Policy before and after · Policy relaxation
Singapore cuts SSD to three years and 12%, lifts TDSR from low-LTV equity withdrawal loans and adds duties on property-holding entities
Announced 10 March 2017 · Effective 11 March 2017
Read the full event recordCompare with another policyCreate research brief
Comparison window
Comparison anchored to effective date: 11 March 2017. Before: 12 September 2016 to 10 March 2017. After: 11 March 2017 to 6 September 2017. The same 180 days on each side; the anchor day counts as after.
Before · 12 Sep 2016 to 10 Mar 2017
5 land-sales awards
- 15 land-sales steps in all
- 1 other archive event
- Singapore private residential transactions, all types of sale: 4,385 (Q4 2016)
The event
Announced 10 Mar 2017
Effective 11 Mar 2017
The effective date is the anchor.
After · 11 Mar 2017 to 6 Sep 2017
6 land-sales awards
- 17 land-sales steps in all
- All 180 days observable
- Singapore private residential transactions, all types of sale: 6,905 (Q2 2017)
What this comparison can and cannot show
Generated from this window's records
Recorded
- 6 verified claims on this event record a before and an after value.
- 5 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
- 10 March 2017
- Effective
- 11 March 2017
- Issuing authority
- Monetary Authority of Singapore, Ministry of National Development, Ministry of Finance, Inland Revenue Authority of Singapore
- Category
- Policy relaxation
- Affected market
- Residential property purchased on and after 11 March 2017, for Seller's Stamp Duty; mortgage equity withdrawal loans from financial institutions with LTV ratios of 50% and below, for TDSR; and conveyances of equity interests in residential property-holding entities by or to significant owners from 11 March 2017, for the additional conveyance duties. The SSD trigger is the seller's purchase date, not the sale date: property purchased before 11 March 2017 keeps the schedule of its own cohort.
- Primary source
- Joint Press Release on Measures Relating to Residential Property
On 10 March 2017 Singapore cut the Seller's Stamp Duty holding period for residential property from four years to three and lowered every tier by four percentage points, for property purchased on and after 11 March 2017. The schedule became 12%, 8% and 4%, with no duty on a sale in the fourth year, which had carried 4%. Property bought earlier kept its own schedule, so the change reached only future buyers when they came to sell. From the same date MAS stopped applying TDSR to mortgage equity withdrawal loans with LTV ratios of 50% and below, leaving the 60% threshold in place for every other property loan. A new stamp duty, the additional conveyance duty, was imposed on significant owners who buy or sell equity in entities holding mainly Singapore residential property: 12% on the seller for equity sold within three years, and on the buyer banded rates of 1% to 3% plus 15%, each applied to the value of the underlying property attributable to the equity. ABSD rates and LTV limits were retained.
In brief
In brief
- Singapore private residential transactions, all types of sale totalled 4,385 in the whole periods inside the 180 days before the effective date (Q4 2016) and 6,905 in those inside the 180 days after (Q2 2017).
- Private Residential Property Price Index, All Residential was 137.2 in Q4 2016, the latest whole period before the effective date, and 136.6 in Q2 2017, the latest whole period in the 180 days after.
- 5 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.
| As recorded in the claim | Before | After | Change | Source |
|---|---|---|---|---|
| A residential property sold more than three years and up to four years after purchase no longer attracted Seller's Stamp Duty, where the rate had been 4%. | 4% | 0% | −4 pts | Claim 8 |
| The Seller's Stamp Duty rate for a sale more than two years and up to three years after purchase was lowered from 8% to 4%. | 8% | 4% | −4 pts | Claim 7 |
| The Seller's Stamp Duty rate for a sale more than one year and up to two years after purchase was lowered from 12% to 8%. | 12% | 8% | −4 pts | Claim 6 |
| Residential SSD holding period, from four yearsyears | 4 | 3 | −25% | Claim 1 |
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
4,385
Q4 2016
Coverage 92/180 days
After
6,905
Q2 2017
Coverage 91/180 days
Difference
+2,520
+57.5%
Qualified: whole periods cover 92/180 days before and 91/180 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
137.2
Q4 2016
Coverage 92/180 days
After
136.6
Q2 2017
Coverage 91/180 days
Difference
-0.6
-0.4%
Qualified: whole periods cover 92/180 days before and 91/180 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
134.6
Q4 2016
Coverage 92/180 days
After
133.7
Q2 2017
Coverage 91/180 days
Difference
-0.9
-0.7%
Qualified: whole periods cover 92/180 days before and 91/180 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
16 lines
15 land-sales steps (5 awards) · 1 archive event
From the effective date
17 lines
17 land-sales steps (6 awards) · 0 archive events
Explore concurrent eventsHide concurrent events
Before (16)
27 September 2016 · Land sales
Fernvale Road: Tender closedResidential · status on 27 September 2016: Tender closed, award pending
30 September 2016 · Land sales
Fernvale Road: AwardedResidential · status on 30 September 2016: Awarded · awarded to Sing Development (Private) Limited and Wee Hur Development Pte. Ltd. at S$287,100,000
8 November 2016 · Land sales
Central Boulevard: Tender closedWhite Site · status on 8 November 2016: Tender closed, award pending
10 November 2016 · Land sales
Margaret Drive: Launched for tenderResidential · status on 10 November 2016: Tender open
11 November 2016 · Land sales
Central Boulevard: AwardedWhite Site · status on 11 November 2016: Awarded · awarded to Wealthy Link Pte Ltd at S$2,568,686,688
29 November 2016 · Land sales
Perumal Road: Launched for tenderResidential with Commercial at 1st storey · status on 29 November 2016: Tender open
6 December 2016 · Land sales
Margaret Drive: Tender closedResidential · status on 6 December 2016: Tender closed, award pending
7 December 2016 · Land sales
West Coast Vale: Launched for tenderResidential · status on 7 December 2016: Tender open
12 December 2016 · Land sales
Margaret Drive: AwardedResidential · status on 12 December 2016: Awarded · awarded to MCL Land (Regency) Pte. Ltd. at S$238,390,301
9 January 2017 · Planning
Singapore amends the Planning Act to raise penalties, require qualified persons and widen planning conditionsAnnounced 9 January 2017
10 January 2017 · Land sales
Perumal Road: Tender closedResidential with Commercial at 1st storey · status on 10 January 2017: Tender closed, award pending
18 January 2017 · Land sales
Perumal Road: AwardedResidential with Commercial at 1st storey · status on 18 January 2017: Awarded · awarded to Low Keng Huat (Singapore) Limited at S$174,080,000
9 February 2017 · Land sales
West Coast Vale: Tender closedResidential · status on 9 February 2017: Tender closed, award pending
15 February 2017 · Land sales
West Coast Vale: AwardedResidential · status on 15 February 2017: Awarded · awarded to China Construction (South Pacific) Developments Co. Pte. Ltd. at S$291,990,000
28 February 2017 · Land sales
Toh Tuck Road: Launched for tenderResidential · status on 28 February 2017: Tender open
6 March 2017 · Land sales
Upper Serangoon Road: Launched for tenderMixed commercial and residential · status on 6 March 2017: Tender open
After (17)
14 March 2017 · Land sales
Tampines Avenue 10 (Parcel C): Launched for tenderResidential · status on 14 March 2017: Tender open
11 April 2017 · Land sales
Toh Tuck Road: Tender closedResidential · status on 11 April 2017: Tender closed, award pending
18 April 2017 · Land sales
Toh Tuck Road: AwardedResidential · status on 18 April 2017: Awarded · awarded to S P Setia International (S) Pte Ltd at S$265,000,000
20 April 2017 · Land sales
Stirling Road: Launched for tenderResidential · status on 20 April 2017: Tender open
25 April 2017 · Land sales
Tampines Avenue 10 (Parcel C): Tender closedResidential · status on 25 April 2017: Tender closed, award pending
3 May 2017 · Land sales
Tampines Avenue 10 (Parcel C): AwardedResidential · status on 3 May 2017: Awarded · awarded to Bellevue Properties Pte. Ltd. at S$370,100,000
18 May 2017 · Land sales
Stirling Road: Tender closedResidential · status on 18 May 2017: Tender closed, award pending
23 May 2017 · Land sales
Stirling Road: AwardedResidential · status on 23 May 2017: Awarded · awarded to Logan Property (Singapore) Company Pte Ltd and Nanshan Group Singapore Co. Pte. Ltd. at S$1,002,719,956
30 May 2017 · Land sales
Serangoon North Avenue 1: Launched for tenderResidential · status on 30 May 2017: Tender open
30 May 2017 · Land sales
Woodleigh Lane: Launched for tenderResidential · status on 30 May 2017: Tender open
13 June 2017 · Land sales
Upper Serangoon Road: Tender closedMixed commercial and residential · status on 13 June 2017: Tender closed, award pending
21 June 2017 · Land sales
Upper Serangoon Road: AwardedMixed commercial and residential · status on 21 June 2017: Awarded · awarded to Elara 1 Pte. Ltd. And Callisto 1 Pte. Ltd. at S$1,132,000,000
6 July 2017 · Land sales
Beach Road: Launched for tenderCommercial · status on 6 July 2017: Tender open
11 July 2017 · Land sales
Woodleigh Lane: Tender closedResidential · status on 11 July 2017: Tender closed, award pending
14 July 2017 · Land sales
Woodleigh Lane: AwardedResidential · status on 14 July 2017: Awarded · awarded to CEL Unique Development Pte. Ltd. at S$700,700,700
27 July 2017 · Land sales
Serangoon North Avenue 1: Tender closedResidential · status on 27 July 2017: Tender closed, award pending
2 August 2017 · Land sales
Serangoon North Avenue 1: AwardedResidential · status on 2 August 2017: Awarded · awarded to Corson Pte. Ltd. and Wingjoy Investment Pte. Ltd. at S$446,280,000
Recorded relationships
- This event partly reverses Singapore raises SSD to 16% to 4% over four years and tightens LTV limits again.
- This event updates MAS introduces Total Debt Servicing Ratio framework for property loans.
- Singapore extends the SSD holding period to four years and raises every residential tier by four percentage points partly reverses this event.
Methodology5 rules
- Comparison anchored to effective date: 11 March 2017. 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
Joint Press Release on Measures Relating to Residential Property
Monetary Authority of Singapore · Primary source · Published 10 March 2017
Existing and new Seller's Stamp Duty (SSD) rates for residential properties
Monetary Authority of Singapore · Primary source · Published 10 March 2017
Stamp Duties Act (Amendment of First and Third Schedules) Notification 2017
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 10 March 2017
Stamp Duties (Section 23) Order 2017
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 21 March 2017
Stamp Duties (Amendment) Act 2017
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 24 March 2017
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.