BT Infographics

Chilling effect
IT was 20 years ago when drastic cooling measures were first
imposed on runaway housing prices in Singapore. Since then,
government intervention has been a feature of the property sector
ROUND 3
here. The Business Times looks back on two decades of property
2010 Increase of the holding period
policy measures and their effectiveness. BY LEE MEIXIAN for SSD from 1 year to 3 years
ROUND 2
For property buyers who
Introduction of sellers already have outstanding
155 stamp duty (SSD) on all
1996 1997 2009 residential properties sold
housing loans, LTV ratio
lowered from 80% to 70%
ANTI-SPECULATION Asian Financial Crisis Global within 1 year of purchase
MEASURES: Relief package for property market: Financial Crisis LTV limit lowered to 80%
80% loan-to-value (LTV) limit Government sale sites deferred for all housing loans
for property loans
ROUND 1
Extension of PCP for residential
Removal of interest
Stamp duty extended to projects from 4-5 years to 8 years
absorption scheme
buyers of all sales and sub-sales Extension of PCP for foreign and interest-only
2012
of uncompleted properties companies by up to 2 years housing loans ROUND 6
135 New stamp duty and tax on Suspension of stamp duty on sale of Maximum tenure of all new
gains on properties sold properties within 3 years of purchase residential property loans capped
within 3 years of purchase
at 35 years
30-month project completion 1998 LTV ratios lowered for residential
period (PCP) for private
More property relief measures: property loans to non-individual
developments, 5% per annum
Suspension of goverment borrowers from 50% to 40%
penalty for time extension
7,000 to 8,000 residential
land sales (GLS) and allowing 2011
reassignment of GLS parcels
units for release in 1997
till end-1999 Singapore
115
Non- Suspension of 5% p.a. General Election 2013
landed penalty on PCP extension ROUND 4 Population White
Private Stamp duty deferred for Increase of the holding period Paper released
buyers of uncompleted for SSD from 3 years to 4 years
Residential properties until completion
ROUND 7
SSD rates raised to 16%, 12%,
Index or subsequent sale
8%, 4% of consideration if the
ABSD raised across the
board: 5% for PRs buying
property is sold in the first, their first property; 7%
1999
2008 second, third and fourth year for citizens buying their
For private of purchase respectively second property; 15% for
95
residential projects, Collapse of
HDB PCP set at 6 years Lehman Brothers LTV limit lowered to 50% foreigners and corporate
on housing loans for non- entites buying their
Resale instead of 8 GLS for H1 2009 individual buyers first property
Index Confirmed List
LTV limit lowered on housing
suspended, most ROUND 8
of the remaining loans from 70% to 60% for
individual buyers with Total Debt Servicing Ratio
Confimed List sites (TDSR): Loans cannot
for H2 2008 were outstanding housing loans
exceed 60% of gross
transferred to the ROUND 5 monthly income
75 Reserve List
Additional buyers stamp duty Mortgage Servicing Ratio:
(ABSD) 10% for foreigners Housing loans capped at
2003 2004 2005 2007 and corporate entities; 3% for 30% of borrowers gross
Iraq war Government Plans Deferred Payment PRs buying second property monthly income for HDB
SARS breakout eased rules unveiled for Scheme scrapped onwards; 3% for citizens flat buyers
for foreigners Integrated New collective sale buying third property onwards Maximum repayment
S$230m SARS relief
2000 2001 2002 to buy land in
package, but this Resorts rules kicked in Developers to pay ABSD if they period for HDB housing
Global oil Dot-com bubble burst First Reit mostly benefited
Sentosa Cove cant build and sell units within loans lowered from 30
price hike 9/11 terrorist attack listed commercial properties 5 years from site purchase date to 25 years

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Sources: Knight Frank, BT BT Graphics: Gareth Chung