Policy before and after · Macroprudential
Singapore tightens HDB loan rules and introduces a three-year PR wait-out period
Announced 27 August 2013 · Effective 27 August 2013
Read the full event recordCompare with another policyCreate research brief
Comparison window
Comparison anchored to effective date: 27 August 2013. Before: 28 February 2013 to 26 August 2013. After: 27 August 2013 to 22 February 2014. The same 180 days on each side; the anchor day counts as after.
Before · 28 Feb 2013 to 26 Aug 2013
14 land-sales awards
- 41 land-sales steps in all
- 1 other archive event
- Singapore private residential transactions, all types of sale: 6,945 (Q2 2013)
The event
Announced 27 Aug 2013
Effective 27 Aug 2013
The effective date is the anchor.
After · 27 Aug 2013 to 22 Feb 2014
14 land-sales awards
- 45 land-sales steps in all
- All 180 days observable
- Singapore private residential transactions, all types of sale: 3,948 (Q4 2013)
What this comparison can and cannot show
Generated from this window's records
Recorded
- 3 verified claims on this event record a before and an after value.
- 14 land-sales awards in the 180 days before the effective date, and 14 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
- 27 August 2013
- Effective
- 27 August 2013
- Issuing authority
- Monetary Authority of Singapore, Ministry of National Development, Housing & Development Board
- Category
- Macroprudential
- Affected market
- HDB flats. HDB concessionary loans, housing loans granted by financial institutions for HDB flats including DBSS flats, and resale eligibility for Singapore Permanent Resident households.
- Primary source
- More Help, Stronger Support, Better Homes (MND and HDB joint press release, Annex C sets out revised mortgage loan terms and effective dates)
On 27 August 2013 Singapore reduced the Mortgage Servicing Ratio for HDB concessionary loans from 35% to 30%, shortened the maximum HDB loan tenure from 30 years to 25, cut the maximum financial-institution loan tenure for HDB flats from 35 years to 30 with tighter loan-to-value treatment above 25 years, and required Singapore Permanent Resident households to wait three years from obtaining permanent residency before buying a resale flat.
In brief
In brief
- Singapore private residential transactions, all types of sale totalled 6,945 in the whole periods inside the 180 days before the effective date (Q2 2013) and 3,948 in those inside the 180 days after (Q4 2013).
- Private Residential Property Price Index, All Residential was 154 in Q2 2013, the latest whole period before the effective date, and 153.2 in Q4 2013, the latest whole period in the 180 days after.
- 14 GLS site awards were recorded in the before window and 14 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 |
|---|---|---|---|---|
| Maximum HDB concessionary-loan tenure, shortened from 30 years.years | 30 | 25 | −16.7% | Claim 2 |
| Maximum MSR for HDB concessionary loans, reduced from 35%. | 35% | 30% | −5 pts | Claim 1 |
| Maximum bank-loan tenure for HDB flats including DBSS, cut from 35 years.years | 35 | 30 | −14.3% | Claim 3 |
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
6,945
Q2 2013
Coverage 91/180 days
After
3,948
Q4 2013
Coverage 92/180 days
Difference
-2,997
-43.2%
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
154
Q2 2013
Coverage 91/180 days
After
153.2
Q4 2013
Coverage 92/180 days
Difference
-0.8
-0.5%
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
149.4
Q2 2013
Coverage 91/180 days
After
145.8
Q4 2013
Coverage 92/180 days
Difference
-3.6
-2.4%
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
42 lines
41 land-sales steps (14 awards) · 1 archive event
From the effective date
46 lines
45 land-sales steps (14 awards) · 1 archive event
Explore concurrent eventsHide concurrent events
Before (42)
28 February 2013 · Land sales
Sengkang West Way: 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 28 February 2013: Tender open
28 February 2013 · Land sales
Kim Tian Road: Launched for tenderResidential · status on 28 February 2013: Tender open
7 March 2013 · Land sales
Punggol Point: AwardedFood & Beverage with or without retail use · status on 7 March 2013: Awarded · awarded to Fragrance Group Limited at S$11,368,800
12 March 2013 · Land sales
Venture Avenue: Tender closedCommercial (with minimum component for office use) · status on 12 March 2013: Tender closed, award pending
13 March 2013 · Land sales
Venture Avenue: AwardedCommercial (with minimum component for office use) · status on 13 March 2013: Awarded · awarded to Sim Lian JV (Vision) Pte Ltd at S$701,078,147
28 March 2013 · Land sales
Woodlands Avenue 5 / Woodlands Avenue 6: Launched for tenderExecutive Condominium housing · status on 28 March 2013: Tender open
11 April 2013 · Land sales
Sengkang West Way: Tender closedCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 11 April 2013: Tender closed, award pending
12 April 2013 · Land sales
Sengkang West Way: AwardedCondominium; or Flats; or, with prior written approval, a combination of Flats and Strata Landed Houses (Serviced Apartments are not allowed) · status on 12 April 2013: Awarded · awarded to Secure Development Pte. Ltd. at S$262,100,000
15 April 2013 · Land sales
Anchorvale Crescent: Launched for tenderExecutive Condominium housing · status on 15 April 2013: Tender open
15 April 2013 · Land sales
Fernvale Close: 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 15 April 2013: Tender open
15 April 2013 · Land sales
Faber Walk: Launched for tenderResidential · status on 15 April 2013: Tender open
18 April 2013 · Land sales
Kim Tian Road: Tender closedResidential · status on 18 April 2013: Tender closed, award pending
23 April 2013 · Land sales
Kim Tian Road: AwardedResidential · status on 23 April 2013: Awarded · awarded to Harvestland Development Pte Ltd at S$550,280,000
29 April 2013 · Land sales
Punggol Central / Edgedale Plains: Launched for tenderExecutive Condominium housing · status on 29 April 2013: Tender open
9 May 2013 · Land sales
Woodlands Avenue 5 / Woodlands Avenue 6: Tender closedExecutive Condominium housing · status on 9 May 2013: Tender closed, award pending
13 May 2013 · Land sales
Woodlands Avenue 5 / Woodlands Avenue 6: AwardedExecutive Condominium housing · status on 13 May 2013: Awarded · awarded to Qingjian Realty (South Pacific) Group Pte Ltd. at S$216,000,000
15 May 2013 · Land sales
Tampines Avenue 10: Launched for tenderResidential · status on 15 May 2013: Tender open
28 May 2013 · Land sales
Woodlands Industrial Park E9: Launched for tenderBusiness 2 with an integrated Heavy Vehicle Park · status on 28 May 2013: Tender open
30 May 2013 · Land sales
Anchorvale Crescent: Tender closedExecutive Condominium housing · status on 30 May 2013: Tender closed, award pending
31 May 2013 · Land sales
Anchorvale Crescent: AwardedExecutive Condominium housing · status on 31 May 2013: Awarded · awarded to Qingjian Realty (South Pacific) Group Pte Ltd at S$245,577,000
13 June 2013 · Land sales
Fernvale Close: Tender closedCondominium; 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: AwardedCondominium; 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 tenderExecutive Condominium housing · status on 17 June 2013: Tender open
17 June 2013 · Land sales
Punggol Drive / Edgedale Plains: Launched for tenderExecutive Condominium housing · status on 17 June 2013: Tender open
18 June 2013 · Land sales
Cecil Street / Telok Ayer Street: Launched for tenderCommercial and open space (residential use will not be allowed) · status on 18 June 2013: Tender open
18 June 2013 · Land sales
Faber Walk: Tender closedResidential · status on 18 June 2013: Tender closed, award pending
20 June 2013 · Land sales
Faber Walk: AwardedResidential · 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 tenderMixed commercial and residential · status on 28 June 2013: Tender open
28 June 2013 · Land sales
Mount Sophia: Launched for tenderResidential · status on 28 June 2013: Tender open
28 June 2013 · Archive event
MAS introduces Total Debt Servicing Ratio framework for property loansAnnounced 28 June 2013
16 July 2013 · Land sales
Tampines Avenue 10: Tender closedResidential · status on 16 July 2013: Tender closed, award pending
19 July 2013 · Land sales
Tampines Avenue 10: AwardedResidential · 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 closedBusiness 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: AwardedBusiness 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 closedExecutive Condominium housing · status on 30 July 2013: Tender closed, award pending
30 July 2013 · Land sales
Punggol Drive / Edgedale Plains: Tender closedExecutive Condominium housing · status on 30 July 2013: Tender closed, award pending
30 July 2013 · Land sales
Punggol Central / Edgedale Plains: Tender closedExecutive Condominium housing · status on 30 July 2013: Tender closed, award pending
2 August 2013 · Land sales
Yuan Ching Road / Tao Ching Road: AwardedExecutive 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: AwardedExecutive 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: AwardedExecutive 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 closedCommercial 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: AwardedCommercial 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
After (46)
29 August 2013 · Land sales
Gambas Crescent: Launched for tenderBusiness 1 · status on 29 August 2013: Tender open
29 August 2013 · Land sales
Gambas Crescent: Launched for tenderBusiness 1 · status on 29 August 2013: Tender open
5 September 2013 · Land sales
Yishun Avenue 2 / Yishun Central 1: Tender closedMixed commercial and residential · status on 5 September 2013: Tender closed, award pending
9 September 2013 · Land sales
Yishun Avenue 2 / Yishun Central 1: AwardedMixed 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 closedResidential · status on 10 September 2013: Tender closed, award pending
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
9 December 2013 · Archive event
Singapore cuts the EC cancellation fee to 5%, adds a resale levy for second-timers and caps MSR at 30% on EC bank loansAnnounced 9 December 2013
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
Methodology5 rules
- Comparison anchored to effective date: 27 August 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 (2)
Primary sources2
More Help, Stronger Support, Better Homes (MND and HDB joint press release, Annex C sets out revised mortgage loan terms and effective dates)
Ministry of National Development · Primary source · Published 27 August 2013
MAS Notice 825, Residential Property Loans (Finance Companies), issued 27 August 2013, effective 28 August 2013. Cited as the current consolidated version, last revised 21 August 2025.
Monetary Authority of Singapore · Primary source · Published 27 August 2013
Event checked against its primary sources on 14 August 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.