Prevo

Policy before and after · Macroprudential

Singapore disallows the Interest Absorption Scheme and interest-only housing loans and reinstates the GLS Confirmed List

Announced 14 September 2009 · Effective 14 September 2009

Read the full event recordCompare with another policyCreate research brief

Comparison window

Comparison anchored to effective date: 14 September 2009. Before: 16 June 2009 to 13 September 2009. After: 14 September 2009 to 12 December 2009. The same 90 days on each side; the anchor day counts as after.

Before · 16 Jun 2009 to 13 Sep 2009

6 land-sales awards

  • 17 land-sales steps in all
  • 0 other archive events

The event

Announced 14 Sep 2009

Effective 14 Sep 2009

The effective date is the anchor.

After · 14 Sep 2009 to 12 Dec 2009

6 land-sales awards

  • 16 land-sales steps in all
  • All 90 days observable

What this comparison can and cannot show

Generated from this window's records

Recorded

  • 6 land-sales awards in the 90 days before the effective date, and 6 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
14 September 2009
Effective
14 September 2009
Issuing authority
Monetary Authority of Singapore, Ministry of National Development, Ministry of Finance
Category
Macroprudential
Affected market
Uncompleted private residential units bought from developers, and the housing loans that financed them, from 14 September 2009, except in uncompleted projects that had already offered units under the Interest Absorption Scheme before that date. The Government Land Sales Programme for the first half of 2010. Developers of Government residential sale sites and Qualifying Certificate holders using the Budget 2009 assistance measures, and owners of land under development receiving the property tax deferral, whose relief was left to expire on 21 January 2010 and 21 January 2011.
Primary source
Measures to Ensure a Stable and Sustainable Property Market

On 14 September 2009 Singapore disallowed the Interest Absorption Scheme and interest-only housing loans with immediate effect for all private residential projects, except uncompleted projects whose units had already been offered for sale under the scheme before that date. Under both, the Government said, a buyer of an uncompleted home made no significant payment beyond an upfront 10% to 20% until completion. The same joint release of MND, MOF, the Ministry of Law and MAS committed to reinstating the Confirmed List in the first-half 2010 Government Land Sales Programme, and said the five Budget 2009 property assistance measures would not be extended when they expired, the first four on 21 January 2010 and the property tax deferral on 21 January 2011. The Government cited 10,017 units sold by developers in the first seven months of 2009 against 4,260 in the whole of 2008. No loan-to-value limit and no stamp duty was changed, and buyers could still use the standard payment scheme.

In brief

In brief

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

What changed

This event records no structured before and after parameters. The change is described in the event's text and sources.

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

17 lines

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

From the effective date

16 lines

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

Explore concurrent events

Before (17)

  1. 16 June 2009 · Land sales

    Short Street: Awarded

    Hotel · status on 16 June 2009: Awarded · awarded to Fragrance Assets Pte Ltd at S$15,510,000

  2. 7 July 2009 · Land sales

    Woodlands Industrial Park E5 / Woodlands Avenue 4: Tender closed

    Business 2 · status on 7 July 2009: Tender closed, award pending

  3. 8 July 2009 · Land sales

    Woodlands Industrial Park E5 / Woodlands Avenue 4: Awarded

    Business 2 · status on 8 July 2009: Awarded · awarded to Wee Hur Development Pte Ltd at S$22,900,000

  4. 9 July 2009 · Land sales

    New Bridge Road: Launched for tender

    Hotel · status on 9 July 2009: Tender open

  5. 14 July 2009 · Land sales

    Kaki Bukit Road 2: Launched for tender

    Business 2 · status on 14 July 2009: Tender open

  6. 23 July 2009 · Land sales

    Chestnut Avenue: Launched for tender

    Condominium or Flats · status on 23 July 2009: Tender open

  7. 6 August 2009 · Land sales

    Dakota Crescent: Launched for tender

    Residential · status on 6 August 2009: Tender open

  8. 12 August 2009 · Land sales

    Kaki Bukit Road 2: Tender closed

    Business 2 · status on 12 August 2009: Tender closed, award pending

  9. 17 August 2009 · Land sales

    Kaki Bukit Road 2: Awarded

    Business 2 · status on 17 August 2009: Awarded · awarded to KNG Development Pte Ltd at S$12,100,000

  10. 19 August 2009 · Land sales

    Chestnut Avenue: Tender closed

    Condominium or Flats · status on 19 August 2009: Tender closed, award pending

  11. 20 August 2009 · Land sales

    Yio Chu Kang Road / Seletar Road: Launched for tender

    Commercial and Residential · status on 20 August 2009: Tender open

  12. 25 August 2009 · Land sales

    Chestnut Avenue: Awarded

    Condominium or Flats · status on 25 August 2009: Awarded · awarded to Sunny Vista Developments Pte. Ltd. And Hong Realty (Private) Limited at S$143,680,000

  13. 3 September 2009 · Land sales

    New Bridge Road: Tender closed

    Hotel · status on 3 September 2009: Tender closed, award pending

  14. 7 September 2009 · Land sales

    New Bridge Road: Awarded

    Hotel · status on 7 September 2009: Awarded · awarded to Leedon Investments Pte Ltd at S$67,699,800

  15. 8 September 2009 · Land sales

    Dakota Crescent: Tender closed

    Residential · status on 8 September 2009: Tender closed, award pending

  16. 9 September 2009 · Land sales

    Serangoon Avenue 3: Launched for tender

    Residential · status on 9 September 2009: Tender open

  17. 9 September 2009 · Land sales

    Dakota Crescent: Awarded

    Residential · status on 9 September 2009: Awarded · awarded to UOL Development (Novena) Pte. Ltd. at S$329,000,800

After (16)

  1. 17 September 2009 · Land sales

    Commonwealth Avenue West / Clementi Avenue 3: Launched for tender

    Commercial · status on 17 September 2009: Tender open

  2. 17 September 2009 · Land sales

    Yio Chu Kang Road / Seletar Road: Tender closed

    Commercial and Residential · status on 17 September 2009: Tender closed, award pending

  3. 22 September 2009 · Land sales

    Yio Chu Kang Road / Seletar Road: Awarded

    Commercial and Residential · status on 22 September 2009: Awarded · awarded to Far East Square Pte. Ltd. at S$119,080,000

  4. 7 October 2009 · Land sales

    Serangoon Avenue 3: Tender closed

    Residential · status on 7 October 2009: Tender closed, award pending

  5. 8 October 2009 · Land sales

    Upper Thomson Road: Launched for tender

    Residential · status on 8 October 2009: Tender open

  6. 9 October 2009 · Land sales

    Serangoon Avenue 3: Awarded

    Residential · status on 9 October 2009: Awarded · awarded to Intrepid Investments Pte. Ltd. at S$221,207,207

  7. 5 November 2009 · Land sales

    Upper Thomson Road: Tender closed

    Residential · status on 5 November 2009: Tender closed, award pending

  8. 9 November 2009 · Land sales

    Westwood Avenue: Launched for tender

    Landed · status on 9 November 2009: Tender open

  9. 9 November 2009 · Land sales

    Upper Thomson Road: Awarded

    Residential · status on 9 November 2009: Awarded · awarded to Treasure Well Investments Limited at S$251,338,668

  10. 10 November 2009 · Land sales

    Commonwealth Avenue West / Clementi Avenue 3: Tender closed

    Commercial · status on 10 November 2009: Tender closed, award pending

  11. 11 November 2009 · Land sales

    Pioneer Road North / Soon Lee Drive: Launched for tender

    Business 2 · status on 11 November 2009: Tender open

  12. 17 November 2009 · Land sales

    Commonwealth Avenue West / Clementi Avenue 3: Awarded

    Commercial · status on 17 November 2009: Awarded · awarded to CM Domain Pte. Ltd. at S$541,898,000

  13. 8 December 2009 · Land sales

    Westwood Avenue: Tender closed

    Landed · status on 8 December 2009: Tender closed, award pending

  14. 9 December 2009 · Land sales

    Pioneer Road North / Soon Lee Drive: Tender closed

    Business 2 · status on 9 December 2009: Tender closed, award pending

  15. 10 December 2009 · Land sales

    Westwood Avenue: Awarded

    Landed · status on 10 December 2009: Awarded · awarded to Chappelis Pte Ltd at S$38,500,000

  16. 11 December 2009 · Land sales

    Pioneer Road North / Soon Lee Drive: Awarded

    Business 2 · status on 11 December 2009: Awarded · awarded to KNG Realty Pte. Ltd. at S$19,411,112

Recorded relationships

Methodology5 rules
  • Comparison anchored to effective date: 14 September 2009. 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 (5)

Primary sources5

  • Measures to Ensure a Stable and Sustainable Property Market

    Monetary Authority of Singapore · Primary source · Published 14 September 2009

    Open original source

  • Interest Absorption Scheme and Interest-Only Housing Loans

    Monetary Authority of Singapore · Primary source · Published 14 September 2009

    Open original source

  • Details of the Budget 2009 Assistance Measures for the Property Market

    Monetary Authority of Singapore · Primary source · Published 14 September 2009

    Open original source

  • MEASURES TO ENSURE A STABLE AND SUSTAINABLE PROPERTY MARKET

    Ministry of National Development · Primary source · Published 14 September 2009

    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 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.