Property Cooling Measures

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Cooling Measures

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Property Cooling Measures — Key Changes & Timeline

A concise reference of Singapore’s cooling-measure rounds since 2010, plus the latest SSD update taking effect from 4 July 2025.

16th Round — 4 Jul 2025 · Seller’s Stamp Duty (Residential)
Holding Period Rates (11 Mar 2017 – 3 Jul 2025) Rates (on / after 4 Jul 2025)
Up to 1 year 12%16%
More than 1 year, up to 2 years 8%12%
More than 2 years, up to 3 years 4%8%
More than 3 years, up to 4 years —4%
More than 4 years 0%0% no change

Effective for residential properties purchased on/after 4 Jul 2025. Duty is computed on the higher of price or market value, and rounded down to the nearest dollar.

Cooling Measures Timeline (2010–2025)
15th Round — 27 Apr 2023 ABSD
  • SC 1st property 0% · SPR 1st 5% (unchanged).
  • SC 2nd: 20%; SC 3rd+: 30%.
  • SPR 2nd: 30%; SPR 3rd+: 35%.
  • Foreigners any residential: 60% (FTA-eligible exceptions remain).
  • Entities: 65%. Developers: +5% non-remittable continues.
14th Round — 30 Sep 2022 LTV · TDSR/MSR · HDB Wait-Out
  • HDB loan LTV lowered to 80% (from 85%).
  • Interest rate floors raised (Bank TDSR/MSR +0.5pp; 4% bank, 3% HDB floor guidance).
  • Private sellers must wait 15 months before buying a non-subsidised HDB resale (exempt: seniors ≥55 moving to ≤4-room).
13th Round — 16 Dec 2021 ABSD · TDSR · HDB LTV
  • SC 2nd: 17% · SC 3rd+: 25%; SPR 1st: 5% · 2nd: 25% · 3rd+: 30%; Foreigners: 30%; Entities: 35% (+5% non-remittable for developers).
  • TDSR capped at 55%.
  • HDB loan LTV reduced to 85%.
12th Round — 6 Jul 2018 ABSD · LTV
  • ABSD raised (individuals +5pp; entities +10pp; developers +5% non-remittable introduced).
  • LTV tightened by 5pp for all housing loans from FIs.
11th Round — 11 Mar 2017 SSD · TDSR · ACD
  • SSD reduced by 4pp per tier; applies up to 3 years (from 4 years).
  • TDSR exemption for MEW loans with LTV ≤50%.
  • Introduced ACD for Property-Holding Entities (PHEs).
10th Round — 9 Dec 2013 EC · Resale Levy · Loan Terms
  • EC cancellation fee cut from 20% to 5%.
  • Resale levy for second-timers; mortgage term revisions.
9th Round — 28 Aug 2013 HDB Bank Loans
  • Max HDB loan tenure (bank) reduced to 30 years (from 35).
  • LTV cut to 60% if tenure >25–30 years or loan past age 65.
8th Round — 29 Jun 2013 TDSR 60%
  • Universal TDSR cap at 60% for property loans (SG & overseas); all borrowers must be mortgagors; use income-weighted average age for joint loans.
7th Round — 12 Jan 2013 ABSD · LTV · Cash · MSR · Industrial SSD
  • ABSD increased for SC/PR/Foreigners.
  • LTV reduced for 2nd+ mortgages; min cash downpayment 25% for 2nd+ loans.
  • MSR for HDB: max 30% of gross income.
  • Industrial SSD raised (15% / 10% / 5% for up to 3 years).
6th Round — 6 Oct 2012 Loan Tenure Cap
  • All residential loans capped at 35 years; >30 years attracts lower LTV (HDB & private).
5th Round — 8 Dec 2011 ABSD Introduced
  • Introduction of Additional Buyer’s Stamp Duty (ABSD).
4th Round — 14 Jan 2011 SSD · LTV
  • SSD increased (4-year schedule: 16% · 12% · 8% · 4%).
  • LTV lowered to 50% for non-individuals; to 60% for 2nd+ housing loans.
3rd Round — 30 Aug 2010 SSD · LTV · Cash
  • SSD increased (3-year schedule: 3% · 2% · 1%).
  • For 2nd+ loans: min cash from 5% → 20%; LTV 80% → 70%.
2nd Round — 20 Feb 2010 SSD Introduced · LTV 80%
  • Introduction of Seller’s Stamp Duty (SSD).
  • LTV lowered to 80% for all housing loans.
1st Round — 14 Sep 2009 GLS · IAS/IOL · 2009 Measures
  • Reinstated Confirmed List for 1H10 GLS.
  • Removed Interest Absorption Scheme (IAS) & Interest-Only Loans (IOL).
  • Non-extension of Jan 2009 Budget assistance measures (Residential Property Act-related).
Get a Cooling-Measures Impact Report We’ll compute your ABSD/BSD/SSD, LTV & TDSR and map out the most cost-efficient path for your purchase or sale.

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