Answer
Property Cooling Measures in Singapore (2009\u20132025)
A complete timeline of every government intervention to cool the Singapore property market \u2014 from the first SSD in 2010 to the latest ABSD hike in 2023.
Answer: Singapore has implemented multiple rounds of cooling measures since 2009, including ABSD (up to 60% for foreigners), TDSR (55% debt cap), SSD (up to 12% if sold within 3 years), and LTV limits (75% max for first loan). The most recent major round was 27 April 2023, which doubled the foreigner ABSD from 30% to 60%.
Current ABSD Rates (Effective 27 Apr 2023)
| Buyer Profile | 1st Property | 2nd Property | 3rd+ Property |
|---|---|---|---|
| Singapore Citizen | 0% | 20% | 30% |
| Permanent Resident | 5% | 30% | 35% |
| Foreigner | 60% | 60% | 60% |
| Entity / Trust | 65% | 65% | 65% |
ABSD is on top of BSD. On a $2M condo, a foreigner pays $69,600 BSD + $1,200,000 ABSD = $1,269,600 total stamp duty.
Current SSD Rates (Effective 27 Apr 2023)
| Holding Period | SSD Rate | SSD on $1M Sale |
|---|---|---|
| Sold in Year 1 | 12% | $120,000 |
| Sold in Year 2 | 8% | $80,000 |
| Sold in Year 3 | 4% | $40,000 |
| After 3 years | 0% | $0 |
Current LTV Limits
| Loan | Condition | LTV Limit |
|---|---|---|
| 1st loan (bank) | Tenure \u226430 yrs, age+tenure \u226465 | 75% |
| 1st loan (bank) | Tenure >30 yrs or age+tenure >65 | 55% |
| 1st loan (HDB) | HDB concessionary loan | 80% |
| 2nd loan (bank) | Any tenure | 45% |
| 3rd+ loan (bank) | Any tenure | 35% |
TDSR Framework
| Parameter | Current Rule |
|---|---|
| TDSR cap | 55% of gross monthly income |
| Stress test rate (floating/board) | 4% or current rate + 3%, whichever is higher |
| Stress test rate (fixed \u22655 yrs) | Actual rate for fixed period, then stress test |
| Income haircuts (variable income) | 30% haircut on bonuses, rental, commissions |
| Introduced | 29 Jun 2013 |
Complete Timeline of Cooling Measures
| Date | Measure | Key Change |
|---|---|---|
| Sep 2009 | IAS/IOL removed | Interest Absorption Scheme and Interest-Only Loans scrapped for uncompleted properties |
| Feb 2010 | SSD introduced | 1% per year of holding (up to 3%) if sold within 3 years |
| Aug 2010 | LTV tightened | LTV reduced from 80% to 70% for borrowers with existing loans |
| Jan 2011 | SSD raised + HDB measures | SSD raised to 16%/12%/8%/4% over 4 years. HDB resale levy tightened |
| Dec 2011 | ABSD introduced | First ABSD: 10% foreigners, 3% PRs (2nd+), 0% SCs (1st/2nd) |
| Oct 2012 | Loan tenure cap | Max 35 years. LTV reduced if tenure >30 years or borrower age + tenure >65 |
| Jan 2013 | ABSD raised (Round 2) | SC 2nd property: 7%. PR 1st: 5%. Foreigner: 15%. Entity: 15% |
| Jun 2013 | TDSR introduced | 60% cap on total debt servicing ratio. Stress test at 3.5% |
| Dec 2013 | TDSR tightened | Mortgage Servicing Ratio (MSR) 30% cap for HDB and EC loans |
| Mar 2017 | SSD relaxed | SSD reduced to 12%/8%/4% over 3 years (from 4 years) |
| Jul 2018 | ABSD raised (Round 3) | SC 2nd: 12%. PR 1st: 5%. Foreigner: 20%. New 25% rate for entities |
| Dec 2021 | ABSD raised + TDSR | SC 2nd: 17%. PR 1st: 5%. Foreigner: 30%. TDSR reduced from 60% to 55% |
| Sep 2022 | Wait-out period | 15-month wait to buy non-subsidised HDB after selling private property (up from 0) |
| Apr 2023 | ABSD raised (Round 4) | SC 2nd: 20%. PR 2nd: 30%. Foreigner: 60%. Entity: 65% |
Source: MAS, IRAS, HDB. Dates are effective dates of each measure.
See what cooling measures mean for your purchase
Enter your buyer profile and property price to get the exact ABSD, BSD, and total stamp duty breakdown.
FAQ
When were property cooling measures first introduced in Singapore?
The first major cooling measure was the Seller’s Stamp Duty (SSD) introduced in February 2010, targeting property flippers. Before that, in September 2009, the Interest Absorption Scheme and Interest-Only Loans were scrapped to cool the market.
What is the current ABSD rate for Singapore Citizens?
As of April 2023: 0% for first property, 20% for second property, and 30% for third and subsequent properties. These rates apply to the purchase price or market value, whichever is higher.
What is the TDSR limit in Singapore?
The Total Debt Servicing Ratio is capped at 55% of gross monthly income. Banks must stress-test at a floor rate of 4% (or 3% above the current rate, whichever is higher) for floating-rate and board-rate loans.
How long is the SSD holding period in 2025?
Since the April 2023 measures, sellers pay SSD if they sell within 3 years: 12% in year 1, 8% in year 2, and 4% in year 3. After 3 years, no SSD applies. This is unchanged in 2025.
What is the current LTV limit for a first property?
For a first housing loan with tenure of 30 years or less (and age + tenure ≤ 65), the LTV limit is 75%. If the tenure exceeds 30 years or age + tenure exceeds 65, LTV drops to 55%. Second loan LTV is 45%.
Can cooling measures be reversed?
Yes. The government has both tightened and loosened measures over time. For example, SSD was shortened from 4 years to 3 years in 2023, and the ABSD remission for married couples has been maintained. The government reviews measures regularly based on market conditions.
Related
Last updated Feb 2026. Rates per MAS, IRAS, and HDB. ABSD effective 27 Apr 2023, TDSR effective 16 Dec 2021. This is a reference, not financial advice.