When was ABSD first introduced in Singapore?

ABSD was introduced on 8 December 2011 as part of a property cooling measure round. The initial rates were 10% for foreigners and entities, 3% for Singapore PRs on their 2nd or more property, and 3% for Singapore Citizens on their 3rd or more property — much lower than today's rates.

How many times have ABSD rates been raised?

Five major increases since introduction: January 2013, July 2018, December 2021, May 2022 (trustees only), and April 2023. The pattern has been to increase rates on foreigners, entities, and multi-property buyers while protecting first-time Singapore Citizen buyers (who pay 0%).

When did the foreigner rate become 60%?

27 April 2023. Before that the foreigner rate was 30% (since December 2021); previously 20% (since July 2018), 15% (since January 2013), and 10% (since introduction in December 2011). The doubling from 30% to 60% in 2023 was the largest single ABSD increase to date.

When was ABSD on entities (companies) raised to 65%?

27 April 2023. The entity rate went from 35% to 65% in that round. The Trustee ABSD of 65% was separately introduced earlier, on 9 May 2022, to prevent the use of trusts as a means to circumvent ABSD.

ABSD Rates History Singapore (2011–2026)

Rate timeline at a glance

Round	SC 2nd	SC 3rd+	SPR 1st	SPR 2nd+	Foreigner	Entity
8 Dec 2011 (intro)	—	3%	—	3%	10%	10%
12 Jan 2013	7%	10%	5%	10%	15%	15%
6 Jul 2018	12%	15%	5%	15%	20%	25% + 5% nr
16 Dec 2021	17%	25%	5%	25% / 30%	30%	35% + 5% nr
27 Apr 2023 (current)	20%	30%	5%	30% / 35%	60%	65%

SPR 2nd and SPR 3rd+ were first split into separate rates on 16 Dec 2021 (25% / 30%) and remain split today (30% / 35% since 27 Apr 2023). Housing-developer ABSD includes a 5% non-remittable component ("nr") from 6 Jul 2018 onwards; general entity ABSD does not.

8 December 2011 — introduction

ABSD was introduced amid concerns about overheating in the residential property market, particularly from foreign buyer activity. The initial structure was: 10% for foreigners and entities; 3% for SPRs on their 2nd+ and SCs on their 3rd+. Singapore Citizens buying their 1st or 2nd home paid no ABSD.

12 January 2013 — first major raise

Rates were broadly raised. Foreigner ABSD went from 10% to 15%; entity from 10% to 15%. SC 2nd-property ABSD was introduced (7%) and SC 3rd+ raised to 10%. SPR ABSD was extended to first-property purchases (5%). This was the first round to impose ABSD on Singapore Citizen 2nd-property purchases.

6 July 2018 — second cooling round

Following a quick price recovery in 2017–2018, the government raised rates again. Foreigner ABSD to 20%, SC 2nd to 12%, SC 3rd+ to 15%, SPR 2nd+ to 15%. Developers paid 25% (with a 5% non-remittable component on top), explicitly designed to discourage land-banking. This round also introduced TDSR tightening in tandem.

16 December 2021 — pandemic-era raise

Despite the pandemic, Singapore property prices had surged in 2020–2021. Foreigner ABSD raised to 30%; SC 2nd to 17%, SC 3rd+ to 25%; SPR 2nd+ to 25%. Entity rate jumped to 35% (plus the non-remittable 5%). The TDSR was also lowered from 60% to 55% in the same package.

9 May 2022 — ABSD (Trust) of 65%

A specific Trustee ABSD of 65% was introduced to close the loophole of using living trusts to acquire property at a beneficial owner's lower rate. The 65% may be refunded down to the beneficial owner's applicable rate if conditions are met within 6 months of acquisition.

27 April 2023 — current schedule

The most dramatic ABSD increase to date. Foreigner ABSD doubled from 30% to 60%. Entity ABSD went from 35% to 65%. SC and SPR rates were also raised — SC 2nd to 20%, SC 3rd+ to 30%, SPR 2nd to 30%, SPR 3rd+ to 35%. The SPR 1st-property rate remained at 5%, preserving the entry point for SPRs. This is the current schedule as of 2026.

ABSD Rates History — Singapore