Policy before and after · Macroprudential
Singapore lowers the HDB housing-loan LTV limit from 80% to 75%
Announced 19 August 2024 · Effective 20 August 2024
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Comparison window
Comparison anchored to effective date: 20 August 2024. Before: 22 February 2024 to 19 August 2024. After: 20 August 2024 to 15 February 2025. The same 180 days on each side; the anchor day counts as after.
Before · 22 Feb 2024 to 19 Aug 2024
9 land-sales awards
- 34 land-sales steps in all
- 0 other archive events
- Singapore private residential transactions, all types of sale: 4,915 (Q2 2024)
The event
Announced 19 Aug 2024
Effective 20 Aug 2024
The effective date is the anchor.
After · 20 Aug 2024 to 15 Feb 2025
6 land-sales awards
- 29 land-sales steps in all
- All 180 days observable
- Singapore private residential transactions, all types of sale: 7,433 (Q4 2024)
What this comparison can and cannot show
Generated from this window's records
Recorded
- 2 verified claims on this event record a before and an after value.
- 9 land-sales awards in the 180 days before the effective date, and 6 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
- 19 August 2024
- Effective
- 20 August 2024
- Issuing authority
- Ministry of National Development, Housing & Development Board
- Category
- Macroprudential
- Affected market
- Housing loans granted by HDB for HDB flat purchases: resale purchases whose complete resale application reached HDB on or after 20 August 2024, 12.00am, and BTO applications from the October 2024 BTO exercise onwards. Loans from banks and other financial institutions are outside it; their 75% limit was stated unchanged.
- Primary source
- Measures to Cool the HDB Resale Market and Provide More Support for First-Time Home Buyers
On 19 August 2024 MND and HDB lowered the loan-to-value limit for housing loans granted by HDB from 80% to 75%, effective from 20 August 2024, 12.00am, for complete resale applications received by HDB on or after that date and for BTO applications from the October 2024 BTO exercise onwards. The limit for loans from banks and other financial institutions stayed at 75%, so the change brought the two headline limits level. The Government described the cut as five percentage points and gave as its reason sustained, strong, broad-based demand for HDB resale flats, citing resale price growth of more than 4% in the first half of 2024. It said the vast majority of HDB-loan borrowers would not be affected and that first-time buyers would be cushioned by housing grants. No change was announced to the TDSR, the MSR, loan tenure or the HDB concessionary interest rate.
In brief
In brief
- Singapore private residential transactions, all types of sale totalled 4,915 in the whole periods inside the 180 days before the effective date (Q2 2024) and 7,433 in those inside the 180 days after (Q4 2024).
- Private Residential Property Price Index, All Residential was 206.1 in Q2 2024, the latest whole period before the effective date, and 209.4 in Q4 2024, the latest whole period in the 180 days after.
- 9 GLS site awards were recorded in the before window and 6 in the after window.
What changed
No policy matrix is recorded for this event. These are its verified claims that store a before and an after value.
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
4,915
Q2 2024
Coverage 91/180 days
After
7,433
Q4 2024
Coverage 92/180 days
Difference
+2,518
+51.2%
Qualified: whole periods cover 91/180 days before and 92/180 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
206.1
Q2 2024
Coverage 91/180 days
After
209.4
Q4 2024
Coverage 92/180 days
Difference
+3.3
+1.6%
Qualified: whole periods cover 91/180 days before and 92/180 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
187.9
Q2 2024
Coverage 91/180 days
After
197.9
Q4 2024
Coverage 92/180 days
Difference
+10
+5.3%
Qualified: whole periods cover 91/180 days before and 92/180 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
34 lines
34 land-sales steps (9 awards) · 0 archive events
From the effective date
31 lines
29 land-sales steps (6 awards) · 2 archive events
Explore concurrent eventsHide concurrent events
Before (34)
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
16 August 2024 · Land sales
Jalan Loyang Besar: AwardedExecutive Condominium housing · status on 16 August 2024: Awarded · awarded to CNQC Realty (Progressive) Pte. Ltd., Forsea Residence Pte. Ltd. and ZACD Laserblue Pte. Ltd. at S$557,000,000
After (31)
22 August 2024 · Land sales
Tampines Street 95: Launched for tender, moved from the Reserve List to the Confirmed ListExecutive Condominium housing · status on 22 August 2024: Tender open
12 September 2024 · Land sales
Faber Walk: Launched for tenderResidential · status on 12 September 2024: Tender open
13 September 2024 · Land sales
Jurong Lake District Master Developer site: Not awarded, moved to the Reserve ListWhite site · status on 13 September 2024: Tender not awarded
19 September 2024 · Land sales
Media Circle (long-stay serviced apartments): Tender closedResidential for long-stay serviced apartments only, with commercial at 1st storey · status on 19 September 2024: Tender closed, award pending
19 September 2024 · Land sales
Tampines Street 94: Tender closedMixed commercial and residential · status on 19 September 2024: Tender closed, award pending
26 September 2024 · Land sales
Chencharu Close: Launched for tender, Confirmed ListMixed commercial and residential, integrated with a bus interchange and a hawker centre · status on 26 September 2024: Tender open
3 October 2024 · Land sales
Media Circle (long-stay serviced apartments): Not awardedResidential for long-stay serviced apartments only, with commercial at 1st storey · status on 3 October 2024: Tender not awarded
10 October 2024 · Land sales
Tampines Street 94: AwardedMixed commercial and residential · status on 10 October 2024: Awarded · awarded to Hoi Hup Realty Pte Ltd and Sunway Developments Pte. Ltd. at S$668,280,000
16 October 2024 · 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 PrimeEffective 16 October 2024
17 October 2024 · Land sales
Lentor Gardens (20,640.8 sqm parcel): Launched for tender, Confirmed ListResidential · status on 17 October 2024: Tender open
17 October 2024 · Land sales
River Valley Green (Parcel B): Launched for tender, Confirmed ListResidential with commercial at 1st storey, including long-stay serviced apartments · status on 17 October 2024: Tender open
17 October 2024 · Land sales
Marina Gardens Lane (6,007.4 sqm parcel): Released on the Reserve ListResidential with commercial at 1st storey · status on 17 October 2024: On the Reserve List
17 October 2024 · Land sales
Woodlands Drive 17 (EC): Released on the Reserve ListExecutive Condominium · status on 17 October 2024: On the Reserve List
24 October 2024 · Land sales
Tampines Street 95: Tender closedExecutive Condominium housing · status on 24 October 2024: Tender closed, award pending
8 November 2024 · Land sales
Tampines Street 95: AwardedExecutive Condominium housing · status on 8 November 2024: Awarded · awarded to Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$465,000,000
19 November 2024 · Land sales
Faber Walk: Tender closedResidential · status on 19 November 2024: Tender closed, award pending
26 November 2024 · Land sales
Media Circle (Parcel A): Launched for tender, Confirmed ListResidential with commercial at 1st storey · status on 26 November 2024: Tender open
26 November 2024 · Land sales
Media Circle (Parcel B): Launched for tender, Confirmed ListResidential with commercial at 1st storey · status on 26 November 2024: Tender open
26 November 2024 · Land sales
Bayshore Road: Launched for tender, Confirmed ListResidential · status on 26 November 2024: Tender open
26 November 2024 · Land sales
Faber Walk: AwardedResidential · status on 26 November 2024: Awarded · awarded to GuocoLand (Singapore) Pte. Ltd., TID Residential Pte. Ltd. and Intrepid Investments Pte. Ltd. at S$349,857,988
3 December 2024 · Land sales
Holland Link: Launched for tender, Confirmed ListResidential · status on 3 December 2024: Tender open
3 December 2024 · Land sales
Holland Plain: Released on the Reserve ListResidential · status on 3 December 2024: On the Reserve List
3 December 2024 · Land sales
Chuan Grove: Launched for tender, Confirmed ListResidential · status on 3 December 2024: Tender open
3 December 2024 · Land sales
River Valley Green (Parcel C): Released on the Reserve ListResidential · status on 3 December 2024: On the Reserve List
14 January 2025 · Land sales
Dairy Farm Walk (21,881.8 sqm parcel): Tender closedResidential · status on 14 January 2025: Tender closed, award pending
14 January 2025 · Land sales
Tengah Garden Avenue: Tender closedResidential with commercial at 1st storey · status on 14 January 2025: Tender closed, award pending
21 January 2025 · Land sales
Dairy Farm Walk (21,881.8 sqm parcel): AwardedResidential · status on 21 January 2025: Awarded · awarded to SNC2 Realty Pte. Ltd., Apex Asia Alpha Investment Two Pte. Ltd., Soon Li Heng Civil Engineering Pte Ltd and Kay Lim Realty Pte. Ltd. at S$504,515,000
21 January 2025 · Land sales
Tengah Garden Avenue: AwardedResidential with commercial at 1st storey · status on 21 January 2025: Awarded · awarded to Intrepid Investments Pte. Ltd., CSC Land Group (Singapore) Pte. Ltd. and GuocoLand (Singapore) Pte. Ltd. at S$675,000,000
7 February 2025 · Land sales
River Valley Green (Parcel B): Tender closedResidential with commercial at 1st storey, including long-stay serviced apartments · status on 7 February 2025: Tender closed, award pending
7 February 2025 · Planning
Singapore reissues the CBD Incentive and Strategic Development Incentive schemes to 2030 and adds a conditional commercial conversion option in Anson and CecilAnnounced 7 February 2025
13 February 2025 · Land sales
River Valley Green (Parcel B): AwardedResidential with commercial at 1st storey, including long-stay serviced apartments · status on 13 February 2025: Awarded · awarded to GLL B Pte. Ltd. at S$627,835,896
Recorded relationships
- This event updates Singapore replaces the AHG and SHG with the Enhanced CPF Housing Grant (EHG) and raises HDB income ceilings.
- This event has as its direct predecessor 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.
Methodology5 rules
- Comparison anchored to effective date: 20 August 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 (3)
Primary sources3
Measures to Cool the HDB Resale Market and Provide More Support for First-Time Home Buyers
Ministry of National Development · Primary source · Published 19 August 2024
Measures to Cool the HDB Resale Market and Provide Greater Support for First-time Home Buyers
Housing & Development Board · Primary source · Published 19 August 2024
Measures to Cool the HDB Resale Market and Greater Support for First-Time Home Buyers
Ministry of National Development · Primary source · Publication date not recorded
Event checked against its primary sources on 26 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.