As of Dec 16th 2021

The highest applicable ABSD will apply for purchases made jointly by two or more parties of different profiles, said the authorities. 

Married couples consisting of at least one Singaporean spouse can continue to apply for an ABSD refund when they jointly purchase a second residential property, subject to conditions.

As before, the ABSD will not affect those buying an HDB flat or EC unit from property developers with an upfront remission, if any of the joint acquirers or purchasers are Singaporeans.

The revised ABSD rates will apply to cases where the Option to Purchase (OTP) is granted on or after Dec 16. 

A transitional provision allows for the old ABSD rates to apply for cases that meet all the following conditions:

  • The OTP is granted by sellers to potential buyers on or before Dec 15.
  • The OTP is exercised on or before Jan 5, 2020, or within the OTP validity period, whichever is earlier.
  • The OTP has not been varied on or after Dec 16.

Additional Conveyance Duties for buyers of equity interest property-holding entities will be raised from up to 34 per cent to a maximum of 44 per cent.


The TDSR threshold will be tightened from 60 per cent to 55 per cent. This means new mortgages cannot cause borrowers’ total monthly loan repayments to exceed 55 per cent of monthly income.

The new threshold will apply to loans for the purchase of properties where the OTP is granted on or after Dec 16, and for mortgage equity withdrawal loan applications made on or after Dec 16.

Borrowers with existing property loans granted before Dec 16 will not be affected by the revised TDSR threshold when refinancing their loans, the authorities said.

Additionally, in a measure specific to public housing, the tightened LTV limit for HDB housing loans will now be cut from 90 per cent to 85 per cent. This reduces the maximum amount potential homeowners can borrow from HDB.

This revised limit will not apply to loans granted by financial institutions, which will remain at 75 per cent.

The 85 per cent LTV limit will apply to new flat applications for sales exercises launched after Dec 16 and complete resale applications received by HDB from Dec 16 onwards.

More details of the Government’s plans to increase the supply of public and private housing to meet housing demand will be provided later on Thursday, the authorities said.

“The measures undertaken in this cooling package will help promote a stable and sustainable property market. The Government remains vigilant to the risk of a sustained increase in prices relative to income trends.
“Source: CNA/nh(ac)

What Is ABSD?

The ABSD is a tax that’s levied on top of the Buyer’s Stamp Duty (BSD) for all residential property purchases.

It was introduced in December 2011 as a ‘cooling measure’ to discourage Singaporeans, foreigners and entities from purchasing multiple properties and flipping them for profit, while helping to keep property prices affordable. Since then, the rates were adjusted twice, in 2013 and again in 2018, in line with market conditions.

ABSD is taxed according to the valuation or selling price of the property, whichever is higher. It is also based on whether the buyer is a Singaporean, Singapore Permanent Resident (PR), or foreigner.