Condominium housing · status on 30 July 2013: Tender closed, award pending
30 July 2013 · Land sales
Punggol Drive / Edgedale Plains: Tender closed
Executive Condominium housing · status on 30 July 2013: Tender closed, award pending
30 July 2013 · Land sales
Punggol Central / Edgedale Plains: Tender closed
Executive Condominium housing · status on 30 July 2013: Tender closed, award pending
2 August 2013 · Land sales
Yuan Ching Road / Tao Ching Road: Awarded
Executive Condominium housing · status on 2 August 2013: Awarded · awarded to Evia Real Estate (5) Pte Ltd, BBR Development Pte Ltd, CNH Investment Pte Ltd and OKP Land Pte Ltd at S$272,838,888
2 August 2013 · Land sales
Punggol Drive / Edgedale Plains: Awarded
Executive Condominium housing · status on 2 August 2013: Awarded · awarded to Peak Square Pte. Ltd. at S$312,800,000
2 August 2013 · Land sales
Punggol Central / Edgedale Plains: Awarded
Executive Condominium housing · status on 2 August 2013: Awarded · awarded to Master Contract Services Pte Ltd / Keong Hong Construction Pte Ltd at S$156,000,000
15 August 2013 · Land sales
Cecil Street / Telok Ayer Street: Tender closed
Commercial and open space (residential use will not be allowed) · status on 15 August 2013: Tender closed, award pending
19 August 2013 · Land sales
Cecil Street / Telok Ayer Street: Awarded
Commercial and open space (residential use will not be allowed) · status on 19 August 2013: Awarded · awarded to FC Commercial Trustee Pte. Ltd. (as Trustee-Manager of Aquamarine Star Trust) at S$923,952,040
27 August 2013 · Archive event
Singapore tightens HDB loan rules and introduces a three-year PR wait-out period
Announced 27 August 2013
29 August 2013 · Land sales
Gambas Crescent: Launched for tender
Business 1 · status on 29 August 2013: Tender open
29 August 2013 · Land sales
Gambas Crescent: Launched for tender
Business 1 · status on 29 August 2013: Tender open
5 September 2013 · Land sales
Yishun Avenue 2 / Yishun Central 1: Tender closed
Mixed commercial and residential · status on 5 September 2013: Tender closed, award pending
9 September 2013 · Land sales
Yishun Avenue 2 / Yishun Central 1: Awarded
Mixed commercial and residential · status on 9 September 2013: Awarded · awarded to North Gem Development Pte. Ltd. & FC North Gem Trustee Pte. Ltd. (as Trustee-Manager of North Gem Trust) at S$1,428,880,000
10 September 2013 · Land sales
Mount Sophia: Tender closed
Residential · status on 10 September 2013: Tender closed, award pending
12 September 2013 · Land sales
Mount Sophia: Awarded
Residential · status on 12 September 2013: Awarded · awarded to Hoi Hup Realty Pte Ltd, Sunway Developments Pte Ltd and S C Wong Holdings Pte Ltd at S$442,280,000
18 September 2013 · Land sales
Havelock Road: Launched for tender
Hotel · status on 18 September 2013: Tender open
30 September 2013 · Land sales
Upper Serangoon View: Launched for tender
Residential · status on 30 September 2013: Tender open
30 September 2013 · Land sales
Upper Serangoon View: Launched for tender
Residential · status on 30 September 2013: Tender open
17 October 2013 · Land sales
Gambas Crescent: Tender closed
Business 1 · status on 17 October 2013: Tender closed, award pending
17 October 2013 · Land sales
Gambas Crescent: Tender closed
Business 1 · status on 17 October 2013: Tender closed, award pending
23 October 2013 · Land sales
Gambas Crescent: Awarded
Business 1 · status on 23 October 2013: Awarded · awarded to Grow-Tech Properties Pte Ltd at S$44,777,000
23 October 2013 · Land sales
Gambas Crescent: Awarded
Business 1 · status on 23 October 2013: Awarded · awarded to Grow-Tech Properties Pte Ltd at S$46,333,000
31 October 2013 · Land sales
Westwood Avenue: Launched for tender
Executive Condominium housing · status on 31 October 2013: Tender open
31 October 2013 · Land sales
Gambas Crescent: Launched for tender
Business 1 · status on 31 October 2013: Tender open
12 November 2013 · Land sales
Havelock Road: Tender closed
Hotel · status on 12 November 2013: Tender closed, award pending
18 November 2013 · Land sales
Anchorvale Crescent: Launched for tender
Executive Condominium housing · status on 18 November 2013: Tender open
18 November 2013 · Land sales
Canberra Drive: Launched for tender
Executive Condominium housing · status on 18 November 2013: Tender open
18 November 2013 · Land sales
Upper Paya Lebar Road: Launched for tender
Residential · status on 18 November 2013: Tender open
18 November 2013 · Land sales
Havelock Road: Awarded
Hotel · status on 18 November 2013: Awarded · awarded to I Hotel Pte. Ltd. at S$30,090,000
22 November 2013 · Land sales
East Coast Road: Launched for tender
Hotel · status on 22 November 2013: Tender open
28 November 2013 · Land sales
Upper Serangoon View: Tender closed
Residential · status on 28 November 2013: Tender closed, award pending
28 November 2013 · Land sales
Upper Serangoon View: Tender closed
Residential · status on 28 November 2013: Tender closed, award pending
2 December 2013 · Land sales
Upper Serangoon View: Awarded
Residential · status on 2 December 2013: Awarded · awarded to Kingsford Development Pte Ltd at S$258,800,000
2 December 2013 · Land sales
Upper Serangoon View: Awarded
Residential · status on 2 December 2013: Awarded · awarded to Kingsford Development Pte Ltd at S$201,630,000

After (43)

10 December 2013 · Land sales
Gambas Crescent: Tender closed
Business 1 · status on 10 December 2013: Tender closed, award pending
13 December 2013 · Land sales
Gambas Crescent: Awarded
Business 1 · status on 13 December 2013: Awarded · awarded to Grow-Tech Properties Pte Ltd at S$39,333,000
16 December 2013 · Land sales
Choa Chu Kang Grove (Parcel A): Launched for tender
Executive Condominium housing · status on 16 December 2013: Tender open
16 December 2013 · Land sales
Choa Chu Kang Grove (Parcel B): Launched for tender
Executive Condominium housing · status on 16 December 2013: Tender open
16 December 2013 · Land sales
Yishun Avenue 9 / Yishun Avenue 6: Launched for tender
Residential · status on 16 December 2013: Tender open
16 December 2013 · Land sales
Geylang East Avenue 1: Launched for tender
Residential · status on 16 December 2013: Tender open
17 December 2013 · Land sales
Woodlands Square: Launched for tender
Commercial · status on 17 December 2013: Tender open
30 December 2013 · Land sales
Sims Drive: Launched for tender
Condominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 30 December 2013: Tender open
7 January 2014 · Land sales
Westwood Avenue: Tender closed
Executive Condominium housing · status on 7 January 2014: Tender closed, award pending
14 January 2014 · Land sales
Westwood Avenue: Awarded
Executive Condominium housing · status on 14 January 2014: Awarded · awarded to Changi Properties Pte. Ltd. & Heeton Homes Pte. Ltd. at S$198,900,000
14 January 2014 · Land sales
Upper Paya Lebar Road: Tender closed
Residential · status on 14 January 2014: Tender closed, award pending
15 January 2014 · Land sales
Upper Paya Lebar Road: Awarded
Residential · status on 15 January 2014: Awarded · awarded to UOL Overseas Investments Pte Ltd at S$392,300,000
21 January 2014 · Land sales
East Coast Road: Tender closed
Hotel · status on 21 January 2014: Tender closed, award pending
23 January 2014 · Land sales
Geylang East Avenue 1: Tender closed
Residential · status on 23 January 2014: Tender closed, award pending
24 January 2014 · Land sales
East Coast Road: Awarded
Hotel · status on 24 January 2014: Awarded · awarded to Master Contract Services Pte Ltd and Keong Hong Construction Pte Ltd at S$352,800,000
24 January 2014 · Land sales
Geylang East Avenue 1: Awarded
Residential · status on 24 January 2014: Awarded · awarded to S L (Serangoon) Pte Ltd at S$145,890,000
28 January 2014 · Land sales
Canberra Drive: Tender closed
Executive Condominium housing · status on 28 January 2014: Tender closed, award pending
29 January 2014 · Land sales
Canberra Drive: Awarded
Executive Condominium housing · status on 29 January 2014: Awarded · awarded to Verwood Holdings Pte. Ltd. and TID Residential Pte. Ltd. at S$226,000,000
13 February 2014 · Land sales
Anchorvale Crescent: Tender closed
Executive Condominium housing · status on 13 February 2014: Tender closed, award pending
19 February 2014 · Land sales
Anchorvale Crescent: Awarded
Executive Condominium housing · status on 19 February 2014: Awarded · awarded to Phoenix Real Estate Pte Ltd at S$192,888,888
25 February 2014 · Land sales
Choa Chu Kang Grove (Parcel A): Tender closed
Executive Condominium housing · status on 25 February 2014: Tender closed, award pending
25 February 2014 · Land sales
Choa Chu Kang Grove (Parcel B): Tender closed
Executive Condominium housing · status on 25 February 2014: Tender closed, award pending
28 February 2014 · Land sales
Prince Charles Crescent: Launched for tender
Residential · status on 28 February 2014: Tender open
3 March 2014 · Land sales
Choa Chu Kang Grove (Parcel A): Awarded
Executive Condominium housing · status on 3 March 2014: Awarded · awarded to MCL Land (Brighton) Pte. Ltd. at S$232,500,000
3 March 2014 · Land sales
Choa Chu Kang Grove (Parcel B): Awarded
Executive Condominium housing · status on 3 March 2014: Awarded · awarded to MCL Land (Brighton) Pte. Ltd. at S$210,100,000
11 March 2014 · Land sales
Yishun Avenue 9 / Yishun Avenue 6: Tender closed
Residential · status on 11 March 2014: Tender closed, award pending
13 March 2014 · Land sales
Yishun Avenue 9 / Yishun Avenue 6: Awarded
Residential · status on 13 March 2014: Awarded · awarded to EL Development Pte Ltd at S$278,800,000
27 March 2014 · Land sales
Yishun Street 51 (Parcel A): Launched for tender
Executive Condominium housing · status on 27 March 2014: Tender open
27 March 2014 · Land sales
Yishun Street 51 (Parcel B): Launched for tender
Executive Condominium housing · status on 27 March 2014: Tender open
8 April 2014 · Land sales
Woodlands Square: Tender closed
Commercial · status on 8 April 2014: Tender closed, award pending
16 April 2014 · Land sales
Prince Charles Crescent: Tender closed
Residential · status on 16 April 2014: Tender closed, award pending
17 April 2014 · Land sales
Woodlands Square: Awarded
Commercial · status on 17 April 2014: Awarded · awarded to Far East Civil Engineering (Pte.) Limited, Tannery Holdings Pte Ltd and Sekisui House, Ltd. at S$633,999,000
21 April 2014 · Land sales
Prince Charles Crescent: Awarded
Residential · status on 21 April 2014: Awarded · awarded to UOL Venture Investments Pte. Ltd. and Kheng Leong Company (Private) Limited at S$463,100,000
29 April 2014 · Land sales
Sims Drive: Tender closed
Condominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 29 April 2014: Tender closed, award pending
29 April 2014 · Land sales
Woodlands Avenue 12: Launched for tender
Business 1 with an integrated Heavy Vehicle Park · status on 29 April 2014: Tender open
30 April 2014 · Land sales
Sims Drive: Awarded
Condominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 30 April 2014: Awarded · awarded to First Changi Development Pte Ltd at S$530,891,000
30 April 2014 · Land sales
Meyappa Chettiar Road: Launched for tender
Commercial and Residential · status on 30 April 2014: Tender open
22 May 2014 · Land sales
Yishun Street 51 (Parcel A): Tender closed
Executive Condominium housing · status on 22 May 2014: Tender closed, award pending
22 May 2014 · Land sales
Yishun Street 51 (Parcel B): Tender closed
Executive Condominium housing · status on 22 May 2014: Tender closed, award pending
26 May 2014 · Land sales
Yishun Street 51 (Parcel A): Awarded
Executive Condominium housing · status on 26 May 2014: Awarded · awarded to Verwood Holdings Pte. Ltd. and TID Residential Pte. Ltd. at S$178,500,000
26 May 2014 · Land sales
Yishun Street 51 (Parcel B): Awarded
Executive Condominium housing · status on 26 May 2014: Awarded · awarded to JBE Holdings Pte Ltd at S$184,130,000
29 May 2014 · Land sales
Sembawang Avenue: Launched for tender
Executive Condominium housing · status on 29 May 2014: Tender open
6 June 2014 · Planning
Singapore gazettes Master Plan 2014 as its statutory land use plan, concluding the review of the Draft Master Plan 2013
Announced 6 June 2014

Recorded relationships

Methodology5 rules

Comparison anchored to effective date: 10 December 2013. 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

Refining the Executive Condominium Housing Scheme
Ministry of National Development · Primary source · Published 9 December 2013
Open original source
Refining the Executive Condominium (EC) Housing Scheme
Council for Estate Agencies · Primary source · Published 11 December 2013
Open original source
MAS Notice 645, Computation of Total Debt Servicing Ratio for Property Loans (last revised 10 February 2014)
Monetary Authority of Singapore · Primary source · Published 10 February 2014
Open original source
Macroprudential Policies in Singapore
Monetary Authority of Singapore · Primary source · Publication date not recorded
Open original source

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.