Then things got serious. By 2021, second-property ABSD climbed to 12%, third and beyond to 15%. A year later: 17% and 25%. By 2023: 20% and 30%. This wasn’t gradual anymore—it was like COE prices during a bull run, just kept climbing every time you blinked. Developers buying land for housing projects also faced an additional 5% ABSD payable upfront, introduced in 2018. And in 2025, entities buying any residential unit face a jaw-dropping 65% ABSD cap, while foreigners got doubled to 60%.
From 12% to 65% in a few short years—Singapore’s ABSD climbed faster than COE prices ever dared to.
Meanwhile, TDSR and LTV rules tightened like belt notches after Chinese New Year. TDSR went from 60% to 55% in 2023. The TDSR framework itself was first introduced back in June 2013, mandating that total monthly debt obligations be capped at 60% of gross monthly income. LTV limits for second loans dropped to 50%, sometimes 30% if you’re over 65 or stretching your loan past 30 years. Cash down payment for second loans? Up to 25% from just 10%. That’s a huge jump—like MRT fares suddenly tripling overnight.
Key takeaways worth remembering:
- ABSD rates have effectively quadrupled for multiple-property buyers since 2013
- Foreign buyers now pay a staggering 60% ABSD
- LTV and TDSR tightening means less leverage, more skin in the game
Foreign buyer share of transactions fell to just 1% by 2023—practically vanished, like hawker stalls during Chinese New Year. Developer sales slumped to 6,400 units, the lowest in fifteen years. Yet 2024 saw a rebound to over 13,000 units, though that same year saw sub-sale transactions spike sharply to 1,428, signalling a troubling return of speculative flipping in the private residential market. The lesson? Singapore’s cooling measures aren’t a one-off slap. They’re relentless, calculated, and always evolving—much like the queue outside a good chicken rice stall that never really disappears, just shifts shape.
