Answer
Property Cooling Measures History Singapore
Singapore has been tightening property rules since 2009. Here’s every major cooling measure, when it was introduced, and what it changed.
Answer: Singapore has introduced 15+ rounds of property cooling measures since 2009. The major tools are ABSD (Additional Buyer’s Stamp Duty, introduced Dec 2011), SSD (Seller’s Stamp Duty, Feb 2010), TDSR (Total Debt Servicing Ratio, Jun 2013), and LTV limits. Current rates (2026): ABSD 0–60% by buyer profile, SSD 4–12% over 4 years, TDSR 55% at 4% stress test, LTV 75% first property. The trend has been consistently tightening — measures have never been fully reversed.
Complete Timeline of Major Cooling Measures
| Date | Measure | Key Change |
|---|---|---|
| Sep 2009 | Interest scheme removed | Scrapped Interest Absorption Scheme and Interest-Only Loans for developers |
| Feb 2010 | SSD introduced | 3% SSD if sold within 1 year — first stamp duty on sellers |
| Aug 2010 | SSD extended + LTV cut | SSD extended to 3 years, LTV cut from 80% to 70% for 2nd property |
| Jan 2011 | SSD raised sharply | SSD rates raised to 16%/12%/8%/4% over 4 years |
| Dec 2011 | ABSD introduced | ABSD: SC 2nd 3%, PR 1st 3%, Foreigner 10%. Game-changing measure. |
| Oct 2012 | Loan tenure capped | Max 35 years (was unlimited). Max 30 years for HDB. |
| Jan 2013 | ABSD doubled + MSR | ABSD: SC 2nd 7%, PR 1st 5%, Foreigner 15%. MSR 30% introduced for HDB/EC. |
| Jun 2013 | TDSR introduced | Total Debt Servicing Ratio capped at 60%. Stress test at 3.5%. Most impactful measure ever. |
| Mar 2017 | SSD relaxed | SSD holding period reduced from 4 years to 3 years (12%/8%/4%) |
| Jul 2018 | ABSD raised + LTV cut | ABSD +5% across the board. SC 2nd 12%, PR 1st 5%, Foreigner 20%. LTV first property cut from 80% to 75%. |
| Dec 2021 | ABSD raised again | SC 2nd 17%, PR 1st 5%, Foreigner 30%. TDSR tightened from 60% to 55%. Stress test rate raised to 3.5%+. |
| Sep 2022 | HDB measures | 15-month wait for private property owners to buy BTO. Tighter HDB loan rules. |
| Apr 2023 | Foreigner ABSD to 60% | SC 2nd 20%, SC 3rd 30%, PR 2nd 30%, Foreigner 60%, Entities 65%. MAS stress test to 4%. |
| Jul 2025 | SSD extended to 4 years | SSD holding period back to 4 years: 12%/8%/6%/4%. New 6% tier added for year 3. |
ABSD Rate Evolution
How ABSD rates changed over time for key buyer profiles.
| Profile | Dec 2011 | Jan 2013 | Jul 2018 | Dec 2021 | Apr 2023 |
|---|---|---|---|---|---|
| SC 1st | 0% | 0% | 0% | 0% | 0% |
| SC 2nd | 3% | 7% | 12% | 17% | 20% |
| SC 3rd+ | 3% | 10% | 15% | 25% | 30% |
| PR 1st | 3% | 5% | 5% | 5% | 5% |
| PR 2nd | 3% | 10% | 15% | 25% | 30% |
| Foreigner | 10% | 15% | 20% | 30% | 60% |
ABSD rates have only ever gone up. The Apr 2023 foreigner rate (60%) was the single largest increase.
SSD Rate Evolution
| Period | Year 1 | Year 2 | Year 3 | Year 4 |
|---|---|---|---|---|
| Feb 2010 | 3% | — | — | — |
| Jan 2011 | 16% | 12% | 8% | 4% |
| Mar 2017 | 12% | 8% | 4% | — |
| Jul 2025 | 12% | 8% | 6% | 4% |
SSD was briefly relaxed in 2017, then re-extended in 2025 with a new 4th-year tier.
TDSR & LTV Changes
| Date | TDSR Cap | Stress Test Rate | LTV (1st Property) |
|---|---|---|---|
| Before Jun 2013 | None | None | 80% |
| Jun 2013 | 60% | 3.5% | 80% |
| Jul 2018 | 60% | 3.5% | 75% |
| Dec 2021 | 55% | 3.5% | 75% |
| Apr 2023 | 55% | 4.0% | 75% |
TDSR was the most significant structural change — it fundamentally limited borrowing capacity.
Impact on Property Prices
| Period | Key Measures | Price Impact |
|---|---|---|
| 2010–2012 | SSD + ABSD introduced | Prices continued rising — measures insufficient |
| 2013–2017 | TDSR + ABSD doubled | 12% correction over 4 years |
| 2017–2018 | SSD relaxed | Prices rebounded 8–10% |
| 2018–2019 | ABSD + LTV tightened | Growth slowed to 2–3% p.a. |
| 2020–2023 | Multiple rounds of tightening | Prices surged 30%+ despite measures (COVID demand shift) |
| 2023–2025 | 60% foreigner ABSD | Foreign purchases collapsed; overall prices stabilised |
See how measures affect you
Calculate your exact stamp duty and borrowing power under the current rules.
FAQ
When did Singapore first introduce property cooling measures?
The first modern cooling measures came in September 2009 with the Interest Absorption Scheme and Interest-Only Loans being scrapped. The first Seller's Stamp Duty (SSD) was introduced in February 2010, and Additional Buyer's Stamp Duty (ABSD) in December 2011.
How many rounds of cooling measures has Singapore had?
Singapore has had approximately 15+ rounds of cooling measures between 2009 and 2025. Major rounds: Feb 2010 (SSD), Dec 2011 (ABSD introduced), Jan 2013 (ABSD doubled + TDSR), Jul 2018 (ABSD + 5%), Dec 2021 (ABSD + 5-10%), Apr 2023 (ABSD + 3-30%), and Jul 2025 (SSD extended to 4 years).
What are the current cooling measures in 2026?
As of 2026: ABSD is 0/20/30% for SC, 5/30/35% for PR, 60% for foreigners. TDSR cap is 55% at 4% stress test. LTV is 75% (first property). SSD applies for 4 years (12%/8%/6%/4%). MSR is 30% for HDB/EC. These are the tightest measures in Singapore history.
Did cooling measures actually cool the property market?
Partially. The 2013 measures (TDSR + higher ABSD) triggered a 12% correction over 4 years (2013-2017). The 2018 measures slowed growth. But post-2020, prices surged despite measures, driven by COVID demand shifts and low interest rates. The 2023 foreigner ABSD hike (60%) dramatically reduced foreign purchases.
Will Singapore remove cooling measures?
Singapore has never fully removed cooling measures once introduced. The pattern is: introduce during booms, occasionally relax during slowdowns, then tighten again. The TDSR framework (2013) and ABSD structure appear permanent. Some adjustments may come, but a full rollback is unlikely.
Related
Last updated Feb 2026. Historical data from MAS, IRAS, and HDB. Current rates as of latest published policies. This is informational, not financial advice.