Singapore property · the cooling measures record

Every round.
1996 to today.

Some estimate half of Singapore's 30,000+ agents are dormant — out of the loop on the rules that decide a deal. This is the loop. The complete cooling-measures timeline, and the figures in force right now, in one reference. Know them cold, and you're the informed few.

In force now · 2026

ABSD

60%

SC 0/20/30% · PR 5/30/35% · Foreigner 60% · Entity 65%

since 27 Apr 2023

LTV

75%

1st loan 75% (55% if tenure >30yr / past 65). HDB loan 75%.

HDB since Aug 2024

TDSR

55%

Of gross monthly income. Stress-tested at a 4% floor.

since Dec 2021

MSR

30%

HDB flats & ECs. Often binds before TDSR for HDB buyers.

since Jan 2013

SSD

4 yrs

16/12/8/4% over years 1–4 (bought from 4 Jul 2025). Legacy: 12/8/4% over 3 yrs.

since 4 Jul 2025

The five that caught agents out

Everything that changed in the last three years.

If an agent went quiet in 2022 and resurfaced today, here's what they'd be getting wrong — each one a five-figure mistake waiting to happen on a live deal.

27 Apr 2023

ABSD hiked hard. Foreigners 30% → 60%. SC 2nd property to 20%, 3rd+ to 30%. Entities 65%.

20 Aug 2024

HDB loan LTV cut from 80% to 75% — bigger downpayment. EHG raised to a $120k max for eligible families.

Oct 2024

BTO rebuilt into Standard / Plus / Prime — 10-year MOP and a subsidy clawback on Plus & Prime flats.

4 Jul 2025

SSD tightened. Holding period 3 → 4 years; rates +4 points per tier to 16/12/8/4%. Quote the old 3-year schedule and you cost your client dearly.

2026

HDB resale turned — prices fell for a second straight quarter, the first back-to-back decline in nearly seven years, while private kept rising.

The complete record

Every major round, in order.

Tightening Easing Structural / HDB Watch

May 1996Tighten · the first

The first anti-speculation package. Tax on gains from quick sales, stamp duty on sellers, an 80% LTV cap and foreigner curbs — Singapore's original cooling round.

1997–2008Easing

The Asian Financial Crisis and, later, the Global Financial Crisis. Measures were relaxed and the market liberalised.

14 Sep 2009Tighten

The modern era begins. The Interest Absorption Scheme and interest-only housing loans are scrapped.

20 Feb 2010Tighten

SSD introduced (1-year holding, up to 3%). LTV lowered to 80% for all housing loans.

30 Aug 2010Tighten

SSD holding period extended to 3 years. LTV cut to 70% for a second or later loan; minimum cash downpayment raised.

14 Jan 2011Tighten

SSD raised sharply to 16/12/8/4% over four years. LTV lowered to 60% (individuals with a loan) and 50% (non-individuals).

8 Dec 2011Tighten · new tool

ABSD introduced for the first time — the tax that reshaped multi-property economics (foreigners & entities 10%, PR/SC tiers below).

6 Oct 2012Tighten

Loan tenure capped at 35 years, with tighter LTV on loans running beyond 30 years or past age 65.

12 Jan 2013Tighten · new tool

ABSD raised and broadened. MSR introduced (30% for HDB). Minimum cash downpayment for a 2nd+ loan raised to 25%.

29 Jun 2013Tighten · structural

TDSR framework introduced at a 60% cap — the permanent, structural reform that changed how borrowing capacity is assessed for good.

10 Mar 2017Easing

The first real loosening. SSD holding period cut from 4 to 3 years and rates lowered 4 points per tier (12/8/4%); TDSR relaxed for low-LTV equity withdrawal.

6 Jul 2018Tighten

ABSD rates raised again and LTV tightened by 5 percentage points as prices surged.

16 Dec 2021Tighten

ABSD raised sharply. TDSR tightened from 60% to 55%. HDB loan LTV lowered from 90% to 85%.

30 Sep 2022Tighten

Medium-term rate floor raised. HDB loan LTV cut 85% → 80%. 15-month wait-out introduced for private owners buying an HDB resale flat.

27 Apr 2023Tighten · major

The big one. ABSD hiked across the board — foreigners doubled to 60%, SC 2nd to 20%, 3rd+ to 30%, entities 65%. Foreign buying collapsed.

20 Aug 2024Tighten + support

HDB loan LTV lowered 80% → 75% (matching banks). EHG raised to a $120k maximum for eligible families to cushion the change.

Oct 2024Structural · HDB

BTO reclassified into Standard, Plus and Prime — 10-year MOP, no whole-flat rental and a subsidy clawback on Plus and Prime flats.

4 Jul 2025Tighten · latest

SSD tightened. Holding period extended 3 → 4 years and rates raised 4 points per tier to 16/12/8/4% — for properties bought on or after this date. No transition period.

2026Watch

No relaxation announced. The full stack remains in force, while HDB resale prices dip and private growth slows — a market cooling on its own, without a new round.

Use it right

This tracker is a quick-reference summary, not the statute. Rates, thresholds and effective dates are drawn from MAS, MND, HDB, IRAS and URA announcements and reputable market sources, current to 2026 — but pre-2023 figures are summarised, and details turn on the exact transaction date and buyer profile.

Always verify the live figures against IRAS, HDB and MAS before advising a client or closing a deal. Getting the effective date wrong — an OTP dated either side of 4 July 2025, for instance — changes the numbers materially.

This is educational reference material, not financial, legal or tax advice, and not a recommendation on any transaction.

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Every round.1996 to today.

Everything that changed in the last three years.

Every major round, in order.

Stay in the loop — for good.

Every round.
1996 to today.