Policy before and after · Eligibility change
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 recordCompare with another policyCreate research briefView Mortgage Servicing Ratio policy evolutionView Executive Condominium cancellation fee policy evolution
Comparison window
Comparison anchored to effective date: 10 December 2013. Before: 11 September 2013 to 9 December 2013. After: 10 December 2013 to 9 March 2014. The same 90 days on each side; the anchor day counts as after.
Before · 11 Sep 2013 to 9 Dec 2013
6 land-sales awards
- 20 land-sales steps in all
- 0 other archive events
The event
Announced 9 Dec 2013
Effective 10 Dec 2013
The effective date is the anchor.
After · 10 Dec 2013 to 9 Mar 2014
9 land-sales awards
- 25 land-sales steps in all
- All 90 days observable
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.
- 6 land-sales awards in the 90 days before the effective date, and 9 in the 90 observable days after.
- None of the 1 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
- 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
In brief
- EC_CANCELLATION_FEE, share of purchase price, ec land sales launched from 9 dec 2013: decreased from 20% to 5%.
- 6 GLS site awards were recorded in the before window and 9 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 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.
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
20 lines
20 land-sales steps (6 awards) · 0 archive events
From the effective date
25 lines
25 land-sales steps (9 awards) · 0 archive events
Explore concurrent eventsHide concurrent events
Before (20)
12 September 2013 · Land sales
Mount Sophia: AwardedResidential · 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 tenderHotel · status on 18 September 2013: Tender open
30 September 2013 · Land sales
Upper Serangoon View: Launched for tenderResidential · status on 30 September 2013: Tender open
30 September 2013 · Land sales
Upper Serangoon View: Launched for tenderResidential · status on 30 September 2013: Tender open
17 October 2013 · Land sales
Gambas Crescent: Tender closedBusiness 1 · status on 17 October 2013: Tender closed, award pending
17 October 2013 · Land sales
Gambas Crescent: Tender closedBusiness 1 · status on 17 October 2013: Tender closed, award pending
23 October 2013 · Land sales
Gambas Crescent: AwardedBusiness 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: AwardedBusiness 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 tenderExecutive Condominium housing · status on 31 October 2013: Tender open
31 October 2013 · Land sales
Gambas Crescent: Launched for tenderBusiness 1 · status on 31 October 2013: Tender open
12 November 2013 · Land sales
Havelock Road: Tender closedHotel · status on 12 November 2013: Tender closed, award pending
18 November 2013 · Land sales
Anchorvale Crescent: Launched for tenderExecutive Condominium housing · status on 18 November 2013: Tender open
18 November 2013 · Land sales
Canberra Drive: Launched for tenderExecutive Condominium housing · status on 18 November 2013: Tender open
18 November 2013 · Land sales
Upper Paya Lebar Road: Launched for tenderResidential · status on 18 November 2013: Tender open
18 November 2013 · Land sales
Havelock Road: AwardedHotel · 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 tenderHotel · status on 22 November 2013: Tender open
28 November 2013 · Land sales
Upper Serangoon View: Tender closedResidential · status on 28 November 2013: Tender closed, award pending
28 November 2013 · Land sales
Upper Serangoon View: Tender closedResidential · status on 28 November 2013: Tender closed, award pending
2 December 2013 · Land sales
Upper Serangoon View: AwardedResidential · 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: AwardedResidential · status on 2 December 2013: Awarded · awarded to Kingsford Development Pte Ltd at S$201,630,000
After (25)
10 December 2013 · Land sales
Gambas Crescent: Tender closedBusiness 1 · status on 10 December 2013: Tender closed, award pending
13 December 2013 · Land sales
Gambas Crescent: AwardedBusiness 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 tenderExecutive Condominium housing · status on 16 December 2013: Tender open
16 December 2013 · Land sales
Choa Chu Kang Grove (Parcel B): Launched for tenderExecutive Condominium housing · status on 16 December 2013: Tender open
16 December 2013 · Land sales
Yishun Avenue 9 / Yishun Avenue 6: Launched for tenderResidential · status on 16 December 2013: Tender open
16 December 2013 · Land sales
Geylang East Avenue 1: Launched for tenderResidential · status on 16 December 2013: Tender open
17 December 2013 · Land sales
Woodlands Square: Launched for tenderCommercial · status on 17 December 2013: Tender open
30 December 2013 · Land sales
Sims Drive: Launched for tenderCondominium; 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 closedExecutive Condominium housing · status on 7 January 2014: Tender closed, award pending
14 January 2014 · Land sales
Westwood Avenue: AwardedExecutive 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 closedResidential · status on 14 January 2014: Tender closed, award pending
15 January 2014 · Land sales
Upper Paya Lebar Road: AwardedResidential · 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 closedHotel · status on 21 January 2014: Tender closed, award pending
23 January 2014 · Land sales
Geylang East Avenue 1: Tender closedResidential · status on 23 January 2014: Tender closed, award pending
24 January 2014 · Land sales
East Coast Road: AwardedHotel · 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: AwardedResidential · 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 closedExecutive Condominium housing · status on 28 January 2014: Tender closed, award pending
29 January 2014 · Land sales
Canberra Drive: AwardedExecutive 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 closedExecutive Condominium housing · status on 13 February 2014: Tender closed, award pending
19 February 2014 · Land sales
Anchorvale Crescent: AwardedExecutive 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 closedExecutive Condominium housing · status on 25 February 2014: Tender closed, award pending
25 February 2014 · Land sales
Choa Chu Kang Grove (Parcel B): Tender closedExecutive Condominium housing · status on 25 February 2014: Tender closed, award pending
28 February 2014 · Land sales
Prince Charles Crescent: Launched for tenderResidential · status on 28 February 2014: Tender open
3 March 2014 · Land sales
Choa Chu Kang Grove (Parcel A): AwardedExecutive 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): AwardedExecutive Condominium housing · status on 3 March 2014: Awarded · awarded to MCL Land (Brighton) Pte. Ltd. at S$210,100,000
Recorded relationships
- This event has as its direct predecessor Singapore raises ABSD, tightens housing finance and extends cooling measures to public housing, executive condominiums and industrial property.
- This event has as a structural ancestor Singapore tightens HDB loan rules and introduces a three-year PR wait-out period.
- Singapore doubles the MOP for future EC projects, removes deferred payment and delays full privatisation to year 15 has as a structural ancestor this event.
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
Refining the Executive Condominium (EC) Housing Scheme
Council for Estate Agencies · Primary source · Published 11 December 2013
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
Macroprudential Policies in Singapore
Monetary 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.