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: 18 March 2009 to 13 September 2009. After: 14 September 2009 to 12 March 2010. The same 180 days on each side; the anchor day counts as after.
Before · 18 Mar 2009 to 13 Sep 2009
6 land-sales awards
- 20 land-sales steps in all
- 0 other archive events
- Singapore private residential transactions, all types of sale: 10,135 (Q2 2009)
The event
Announced 14 Sep 2009
Effective 14 Sep 2009
The effective date is the anchor.
After · 14 Sep 2009 to 12 Mar 2010
9 land-sales awards
- 30 land-sales steps in all
- All 180 days observable
- Singapore private residential transactions, all types of sale: 6,632 (Q4 2009)
What this comparison can and cannot show
Generated from this window's records
Recorded
- 6 land-sales awards in the 180 days before the effective date, and 9 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
- 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
- Singapore private residential transactions, all types of sale totalled 10,135 in the whole periods inside the 180 days before the effective date (Q2 2009) and 6,632 in those inside the 180 days after (Q4 2009).
- Private Residential Property Price Index, All Residential was 95.3 in Q2 2009, the latest whole period before the effective date, and 118.4 in Q4 2009, the latest whole period in the 180 days after.
- 6 GLS site awards were recorded in the before window and 9 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 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
10,135
Q2 2009
Coverage 91/180 days
After
6,632
Q4 2009
Coverage 92/180 days
Difference
-3,503
-34.6%
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. 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
95.3
Q2 2009
Coverage 91/180 days
After
118.4
Q4 2009
Coverage 92/180 days
Difference
+23.1
+24.2%
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.
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
101.4
Q2 2009
Coverage 91/180 days
After
109
Q4 2009
Coverage 92/180 days
Difference
+7.6
+7.5%
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
- 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
31 lines
30 land-sales steps (9 awards) · 1 archive event
Explore concurrent eventsHide concurrent events
Before (20)
15 April 2009 · Land sales
Short Street: Launched for tenderHotel · status on 15 April 2009: Tender open
9 June 2009 · Land sales
Woodlands Industrial Park E5 / Woodlands Avenue 4: Launched for tenderBusiness 2 · status on 9 June 2009: Tender open
10 June 2009 · Land sales
Short Street: Tender closedHotel · status on 10 June 2009: Tender closed, award pending
16 June 2009 · Land sales
Short Street: AwardedHotel · status on 16 June 2009: Awarded · awarded to Fragrance Assets Pte Ltd at S$15,510,000
7 July 2009 · Land sales
Woodlands Industrial Park E5 / Woodlands Avenue 4: Tender closedBusiness 2 · status on 7 July 2009: Tender closed, award pending
8 July 2009 · Land sales
Woodlands Industrial Park E5 / Woodlands Avenue 4: AwardedBusiness 2 · status on 8 July 2009: Awarded · awarded to Wee Hur Development Pte Ltd at S$22,900,000
9 July 2009 · Land sales
New Bridge Road: Launched for tenderHotel · status on 9 July 2009: Tender open
14 July 2009 · Land sales
Kaki Bukit Road 2: Launched for tenderBusiness 2 · status on 14 July 2009: Tender open
23 July 2009 · Land sales
Chestnut Avenue: Launched for tenderCondominium or Flats · status on 23 July 2009: Tender open
6 August 2009 · Land sales
Dakota Crescent: Launched for tenderResidential · status on 6 August 2009: Tender open
12 August 2009 · Land sales
Kaki Bukit Road 2: Tender closedBusiness 2 · status on 12 August 2009: Tender closed, award pending
17 August 2009 · Land sales
Kaki Bukit Road 2: AwardedBusiness 2 · status on 17 August 2009: Awarded · awarded to KNG Development Pte Ltd at S$12,100,000
19 August 2009 · Land sales
Chestnut Avenue: Tender closedCondominium or Flats · status on 19 August 2009: Tender closed, award pending
20 August 2009 · Land sales
Yio Chu Kang Road / Seletar Road: Launched for tenderCommercial and Residential · status on 20 August 2009: Tender open
25 August 2009 · Land sales
Chestnut Avenue: AwardedCondominium 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
3 September 2009 · Land sales
New Bridge Road: Tender closedHotel · status on 3 September 2009: Tender closed, award pending
7 September 2009 · Land sales
New Bridge Road: AwardedHotel · status on 7 September 2009: Awarded · awarded to Leedon Investments Pte Ltd at S$67,699,800
8 September 2009 · Land sales
Dakota Crescent: Tender closedResidential · status on 8 September 2009: Tender closed, award pending
9 September 2009 · Land sales
Serangoon Avenue 3: Launched for tenderResidential · status on 9 September 2009: Tender open
9 September 2009 · Land sales
Dakota Crescent: AwardedResidential · status on 9 September 2009: Awarded · awarded to UOL Development (Novena) Pte. Ltd. at S$329,000,800
After (31)
17 September 2009 · Land sales
Commonwealth Avenue West / Clementi Avenue 3: Launched for tenderCommercial · status on 17 September 2009: Tender open
17 September 2009 · Land sales
Yio Chu Kang Road / Seletar Road: Tender closedCommercial and Residential · status on 17 September 2009: Tender closed, award pending
22 September 2009 · Land sales
Yio Chu Kang Road / Seletar Road: AwardedCommercial and Residential · status on 22 September 2009: Awarded · awarded to Far East Square Pte. Ltd. at S$119,080,000
7 October 2009 · Land sales
Serangoon Avenue 3: Tender closedResidential · status on 7 October 2009: Tender closed, award pending
8 October 2009 · Land sales
Upper Thomson Road: Launched for tenderResidential · status on 8 October 2009: Tender open
9 October 2009 · Land sales
Serangoon Avenue 3: AwardedResidential · status on 9 October 2009: Awarded · awarded to Intrepid Investments Pte. Ltd. at S$221,207,207
5 November 2009 · Land sales
Upper Thomson Road: Tender closedResidential · status on 5 November 2009: Tender closed, award pending
9 November 2009 · Land sales
Westwood Avenue: Launched for tenderLanded · status on 9 November 2009: Tender open
9 November 2009 · Land sales
Upper Thomson Road: AwardedResidential · status on 9 November 2009: Awarded · awarded to Treasure Well Investments Limited at S$251,338,668
10 November 2009 · Land sales
Commonwealth Avenue West / Clementi Avenue 3: Tender closedCommercial · status on 10 November 2009: Tender closed, award pending
11 November 2009 · Land sales
Pioneer Road North / Soon Lee Drive: Launched for tenderBusiness 2 · status on 11 November 2009: Tender open
17 November 2009 · Land sales
Commonwealth Avenue West / Clementi Avenue 3: AwardedCommercial · status on 17 November 2009: Awarded · awarded to CM Domain Pte. Ltd. at S$541,898,000
8 December 2009 · Land sales
Westwood Avenue: Tender closedLanded · status on 8 December 2009: Tender closed, award pending
9 December 2009 · Land sales
Pioneer Road North / Soon Lee Drive: Tender closedBusiness 2 · status on 9 December 2009: Tender closed, award pending
10 December 2009 · Land sales
Westwood Avenue: AwardedLanded · status on 10 December 2009: Awarded · awarded to Chappelis Pte Ltd at S$38,500,000
11 December 2009 · Land sales
Pioneer Road North / Soon Lee Drive: AwardedBusiness 2 · status on 11 December 2009: Awarded · awarded to KNG Realty Pte. Ltd. at S$19,411,112
5 January 2010 · Land sales
Choa Chu Kang Road / Woodlands Road: Launched for tenderFlats or serviced apartments with existing commercial development · status on 5 January 2010: Tender open
8 January 2010 · Land sales
Sengkang West Avenue / Fernvale Link: Launched for tenderCondominium or Flats · status on 8 January 2010: Tender open
15 January 2010 · Land sales
Yishun Avenue 11: Launched for tenderExecutive Condominium housing · status on 15 January 2010: Tender open
15 January 2010 · Land sales
Compassvale Bow: Launched for tenderExecutive Condominium housing · status on 15 January 2010: Tender open
2 February 2010 · Land sales
Tampines Avenue 1 / Avenue 10: Launched for tenderResidential · status on 2 February 2010: Tender open
4 February 2010 · Land sales
Sengkang West Avenue / Fernvale Link: Tender closedCondominium or Flats · status on 4 February 2010: Tender closed, award pending
8 February 2010 · Land sales
Sengkang West Avenue / Fernvale Link: AwardedCondominium or Flats · status on 8 February 2010: Awarded · awarded to Sunmaster Holdings Pte. Ltd. at S$200,500,000
9 February 2010 · Land sales
Mohamed Sultan Road: Launched for tenderTransitional Office · status on 9 February 2010: Tender open
19 February 2010 · Archive event
Singapore introduces Seller's Stamp Duty and reduces the housing-loan LTV limitAnnounced 19 February 2010
23 February 2010 · Land sales
Choa Chu Kang Road / Woodlands Road: Tender closedFlats or serviced apartments with existing commercial development · status on 23 February 2010: Tender closed, award pending
24 February 2010 · Land sales
Choa Chu Kang Road / Woodlands Road: AwardedFlats or serviced apartments with existing commercial development · status on 24 February 2010: Awarded · awarded to Dollar Land Singapore Private Limited at S$164,000,000
4 March 2010 · Land sales
Compassvale Bow: Tender closedExecutive Condominium housing · status on 4 March 2010: Tender closed, award pending
5 March 2010 · Land sales
Compassvale Bow: AwardedExecutive Condominium housing · status on 5 March 2010: Awarded · awarded to Opal Star Pte Ltd & Lum Chang Building Contractors Pte Ltd at S$193,280,000
8 March 2010 · Land sales
Yishun Avenue 6 / Yishun Industrial Street 1: Launched for tenderBusiness 1 · status on 8 March 2010: Tender open
11 March 2010 · Land sales
Yishun Avenue 11: Tender closedExecutive Condominium housing · status on 11 March 2010: Tender closed, award pending
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
Interest Absorption Scheme and Interest-Only Housing Loans
Monetary Authority of Singapore · Primary source · Published 14 September 2009
Details of the Budget 2009 Assistance Measures for the Property Market
Monetary Authority of Singapore · Primary source · Published 14 September 2009
MEASURES TO ENSURE A STABLE AND SUSTAINABLE PROPERTY MARKET
Ministry of National Development · Primary source · Published 14 September 2009
Macroprudential Policies in Singapore
Monetary Authority of Singapore · 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.