Policy before and after · Macroprudential

Event

MAS introduces Total Debt Servicing Ratio framework for property loans

Announced 28 June 2013 · Effective 29 June 2013

Read the full event record Compare with another policy Create research brief View Total Debt Servicing Ratio policy evolution

Comparison window

Comparison anchored to effective date: 29 June 2013. Before: 31 March 2013 to 28 June 2013. After: 29 June 2013 to 26 September 2013. The same 90 days on each side; the anchor day counts as after.

Before · 31 Mar 2013 to 28 Jun 2013

6 land-sales awards

23 land-sales steps in all
0 other archive events

The event

Announced 28 Jun 2013

Effective 29 Jun 2013

The effective date is the anchor.

After · 29 Jun 2013 to 26 Sep 2013

8 land-sales awards

19 land-sales steps in all
All 90 days observable

What this comparison can and cannot show

Generated from this window's records

Recorded

4 policy parameters recorded with a before and an after value on this event.
6 land-sales awards in the 90 days before the effective date, and 8 in the 90 observable days after.
None of the 6 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: 28 June 2013
Effective: 29 June 2013
Issuing authority: Monetary Authority of Singapore
Category: Macroprudential
Affected market: All property loans granted by regulated financial institutions to individuals, including residential and non-residential property. Residential-market analysis covers private residential property and HDB purchases financed by financial institutions.
Primary source: MAS Introduces Debt Servicing Framework for Property Loans

The Monetary Authority of Singapore introduced the Total Debt Servicing Ratio (TDSR) framework on 28 June 2013, effective 29 June 2013. The framework standardised how financial institutions assessed the total debt-servicing capacity of individuals taking property loans: a TDSR threshold of 60% of gross monthly income, computed against total debt obligations, which a loan could exceed only exceptionally and subject to the institution's approved procedures and credit-committee approval; residential mortgage repayments calculated at the higher of a specified medium-term rate of 3.5% or the prevailing market rate (4.5% for non-residential); a haircut of at least 30% applied to all variable income, including bonuses, and to rental income; tightened borrower and mortgagor rules, and simultaneous LTV refinements to prevent circumvention of limits on borrowers with multiple housing loans. MAS subsequently repeatedly characterised TDSR as a structural prudential measure rather than a temporary cyclical cooling tool. TDSR followed the January 2013 cooling package by approximately five and a half months.

In brief

6 GLS site awards were recorded in the before window and 8 in the after window.

What changed

Policy parameter	Before	After	Change
TDSR · tdsr threshold	Unknown	60%	Not stated
TDSR · medium term rate, residential	Unknown	3.5%	Not stated
TDSR · medium term rate, non residential	Unknown	4.5%	Not stated
TDSR · variable income haircut	Unknown	30%	Not stated

Where these values come from

Source: Recorded on this event's policy matrix in Prevo's archive. The event's primary source: MAS Introduces Debt Servicing Framework for Property Loans.
Primary source published: 28 June 2013
Validity: In force from the event's effective date, 29 June 2013. The row records no date of its own; the date is the event's.
Basis: Archive record. The matrix row carries no source reference of its own; the event's sources are listed below.

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

New private residential units sold by developers, excluding ECs (HEADLINE: uncompleted plus completed)

units

Comparison unavailable: series aggregation type is unresolved.

Provenance

Source: Urban Redevelopment Authority
Series kind: Unresolved (not recorded)
Basis: Observation periods wholly inside each window, values as originally recorded.
Origin: Unresolved
Shown because: Cited by this event's own outcomes

URA private residential property price index, calendar-year change

Comparison unavailable: series aggregation type is unresolved.

Provenance

Source: Urban Redevelopment Authority
Series kind: Unresolved (not recorded)
Basis: Observation periods wholly inside each window, values as originally recorded.
Origin: Unresolved
Shown because: Cited by this event's own outcomes

URA private residential property price index, QoQ change

Comparison unavailable: series aggregation type is unresolved.

Provenance

Source: Urban Redevelopment Authority
Series kind: Unresolved (not recorded)
Basis: Observation periods wholly inside each window, values as originally recorded.
Origin: Unresolved
Shown because: Cited by this event's own outcomes

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

23 lines

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

From the effective date

20 lines

19 land-sales steps (8 awards) · 1 archive event

Explore concurrent events

Before (23)

11 April 2013 · Land sales
Sengkang West Way: Tender closed
Condominium; 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: Awarded
Condominium; 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 tender
Executive Condominium housing · status on 15 April 2013: Tender open
15 April 2013 · Land sales
Fernvale Close: Launched for tender
Condominium; 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 tender
Residential · status on 15 April 2013: Tender open
18 April 2013 · Land sales
Kim Tian Road: Tender closed
Residential · status on 18 April 2013: Tender closed, award pending
23 April 2013 · Land sales
Kim Tian Road: Awarded
Residential · 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 tender
Executive Condominium housing · status on 29 April 2013: Tender open
9 May 2013 · Land sales
Woodlands Avenue 5 / Woodlands Avenue 6: Tender closed
Executive Condominium housing · status on 9 May 2013: Tender closed, award pending
13 May 2013 · Land sales
Woodlands Avenue 5 / Woodlands Avenue 6: Awarded
Executive 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 tender
Residential · status on 15 May 2013: Tender open
28 May 2013 · Land sales
Woodlands Industrial Park E9: Launched for tender
Business 2 with an integrated Heavy Vehicle Park · status on 28 May 2013: Tender open
30 May 2013 · Land sales
Anchorvale Crescent: Tender closed
Executive Condominium housing · status on 30 May 2013: Tender closed, award pending
31 May 2013 · Land sales
Anchorvale Crescent: Awarded
Executive 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 closed
Condominium; 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: Awarded
Condominium; 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 tender
Executive Condominium housing · status on 17 June 2013: Tender open
17 June 2013 · Land sales
Punggol Drive / Edgedale Plains: Launched for tender
Executive Condominium housing · status on 17 June 2013: Tender open
18 June 2013 · Land sales
Cecil Street / Telok Ayer Street: Launched for tender
Commercial and open space (residential use will not be allowed) · status on 18 June 2013: Tender open
18 June 2013 · Land sales
Faber Walk: Tender closed
Residential · status on 18 June 2013: Tender closed, award pending
20 June 2013 · Land sales
Faber Walk: Awarded
Residential · 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 tender
Mixed commercial and residential · status on 28 June 2013: Tender open
28 June 2013 · Land sales
Mount Sophia: Launched for tender
Residential · status on 28 June 2013: Tender open

After (20)

16 July 2013 · Land sales
Tampines Avenue 10: Tender closed
Residential · status on 16 July 2013: Tender closed, award pending
19 July 2013 · Land sales
Tampines Avenue 10: Awarded
Residential · 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 closed
Business 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: Awarded
Business 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 closed
Executive Condominium housing · status on 30 July 2013: Tender closed, award pending
30 July 2013 · Land sales
Punggol Drive / Edgedale Plains: Tender closed
Executive Condominium housing · status on 30 July 2013: Tender closed, award pending
30 July 2013 · Land sales
Punggol Central / Edgedale Plains: Tender closed
Executive Condominium housing · status on 30 July 2013: Tender closed, award pending
2 August 2013 · Land sales
Yuan Ching Road / Tao Ching Road: Awarded
Executive 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: Awarded
Executive 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: Awarded
Executive 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 closed
Commercial 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: Awarded
Commercial 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
27 August 2013 · Archive event
Singapore tightens HDB loan rules and introduces a three-year PR wait-out period
Announced 27 August 2013
29 August 2013 · Land sales
Gambas Crescent: Launched for tender
Business 1 · status on 29 August 2013: Tender open
29 August 2013 · Land sales
Gambas Crescent: Launched for tender
Business 1 · status on 29 August 2013: Tender open
5 September 2013 · Land sales
Yishun Avenue 2 / Yishun Central 1: Tender closed
Mixed commercial and residential · status on 5 September 2013: Tender closed, award pending
9 September 2013 · Land sales
Yishun Avenue 2 / Yishun Central 1: Awarded
Mixed 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 closed
Residential · status on 10 September 2013: Tender closed, award pending
12 September 2013 · Land sales
Mount Sophia: Awarded
Residential · 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 tender
Hotel · status on 18 September 2013: Tender open

Recorded relationships

Methodology5 rules

Comparison anchored to effective date: 29 June 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

MAS Introduces Debt Servicing Framework for Property Loans
Monetary Authority of Singapore · Primary source · Published 28 June 2013
Original source link unavailable
MAS Notice 645: Computation of Total Debt Servicing Ratio for Property Loans
Monetary Authority of Singapore · Primary source · Published 28 June 2013
Original source link unavailable

Event checked against its primary sources on 13 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.