Chronology of Singapore Property Regulation March 2017

By Paul Ho, MBA Macq., B.Eng(Hons), ACTA

Chronology of Singapore Property Regulation March 2017

Regional Currency Outlook 2016

Chronology of Singapore Property Regulation – March 2017

Paul Ho(

On 10th March 2017, Singapore government issued a joint press release under Ministry of Finance (MoF), Ministry of National Development (MND) and Monetary Authority of Singapore (MAS) to fine tune the property regulations and the new rules will take effect on the 11th March 2017.

The chronology of earlier regulations can be found here to get a full picture of the changes.

14 Sep 2009 till Aug 2013

Aug 2013 till Feb 2014

Mar 2014 till Sep 2016

Seller Stamp Duty (SSD) to be adjusted

On or before 10th March 2017: -

  • Year 1 – 16%
  • Year 2 – 12%
  • Year 3 – 8%
  • Year 4 – 4%
  • Year 5 onwards – 0%

On or after 11th March 2017: -

  • Year 1 – 12%
  • Year 2 – 8%
  • Year 3 – 4%
  • Year 4 onward – 0%.

What this means is, the Seller stamp duty only applies to properties sold within the first 3 years. This means a shorter holding period for people buying properties.

Total Debt Servicing Ratio (TDSR) Waivers

On or before 10th March 2017: -

  • 60% Total Debt Servicing Ratio rule applies for all properties.

On or after 11th March 2017: -

  • Properties with Loan-to-value less than 50%, TDSR rule of 60% no longer applies.

For example, a person who is 67 years old, he may own a property that has $200,000 in outstanding loan and a valuation of $2,000,000. This means that he can now go to the bank to use his property as pledge to loan up to 50% (or $1,000,000) of this property valuation of $2,000,000.

Scenario: -

Valuation = $2,000,000
Outstanding loan = $200,000
CPF used = Nil

Additional Equity-term-loan this person can draw upon will be: -

Loan-to-value of 50% (loan) = $1,000,000
Less outstanding loan = $200,000
Additional Cash out Equity-Term-loan = $800,000

Such Cash out Equity-term-loan is no longer subjected to the regulated TDSR assessment criteria. It is now entirely up to the individual Singapore banks to decide what criteria to use and how much to lend.

Regulations and rules pertaining to ABSD and LTV limits will remain.

You may want to find out about how you can refinance home loan to obtain cash-out equity-term-loan.

Introduction of Additional Conveyancing Duties (ACD) on Property Holding Entities (PHE)

A new stamp duty called the Additional Conveyance Duty (ACD) will be effective on or after 11th March 2017.

This regulation is targeting property holding entities such as investment holding companies, partnerships, trusts that holds on to residential properties with controlling stake above 50%.

There is additional conveyance duty for buyers (ACDB) and its associates that become controlling stake owners, i.e. owning 50% or above in shares of the entity.

And for sellers and its associates, Additional Conveyance Duty Seller (ACDS) is levied on those that already controls 50% or above in controlling stake.

The Additional Conveyance Duty Buyer (ACDB)

  • Buyer stamp duty (1% to 3%) on valuation
    • 1% on the first $180,000
    • 2% on the second $180,000
    • 3% thereafter
  • 15% on the entire value

The Additional Conveyance Duty Seller (ACDS) – if sold within 3 years.

  • Flat rate of 12% of valuation.

On top of that, IRAS continues to charge a stamp duty of 0.2% based on the net asset value of the firm.

This regulation applies largely to property developers, family offices, property investment holding companies, trusts and partnerships.

If in doubt, write in to IRAS for the full definition.

Additional Conveyance Duty (Buyer and Seller), IRAS

Info-graphic 1: Additional Conveyance Duty (Buyer and Seller), IRAS


1. Stamp duty basics for Property Holding Entities, IRAS, https://www.

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Paul holds an a B.Eng(Hons) Aberdeen University (UK) and a Masters of Business Administration (MBA) from Macquarie Graduate School of Business (MGSM) Australia. He also serves as current President of Macquarie University Alumni Association of Singapore and Treasurer of Australian Alumni Singapore (AAS).

He is founder of His articles have been syndicated/featured on STproperty, iProperty, BTInvest, TheEdgeProperty, Propwise, Propquest, Yahoo, TheOnlineCitizen and Propertyguru amongst many other sites. He has also been quoted on South China Morning Posts, Xinmin daily 新民日报 and interviewed on Channel 8 狮城有约, 938 Live.

He has given speeches, trainings and/or seminars at NUH Lunch time talk, iProperty, David Poh and Associates, Getty Goh’s Ascendant Asset property, NTU (Guest Lecture on SEO), Panel discussions at GPS Alliance, C&H, Skillup, British Alumni, Propertyguru, FPAS just to name a few.

He is passionate about helping people enhance their wealth and in making money work harder for them.

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