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Review of Singapore's Housing Market Policy Adjustments and Changes in 2023
Review of Singapore's Housing Market Policy Adjustments and Changes in 2023 新加坡
By   Internet
  • 城市報
  • Singapore Real Estate
  • Housing market
  • Singapore Real Estate
Abstract: In 2023, the housing market in Singapore witnessed significant changes and policy adjustments. Despite robust growth in the real estate market in recent years, challenges such as housing affordability and land scarcity prompted the government to take a series of measures in 2023 to address the housing market situation.

The government introduced Build-to-Order (BTO) flats at selected locations, categorized as Prime, Plus, and Standard. These units come with stricter resale conditions, including minimum occupancy periods and income ceilings. The objective is to curb speculative buying and property speculation while ensuring that housing needs of genuine buyers are met, thereby improving housing affordability.


Furthermore, the government conducted an assessment to determine if public housing rents and mortgage rates were reasonable, taking measures to ensure a balance between housing supply and demand.


In April, the government increased the Additional Buyer's Stamp Duty (ABSD), particularly raising the ABSD rate for foreign buyers purchasing any residential property from 30% to 60%. This measure aims to curb escalating real estate prices and speculative purchases by foreigners in the Singaporean housing market, while encouraging local buyers to participate in market competition.

Review of Singapore's Housing Market Policy Adjustments and Changes in 2023

Thirdly, Parliament engaged in a two-day, 12-hour debate on two motions regarding HDB flats, discussing housing subsidies for home-buying families and singles, as well as issues related to new public housing projects. The government pledged to enhance housing subsidies for low-income families and the elderly, encouraging developers to establish links between community amenities and housing to improve residents' quality of life.


Fourthly, the government plans to construct a substantial number of public and private residences in areas such as Bayshore, Pearl's Hill, Eastling Station, and Mount Pleasant to meet residents' housing needs and improve overall living standards. These residences will offer various types and price ranges to cater to the needs of different income groups. Additionally, the government will encourage developers to adopt sustainable housing designs and building materials to achieve environmental and energy efficiency goals.


Lastly, the government has outlined plans for a reclamation project in Changi Island, aiming to address land demand and the threat of rising sea levels while providing possibilities for future land development. The reclamation project will offer Singapore additional land space to meet future economic and population growth needs.

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Review of Singapore's Housing Market Policy Adjustments and Changes in 2023
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