Policy before and after · Macroprudential

Event

Singapore lowers the HDB housing-loan LTV limit from 80% to 75%

Announced 19 August 2024 · Effective 20 August 2024

Read the full event record Compare with another policy Create research brief

Comparison window

Comparison anchored to effective date: 20 August 2024. Before: 22 May 2024 to 19 August 2024. After: 20 August 2024 to 17 November 2024. The same 90 days on each side; the anchor day counts as after.

Before · 22 May 2024 to 19 Aug 2024

6 land-sales awards

19 land-sales steps in all
0 other archive events

The event

Announced 19 Aug 2024

Effective 20 Aug 2024

The effective date is the anchor.

After · 20 Aug 2024 to 17 Nov 2024

2 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

2 verified claims on this event record a before and an after value.
6 land-sales awards in the 90 days before the effective date, and 2 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: 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

6 GLS site awards were recorded in the before window and 2 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.

As recorded in the claim	Before	After	Change	Source
Loan-to-value limit for HDB housing loans, from 80%	80%	75%	−5 pts	Claim 1
Loan-to-value limit for loans from banks and financial institutions, unchanged	75%	75%	No change	Claim 3

Observed around this event

View linked outcomes

The 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

19 lines

19 land-sales steps (6 awards) · 0 archive events

From the effective date

15 lines

14 land-sales steps (2 awards) · 1 archive event

Explore concurrent events

Before (19)

30 May 2024 · Land sales
Margaret Drive: Launched for tender
Residential · status on 30 May 2024: Tender open
30 May 2024 · Land sales
Media Circle (long-stay serviced apartments): Launched for tender
Residential 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 List
Residential · status on 13 June 2024: Tender open
13 June 2024 · Land sales
Tengah Garden Avenue: Launched for tender, Confirmed List
Residential with commercial at 1st storey · status on 13 June 2024: Tender open
13 June 2024 · Land sales
Bayshore Road: Released on the Reserve List
Residential · status on 13 June 2024: On the Reserve List
19 June 2024 · Land sales
Upper Thomson Road (Parcel A): Tender closed, no bids
Residential 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 closed
Residential · status on 19 June 2024: Tender closed, award pending
27 June 2024 · Land sales
River Valley Green (Parcel A): Awarded
Residential · 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 List
Mixed commercial and residential · status on 27 June 2024: Tender open
18 July 2024 · Land sales
Canberra Crescent: Tender closed
Residential · status on 18 July 2024: Tender closed, award pending
18 July 2024 · Land sales
De Souza Avenue: Tender closed
Residential · status on 18 July 2024: Tender closed, award pending
18 July 2024 · Land sales
Zion Road (Parcel B): Tender closed
Residential · status on 18 July 2024: Tender closed, award pending
1 August 2024 · Land sales
Margaret Drive: Tender closed
Residential · status on 1 August 2024: Tender closed, award pending
1 August 2024 · Land sales
Jalan Loyang Besar: Tender closed
Executive Condominium housing · status on 1 August 2024: Tender closed, award pending
7 August 2024 · Land sales
Canberra Crescent: Awarded
Residential · 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: Awarded
Residential · 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): Awarded
Residential · status on 7 August 2024: Awarded · awarded to Valerian Residential Pte. Ltd. at S$730,088,888
7 August 2024 · Land sales
Margaret Drive: Awarded
Residential · 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: Awarded
Executive 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 (15)

22 August 2024 · Land sales
Tampines Street 95: Launched for tender, moved from the Reserve List to the Confirmed List
Executive Condominium housing · status on 22 August 2024: Tender open
12 September 2024 · Land sales
Faber Walk: Launched for tender
Residential · status on 12 September 2024: Tender open
13 September 2024 · Land sales
Jurong Lake District Master Developer site: Not awarded, moved to the Reserve List
White site · status on 13 September 2024: Tender not awarded
19 September 2024 · Land sales
Media Circle (long-stay serviced apartments): Tender closed
Residential 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 closed
Mixed commercial and residential · status on 19 September 2024: Tender closed, award pending
26 September 2024 · Land sales
Chencharu Close: Launched for tender, Confirmed List
Mixed 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 awarded
Residential 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: Awarded
Mixed 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 Prime
Effective 16 October 2024
17 October 2024 · Land sales
Lentor Gardens (20,640.8 sqm parcel): Launched for tender, Confirmed List
Residential · status on 17 October 2024: Tender open
17 October 2024 · Land sales
River Valley Green (Parcel B): Launched for tender, Confirmed List
Residential 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 List
Residential 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 List
Executive Condominium · status on 17 October 2024: On the Reserve List
24 October 2024 · Land sales
Tampines Street 95: Tender closed
Executive Condominium housing · status on 24 October 2024: Tender closed, award pending
8 November 2024 · Land sales
Tampines Street 95: Awarded
Executive 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

Recorded relationships

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
Open original source
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
Open original source
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
Open original source

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.