Singapore Property Cooling Measures 2026: Complete Guide to ABSD, SSD, LTV and TDSR

by Lovelyhomes Editorial Team | Aug 6, 2026 | Buying Guide, Laws, Regulations & Policies, Property Cooling Measures, Property Finance, Property Investment, Regulatory News

Quick Answer: Singapore Property Cooling Measures 2026

Singapore has deployed five categories of cooling measures since 2009: Additional Buyer’s Stamp Duty (ABSD), Seller’s Stamp Duty (SSD), Loan-to-Value (LTV) limits, Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR).
ABSD rates effective 27 April 2023 remain in force: 0% for Singapore Citizens buying their first home, 20% on the second property, 30% on the third and subsequent; 5%/30%/35% for Permanent Residents; 60% for foreigners; 65% for entities.
The Seller’s Stamp Duty (SSD) was tightened on 4 July 2025: private residential properties bought from that date and sold within four years face rates of 16%, 12%, 8% and 4% respectively. Prior SSD covered only three years at 12/8/4%.
HDB LTV was cut from 80% to 75% in August 2024, aligned with private-property bank loan limits. The Enhanced CPF Housing Grant (EHG) was raised simultaneously to partially offset the larger downpayment for first-timers.
TDSR (Total Debt Servicing Ratio) is capped at 55%, stress-tested at a 4% p.a. floor rate. MSR (for HDB and Executive Condominiums) is capped at 30%.
No cooling measure has been relaxed since April 2023. The government has signalled it will keep measures in place until it is confident that market conditions are stable.
A Singapore Citizen couple buying a S$1.5 million private condo as their second property pays ABSD of S$300,000 — cash only, non-CPF.

What Are Property Cooling Measures?

Singapore’s property cooling measures are a suite of demand-management policies administered jointly by the Ministry of National Development (MND), the Monetary Authority of Singapore (MAS) and the Inland Revenue Authority of Singapore (IRAS). Their stated purpose is to ensure that residential property prices remain stable and affordable, prevent speculative activity from building up, and align demand with long-term economic fundamentals.

Unlike direct price controls, cooling measures work through the tax and lending system. They raise the cost of speculative purchases, restrict borrowing headroom, and impose holding-period penalties on quick resales. Singapore has been willing to deploy these tools aggressively: between 2009 and 2026, policymakers tightened measures at least 15 times, pausing only briefly in 2017 when they partially eased some rules after a period of price moderation.

The result is a market that has risen in nominal terms — prices roughly doubled between 2009 and 2025 — but has done so far more slowly than peer cities such as Hong Kong or Vancouver, which applied fewer demand constraints. Understanding what each measure does, who it targets, and when it was introduced is essential for any property buyer or investor in Singapore today.

Figure 1: ABSD Rates by Buyer Profile — effective 27 April 2023. Source: IRAS / Ministry of Finance.

ABSD — Additional Buyer’s Stamp Duty

ABSD is the most consequential cooling measure for most buyers. It is a stamp duty surcharge levied on the purchase price (or market value, whichever is higher) at the time of acquisition. Unlike the basic Buyer’s Stamp Duty (BSD), which applies to all purchases, ABSD is structured by the buyer’s citizenship and property ownership count. It cannot be paid from CPF Ordinary Account balances — it must be settled in cash.

ABSD was first introduced in December 2011 to address a surge in foreign purchases. It has been raised in December 2013, July 2018, December 2021, September 2022 and — most dramatically — in April 2023. The April 2023 round doubled the rate for foreigners from 30% to 60% and raised the SC second-property rate from 12% to 20%.

Buyer Profile	1st Residential Property	2nd Residential Property	3rd & Subsequent
Singapore Citizen (SC)	0%	20%	30%
Singapore PR (SPR)	5%	30%	35%
Foreigner	60%	60%	60%
Entity (company / trust)	65%	65%	65%
SC + SPR couple (co-purchase)	5% (PR rate applies)	—	—

ABSD remissions are available in specific circumstances: married SC-and-SC couples buying their first jointly-owned property may claim a remission if they sell their existing HDB flat within six months of the private property’s completion. Developer ABSD (applicable at 35% for unsold units) is remitted if the development is sold out within five years (extended to six or seven years for large sites under the April 2023 framework).

Free Trade Agreement (FTA) provisions grant national treatment to citizens of the United States, Iceland, Liechtenstein, Norway and Switzerland under their respective FTAs with Singapore — those buyers pay SC rates for ABSD.

SSD — Seller’s Stamp Duty

Seller’s Stamp Duty is an exit tax on private residential properties sold within a holding period of the purchase date. It targets short-term flipping and speculative resales. Unlike ABSD, SSD is payable by the seller, not the buyer, and is triggered only when the property is sold (or a deemed sale occurs) within the prescribed holding period. HDB flats are not subject to SSD; SSD applies only to private residential properties.

SSD was first reintroduced in February 2010 (covering one-year holdings) and progressively extended. The most recent tightening on 4 July 2025 extended the holding period from three to four years and raised the rates:

Year of Sale After Purchase	SSD Rate — Bought Before 4 Jul 2025	SSD Rate — Bought On or After 4 Jul 2025
Year 1 (within 1 year)	12%	16%
Year 2 (1–2 years)	8%	12%
Year 3 (2–3 years)	4%	8%
Year 4 (3–4 years)	Nil	4%
After Year 4	Nil	Nil

Seller's Stamp Duty SSD rates before and after 4 July 2025 — 4-year holding period 16/12/8/4% new tiers — Figure 3: SSD rates before and after 4 July 2025. Source: IRAS.

SSD is computed on the higher of the transacted price or market value. For a property sold for S$2 million in Year 2 (bought after 4 July 2025), the SSD bill would be 12% × S$2,000,000 = S$240,000 — a material holding cost that effectively rules out short-term speculation.

LTV — Loan-to-Value Limits

LTV limits cap the maximum amount a buyer may borrow relative to the property’s value (or purchase price, whichever is lower). MAS administers LTV limits for bank loans; HDB administers its own concessionary loan LTV. Reducing LTV forces buyers to bring more cash and CPF funds upfront, cooling demand among highly-leveraged purchasers.

Loan Type	1st Housing Loan	2nd Housing Loan	3rd & Subsequent
Bank loan (private property / EC)	75% LTV, min 5% cash	45% LTV, min 25% cash	35% LTV, min 25% cash
HDB concessionary loan	75% LTV (from Aug 2024; was 80%)	Not available	Not available

The August 2024 HDB LTV reduction from 80% to 75% was the first change to the HDB loan limit since 2014. On a S$500,000 HDB flat, this means the maximum HDB loan falls from S$400,000 to S$375,000 — buyers must find an extra S$25,000 in cash or CPF. The Enhanced CPF Housing Grant (EHG), raised to S$120,000 for families at the same time, was designed to offset this for first-timers.

TDSR and MSR — Income-Based Limits

The Total Debt Servicing Ratio (TDSR) was introduced in June 2013 by MAS to prevent over-leveraged purchases. It caps the share of a borrower’s gross monthly income that can be committed to all debt repayments (mortgages, car loans, credit card instalments, etc.) at 55%. Lenders must stress-test the mortgage at a floor rate of 4% per annum, regardless of the actual prevailing rate. This means a S$1.5 million loan at 3.5% is assessed as though the repayment were at 4% when computing TDSR headroom.

The Mortgage Servicing Ratio (MSR) applies only to HDB flat purchases and Executive Condominiums (during the first five years before MOP). MSR caps the share of gross monthly income going to mortgage repayments alone at 30%. For a household earning S$9,000 per month, the maximum monthly mortgage is S$2,700 — and MSR generally binds before TDSR for HDB buyers.

The Full Cooling Measures Timeline 2009–2026

Singapore property cooling measures timeline 2009 to 2026 — all major rounds from SSD introduction to July 2025 SSD extension — Figure 2: Singapore Property Cooling Measures Timeline 2009–2026. Sources: MAS, MND, IRAS.

The measures have followed Singapore’s property cycle closely. The first SSD reintroduction in 2010 came as prices rebounded sharply from the 2008–2009 global financial crisis. The introduction of ABSD in December 2011 was a direct response to rising foreign purchases of private property and HDB resale flats. The June 2013 TDSR framework was a structural reform — rather than raising rates again, the government imposed a systemic borrowing limit that continues to govern all property financing to this day.

The 2017 partial relaxation was notable because it was the first time the government unwound any cooling measure — reducing SSD from four years to three, and lowering ABSD for PRs buying their first property and for entities buying residential property. It signalled that measures were calibrated to conditions, not permanent.

The post-COVID acceleration in 2021–2023 produced the sharpest tightening cycle since 2011. By April 2023, the government had raised ABSD three times in 18 months. The July 2025 SSD extension — from three to four years with higher rates — added a further layer of friction for short-term investors in private property.

Worked Example: The Real Cost for a SC Second-Property Buyer

Scenario: Mr and Mrs Chen, both Singapore Citizens, own an HDB flat (MOP cleared). They wish to purchase a S$1.5 million OCR private condominium as a second property for investment and rental income.

BSD (Buyer’s Stamp Duty): First S$180,000 at 1% = S$1,800; next S$180,000 at 2% = S$3,600; next S$640,000 at 3% = S$19,200; next S$500,000 at 4% = S$20,000 (where the BSD schedule tops out at S$1m threshold for SC). Wait — revised BSD rates: S$180k at 1% = S$1,800; S$180k at 2% = S$3,600; S$640k at 3% = S$19,200; remaining S$500k at 4% = S$20,000. Total BSD: S$44,600.

ABSD (Second Property — SC rate 20%): 20% × S$1,500,000 = S$300,000. This must be paid in cash within 14 days of exercising the Option to Purchase. It cannot be funded from CPF or the bank loan.

Bank loan (75% LTV): Maximum loan S$1,125,000. At 3.5% over 25 years, the monthly repayment is approximately S$5,626. TDSR at this income floor (for the loan to clear 55% TDSR) requires gross monthly household income of at least S$10,229.

Total upfront outlay: Down payment 25% = S$375,000 (min 5% cash = S$75,000; remainder CPF or cash) + BSD S$44,600 + ABSD S$300,000 = S$719,600, of which at least S$375,000 must be cash/CPF and S$300,000 must be pure cash.

This worked example illustrates why the April 2023 ABSD hike (which doubled the foreigners’ rate and raised the SC second-property rate from 12% to 20%) materially changed the investment calculus for most local property investors. At the old 12% rate, the Chens would have paid S$180,000 in ABSD — S$120,000 less than the current S$300,000.

Why Singapore Uses Cooling Measures: The Policy Rationale

Singapore’s government has consistently articulated three reasons for maintaining cooling measures: first, housing affordability — ensuring that owner-occupier demand, rather than speculative investment, drives prices; second, financial stability — preventing households from taking on unsustainable mortgage debt; and third, social equity — public housing (HDB) should remain accessible to the broad middle class.

The April 2023 ABSD hike was explicitly framed around the last point. With foreign buyers — particularly from mainland China and the United States — accounting for a disproportionate share of luxury-market transactions, the government raised the foreigners’ ABSD from 30% to 60% to “cool the market and ensure that Singapore’s housing remains primarily for Singaporeans”, as Minister of Finance Lawrence Wong stated in Parliament.

Critics sometimes argue that ABSD is a blunt instrument — it raises the bar for Singaporeans buying a second property as much as it does for foreign speculators. The counter-argument from policymakers is that the market distortion of not intervening is worse: unchecked price rises would erode HDB upgrader pathways and price out first-time buyers entirely.

What Might Come Next for Singapore Cooling Measures

As of August 2026, no relaxation of the April 2023 ABSD rates has been signalled. Government statements have consistently emphasised that the measures will remain until policymakers are confident that the risk of a price spiral has abated. Private residential prices rose 0.9% in Q1 2026 and showed a modest 0.8% increase in Q2 2026 — a pace of appreciation consistent with long-term fundamentals, which may reduce pressure for further tightening.

Potential triggers for partial relaxation include: a sustained period of subdued price growth; a significant cooling in transaction volumes; or a supply glut from completions in the GLS pipeline. Conversely, any resurgence in foreign capital flows — particularly if the Singapore dollar appreciates materially or global equity markets enter a risk-off phase — could prompt the government to tighten further.

The July 2025 SSD extension to four years, applied only to properties purchased from that date, suggests the government is comfortable with the current ABSD regime and is using SSD as an additional supply-side tool. Whether the ABSD foreigners’ rate of 60% proves permanent or is partially wound back as part of broader geopolitical calibration remains the key open question for 2027 and beyond.

Quick-Reference Summary: All Active Measures

Measure	Current Rate / Limit	Administered By	Effective From
ABSD — SC 1st property	0%	IRAS	27 Apr 2023
ABSD — SC 2nd property	20%	IRAS	27 Apr 2023
ABSD — SC 3rd+ property	30%	IRAS	27 Apr 2023
ABSD — PR 1st property	5%	IRAS	27 Apr 2023
ABSD — PR 2nd property	30%	IRAS	27 Apr 2023
ABSD — Foreigner	60%	IRAS	27 Apr 2023
ABSD — Entity	65%	IRAS	27 Apr 2023
SSD (bought on/after 4 Jul 2025)	16/12/8/4% (yrs 1–4)	IRAS	4 Jul 2025
SSD (bought before 4 Jul 2025)	12/8/4% (yrs 1–3)	IRAS	Ongoing
LTV — bank loan, 1st loan	75%	MAS	Ongoing
LTV — bank loan, 2nd loan	45%	MAS	Ongoing
LTV — HDB concessionary loan	75%	HDB / MAS	Aug 2024
TDSR	55% of gross income	MAS	Ongoing
MSR (HDB / EC)	30% of gross income	MAS / HDB	Ongoing

Frequently Asked Questions

Can I avoid ABSD if I sell my first property before buying the second?

Yes — with conditions. Singapore Citizens who already own a property and wish to buy a replacement first property may purchase the new property first and then sell the existing one. If the existing property is disposed of within six months of the new property’s completion (or purchase, for resale), they may claim an ABSD remission. The remission is not automatic — it must be applied for through IRAS after the sale. This provision does not apply to upgraders buying a permanent second property; it applies only where the first property will be sold and the buyer genuinely intends to own just one residential property.

Does ABSD apply to HDB flats?

ABSD applies to all residential property purchases, including HDB flats. However, Singapore Citizens buying their first HDB flat pay 0% ABSD. The practical impact of ABSD on HDB buyers is mainly felt by PRs (who pay 5% on their first HDB flat) and by SC upgraders buying a second property (who pay 20% ABSD on the private condo or EC even if they retain the HDB flat). Note that HDB regulations separately restrict HDB flat ownership to eligible households — a SC cannot own both an HDB flat and a private property during the HDB Minimum Occupation Period (MOP).

Who pays Seller’s Stamp Duty — the buyer or the seller?

SSD is paid by the seller. It arises on a disposal (sale, transfer, or assignment) of a private residential property within the prescribed holding period. The SSD obligation sits with the vendor, not the purchaser, and is computed on the higher of the sale price or the market value determined by IRAS. It is payable within 14 days of the disposal date. SSD does not apply to HDB flats, which have their own resale restrictions (the five-year Minimum Occupation Period). For private properties bought before 4 July 2025, the SSD holding period is three years (12/8/4%). For those bought on or after 4 July 2025, it is four years (16/12/8/4%).

How does TDSR affect how much I can borrow?

TDSR limits total monthly debt obligations to 55% of gross monthly income. Lenders apply a 4% per annum stress-test rate, regardless of the actual prevailing SORA rate. For a single borrower earning S$10,000 per month, maximum total debt service is S$5,500 per month. If the borrower already has a car loan of S$700 per month, the maximum available for a mortgage is S$4,800 per month. At 3.5% over 25 years, that translates to a maximum loan of approximately S$910,000. The stress test at 4% would further reduce the effective loan capacity, since the lender models repayments at 4% when checking TDSR — not the borrower’s actual rate. This is why borrowers who pass the quoted rate often find their approved loan is smaller than expected.

Are Singapore Citizens who are first-time buyers completely exempt from all cooling measures?

Not entirely. SC first-time buyers pay 0% ABSD on their first residential property — so ABSD is effectively nil. However, LTV limits (75% for bank loans, 75% for HDB loans), TDSR (55%) and MSR (30%, for HDB and EC purchases) all apply regardless of buyer profile or ownership count. The HDB’s five-year Minimum Occupation Period is also a demand management measure in its own right — it prevents first-timer buyers from selling immediately after acquiring a subsidised flat. First-time buyers who use HDB loans and grants benefit from a more generous package, but the income-based borrowing limits still bind.

What is the 15-month wait-out period, and does it still apply?

The 15-month private-property wait-out period was introduced in September 2022. It required private residential property owners (or former private property owners) to wait 15 months after disposing of their private property before they could purchase an HDB resale flat. This was designed to prevent downsizing “arbitrage” — extracting value from a private property sale and using it to compete in the HDB resale market with cash over valuation. The wait-out period was subsequently removed as part of the August 2024 policy package, when HDB LTV was cut from 80% to 75%. As of August 2026, there is no wait-out period for former private property owners buying an HDB resale flat, provided they meet HDB’s standard eligibility criteria.

Does the 60% ABSD for foreigners apply to Singapore Permanent Residents from FTA countries?

No. Citizens (not PRs) of the United States, Iceland, Liechtenstein, Norway and Switzerland are treated as Singapore Citizens for ABSD purposes under Singapore’s Free Trade Agreements with those nations. They pay SC ABSD rates — meaning 0% on a first property, 20% on a second. This FTA exception applies only to citizens of those five countries, not to PRs, and not to passport holders of other nations even if they are resident in Singapore under an Employment Pass or other visa.

Disclaimer: This article is for general informational purposes only and does not constitute legal, tax or financial advice. Stamp duty rates, LTV limits, TDSR/MSR caps and all other figures cited are based on information available as at August 2026 and are subject to change without notice. ABSD, SSD and BSD computations should be verified with IRAS (iras.gov.sg) directly. For purchase or investment decisions, readers should consult a licensed property agent registered with the Council for Estate Agencies (CEA), a qualified lawyer and, where applicable, a licensed financial adviser. Official sources: IRAS (iras.gov.sg), MAS (mas.gov.sg), HDB (hdb.gov.sg), MND (mnd.gov.sg), URA (ura.gov.sg).

Singapore En Bloc Reform 2026: New Consent Thresholds for Older Developments Explained

by Lovelyhomes Editorial Team | Aug 5, 2026 | GLS & Land Sales, Laws, Regulations & Policies, Price Trends, Property News, Property Trends, Regulatory News

Quick Answer: Singapore En Bloc Consent Reform 2026

The Ministry of Law (MinLaw) tabled the Land Titles (Strata) (Amendment) Bill in Parliament on 4 August 2026.
The proposed Bill lowers the collective sale consent threshold from 80% to 70% for developments aged 40–59 years, and to 65% for those aged 60 years and above.
Consent thresholds remain unchanged at 90% for developments under 10 years old, and 80% for those aged 10–39 years.
Approximately 20,000 private non-landed residential units are more than 40 years old in Singapore — representing a substantial pool of potentially eligible sites.
The Bill has not yet been enacted. It will be debated in Parliament and voted upon before becoming law.
New safeguards for minority (non-consenting) owners are also proposed, including a higher requisition threshold for calling general meetings, a shorter signature-gathering window, and a longer restriction period after failed attempts.
Complementary policy changes announced on 28 July 2026 extend ABSD remission timelines for developers of large collective sale redevelopments, providing a more viable development economics framework for mega en bloc sites.

Note: This article is based on the Land Titles (Strata) (Amendment) Bill tabled in Parliament on 4 August 2026. The Bill has not yet been passed into law. All references to “new rules” or “proposed thresholds” reflect the Bill as tabled and are subject to Parliamentary debate and amendment.

The Proposed Changes: What MinLaw Has Tabled

Singapore’s Ministry of Law (MinLaw) tabled the Land Titles (Strata) (Amendment) Bill in Parliament on 4 August 2026, proposing the most significant overhaul of the collective sale (en bloc) framework since the regime’s inception in 1999. The centrepiece of the Bill is a tiered reduction in the consent thresholds required for older developments to proceed with a collective sale.

Under the current framework, any strata development — regardless of age — requires the agreement of owners representing at least 80% of the share value AND 80% of the strata area to proceed with a collective sale (or 90% for developments less than 10 years old). The amendment proposes a graduated approach: the older the development, the lower the threshold required to unlock a collective sale.

Singapore en bloc consent threshold reform 2026 old vs new by development age bar chart — Figure 1: Singapore en bloc consent thresholds — existing versus proposed under the Land Titles (Strata) (Amendment) Bill tabled 4 August 2026. Developments aged 40–59 years would see their threshold fall by 10 percentage points; those aged 60 and above would see a 15 percentage-point reduction. Source: Ministry of Law (MinLaw).

Why Now? The Ageing Estate Problem

Singapore’s private housing stock is ageing. Government records indicate that approximately 20,000 private non-landed residential units are more than 40 years old, compared with over 360,000 units below 40 years. The proportion of older units in the total stock has grown steadily since the 1999 collective sale regime was introduced, and MinLaw has flagged that many of these sites are not utilised to their fullest potential — particularly where new MRT lines, parks, and community facilities have since been developed in their neighbourhoods.

The practical problem is maintenance. Older developments face mounting costs to replace lifts, water pipes, electrical systems, and common-area infrastructure. Sinking fund balances built up over the decades are sometimes insufficient for major upgrades, requiring owners to make additional contributions at a time when many are retired or on fixed incomes. Where a collective sale provides a viable exit at market value, it offers a financially superior outcome for both the consenting majority and — with appropriate safeguards — the non-consenting minority.

About 40% of developments aged 40 years and above are located in prime Districts 9, 10, and 11, making them particularly attractive to developers given the scarcity of Government Land Sales (GLS) sites in those areas. The concentration of older private stock in the Core Central Region (CCR) means the potential development pipeline, if a new wave of collective sales materialises, would skew toward high-end residential and mixed-use projects in established precincts.

Development Age	Existing Consent Threshold	Proposed Threshold	Change
Under 10 years	90%	90%	No change
10–39 years	80%	80%	No change
40–59 years	80%	70%	−10 percentage points
60 years and above	80%	65%	−15 percentage points

Source: Ministry of Law (MinLaw), Land Titles (Strata) (Amendment) Bill, tabled 4 August 2026.

Which Developments Could Benefit?

Industry data suggests there are approximately 150 private non-landed developments aged between 40 and 59 years, and fewer than 10 that are 60 years old or more. Among the most prominent older developments that have previously attempted and failed to achieve the 80% threshold — and that would now potentially fall within the new lower thresholds — are several large-scale projects in mature estates:

Braddell View (918 units, completed 1978, aged approximately 48 years) has made previous collective sale attempts that did not reach the 80% threshold. If redeveloped, the site could yield an estimated 2,600 new homes. Laguna Park (516 units, completed 1981, aged approximately 45 years) could yield around 1,700 new units. Pine Grove (660 units, completed 1984, aged approximately 42 years) has a site capable of supporting over 2,000 new homes.

Pandan Valley in District 21 is a freehold condominium development with 605 residential units across seven blocks, completed in 1978 (aged approximately 48 years). Its freehold tenure and district-21 location make it one of the more valuable potential collective sale candidates. Commercial mixed-use developments including People’s Park Complex (Chinatown, completed 1972, aged 54 years) and Far East Shopping Centre (Orchard Road, completed 1974, aged approximately 52 years) may also benefit — the Bill extends the reduced thresholds to commercial and mixed-use strata developments as well.

Complementary Policy Changes

The en-bloc threshold reform does not stand alone. The government announced two complementary housing policy changes on 28 July 2026 that collectively form a coherent urban renewal package:

Extended ABSD remission timelines for large redevelopments: Developers who acquire collective sale sites and redevelop them for residential sale currently face a five-year window to complete construction and sell all units, or face ABSD penalties. Under the revised framework, sites yielding between 700 and 1,399 units will be given up to six years; sites yielding 1,400 or more homes will receive up to seven years (with at least half their units to be sold within six years). This addresses a practical concern for mega-collective-sale sites — such as Braddell View — where the development timeline may genuinely require more than five years.

Removal of the 15-month wait-out period: Private property owners who wish to purchase a non-subsidised HDB resale flat no longer need to wait 15 months after selling their private property. This change, which took effect from 28 July 2026, effectively creates a more liquid pathway for private homeowners who receive collective sale proceeds and wish to downgrade to the HDB market — a meaningful exit for sellers in large-scale en bloc redevelopments who may not wish to re-enter the private market immediately.

Stronger Safeguards for Minority Owners

Recognising that lower consent thresholds increase the pressure on non-consenting minority owners, MinLaw has coupled the reforms with enhanced protections:

The support required to call a general meeting to form a collective sale committee is being raised from 20% of share value (or 25% of units) to 35% of either share value or units. This higher bar ensures that a well-organised small group of enthusiastic sellers cannot easily initiate a collective sale process in a development where the broader ownership base is indifferent or opposed.

Once formed, a collective sale committee will have only six months (reduced from 12 months) to obtain the signatures required to execute the collective sale agreement. The compressed timeline is intended to reduce prolonged pressure campaigns on holdout owners. The restriction period following an unsuccessful collective sale attempt will also be extended from two years to three years, meaning a failed bid cannot immediately be re-run with the same roster of owners.

For owners who ultimately do not consent but whose property is sold via the Strata Titles Board (STB), the cap on additional compensation will rise. Non-consenting owners may now receive up to 0.5% of their sale proceeds or S$2,000, whichever is higher — up from the previous 0.25% or S$2,000 cap.

Worked Example: How the New Threshold Changes the Calculus

Scenario: A 200-unit development completed in 1980 (aged approximately 46 years) has been attempting a collective sale at a reserve price of S$400 million. Under the existing 80% threshold, it needs owners representing 80% of share value AND 80% of strata area (approximately 160 units, assuming equal share values) to sign the collective sale agreement. After 18 months of engagement, it has achieved 71% — just below the 80% threshold.

Under the proposed new rule (70% for developments aged 40–59 years): The committee would need only 70% to proceed — meaning the 71% already achieved would be sufficient under the new framework. The committee could choose to terminate its existing agreement and re-execute under the new rules, subject to a seven-month transition window from the date the new law takes effect.

Key caveat: The Bill provides a transition option for committees currently gathering signatures. They may call a general meeting to decide whether to adopt the new rules. If they do, they have seven months from the commencement date of the new Act to achieve the required consent under the new framework.

What Does This Mean for Homeowners and Investors?

For owners of units in older developments, the reform is a double-edged proposition. On one hand, a successful collective sale typically delivers a premium above open-market individual sale prices — often 10%–30% above comparable valuations, depending on the development potential of the site. On the other hand, owners who wish to remain in their homes face a lower threshold of fellow owners who can outvote them.

The parallel strengthening of minority safeguards — higher requisition thresholds, shorter signature windows, extended restriction periods, and higher compensation caps — reflects MinLaw’s attempt to balance these competing interests. Whether the safeguards are sufficient will likely be debated vigorously in Parliamentary readings of the Bill.

For property investors and developers, the reform signals a more permissive environment for collective sale redevelopment, particularly in the CCR where new GLS sites are scarce. The extended ABSD remission timelines reduce the financial risk of undertaking mega-developments, potentially making large en bloc bids more economically viable.

What Might Come Next

The Land Titles (Strata) (Amendment) Bill will be debated in Parliament before being put to a vote. If passed, most provisions will apply prospectively — meaning ongoing collective sale exercises where the first signature to the collective sale agreement has not yet been obtained will transition to the new rules, while exercises where signatures are already being gathered will have an option to adopt the new framework via the seven-month transition mechanism.

Whether the reforms herald a new en bloc wave is uncertain. The last major collective sale boom (2017–2018) was characterised by 28 deals in 2017 worth a combined S$8.7 billion, followed by 38 deals totalling S$10.8 billion in the first half of 2018, before the government introduced development charge increases and cooling measures in July 2018. Market observers suggest that developer appetite, pricing expectations, and interest rates will remain the primary determinants of whether deals materialise — the threshold change is an enabler, not a trigger. This is editorial commentary and not confirmed forward-looking policy.

Frequently Asked Questions

When will the new en bloc consent thresholds take effect?

The Land Titles (Strata) (Amendment) Bill was tabled in Parliament on 4 August 2026 but has not yet been passed into law. It will be debated in Parliament and may be amended before a vote. Once enacted, MinLaw will gazette the commencement date. Collective sale exercises where the first signature to the collective sale agreement has not been obtained by the commencement date will generally fall under the new rules. For exercises already underway, a transition mechanism allows the committee to adopt the new framework within seven months of commencement, if a general meeting resolves to do so.

Does the lower threshold apply to both share value and strata area?

Singapore’s collective sale consent requirement is measured against both share value and strata floor area — both must meet the threshold. The Bill proposes to apply the lower thresholds (70% for 40–59 year developments, 65% for 60+ year developments) to both share-value and strata-area measurements simultaneously, consistent with the current framework’s dual-measurement approach.

Can a 55-year-old development use the new 65% threshold (applicable to 60+ years)?

No. The 65% threshold applies only to developments aged 60 years and above. A 55-year-old development would fall in the 40–59 year band and qualify for the 70% threshold. Age is measured from the date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) for the development, not the date of the strata title issuance.

What happens to collective sale committees already gathering signatures?

Collective sale committees that are currently gathering signatures when the new law takes effect will have a choice. If the first signature to the collective sale agreement has already been obtained, the existing framework continues to apply — the committee proceeds on the old 80% threshold. However, the committee may convene a general meeting to resolve to terminate the existing agreement and proceed under the new framework; if they do so, they have seven months from the commencement date to secure the consent required under the new rules.

Does a lower consent threshold mean a faster sale?

Not necessarily. Achieving the consent threshold is only the first hurdle in a collective sale. The process also involves marketing the property to developers, reviewing bids, convening a general meeting to approve the sale, and then applying to the Strata Titles Board (STB) if any minority owners object. The STB process can take months, particularly if objections are filed. The reduced threshold may make it easier to commence the process, but the overall timeline from consent to completion remains substantial — typically 18–36 months from first signature to completion of sale.

Disclaimer

This article is based on the Land Titles (Strata) (Amendment) Bill tabled in Parliament on 4 August 2026. The Bill has not been enacted and may be amended or rejected during Parliamentary proceedings. All information is for general educational purposes only and does not constitute legal advice. Readers who hold units in developments considering a collective sale should seek independent legal advice from a qualified Singapore solicitor. For official information on the collective sale regime, visit mlaw.gov.sg.

Singapore Condo Rental Income Guide 2026: Yields, Tax and How to Maximise Returns

by Lovelyhomes Editorial Team | Aug 5, 2026 | Buying Guide, Home Ownership & Living, Laws, Regulations & Policies, Regulatory News, Renting Guides, Resources & Tools

Quick Answer: Condo Rental Income in Singapore 2026

Owning a private condominium in Singapore and leasing it generates rental income taxed as personal income by IRAS — but deductions are available for mortgage interest, property tax, maintenance, agent fees, and repairs.
Gross rental yields for Singapore condominiums range from approximately 3.0% (CCR) to 4.1% (OCR fringe) in 2026; net yields after costs and tax are typically 1.8%–2.8%.
Non-owner-occupied properties pay a higher property tax rate (10%–20% on Annual Value) compared to owner-occupied rates (0%–16%).
Landlords must submit rental income in their annual IRAS tax return. Failure to declare is a strict-liability offence under the Income Tax Act.
You do NOT need to register as a business — rental income from residential property is assessed as personal income (non-business source).
Your tenant’s foreign status does not affect your tax obligation, but be aware of Minimum Stay Period rules: the Urban Redevelopment Authority (URA) mandates a minimum 3-month lease for all private residential tenancies (non-HDB).
The ABSD regime incentivises investors to keep only one property; owning a second property means paying 20% ABSD (Singapore Citizen) or 30% (PR) at purchase.
Rental income on overseas property held by Singapore tax residents is remittance-based — it becomes taxable in Singapore when funds are brought into the country (from 1 Jan 2024 for certain foreign-sourced income).

Why Condo Rental Income Attracts Investors in Singapore

Singapore has one of the world’s most tightly regulated residential property markets, yet private condominium rental remains a resilient income source for property investors. The city-state’s status as a regional financial hub drives sustained demand from expatriates, foreign professionals on Employment Passes, and international students — a tenant base that is willing to pay premium rents for well-located, well-managed condominium units.

According to URA data for the second quarter of 2026, private residential rents rose 0.7% quarter-on-quarter, extending a sustained period of above-historical-average rents that began during the post-pandemic supply squeeze. Total leasing volume for private residential properties remains buoyant, with Districts 9, 10, 15, and 19 commanding the highest absorption rates.

For Singapore Citizen (SC) property investors who have already purchased their first property and wish to acquire a rental-generating second property, the framework is clear: ABSD of 20% applies on purchase, offset over a 10–15 year investment horizon by rental income, capital appreciation, and eventual resale proceeds. For those who bought pre-cooling-measure at lower prices, the calculus often still works in their favour.

Singapore condo rental yield by region 2026 gross vs net bar chart — Figure 1: Indicative gross and net rental yields by region for Singapore private condominiums in 2026. Net yields assume non-owner-occupied property tax, maintenance fees, and 1-month agent commission amortised over a 2-year lease. Source: URA, industry data (illustrative; yields vary significantly by project, unit size, and lease terms).

How Singapore Taxes Rental Income

Rental income from Singapore residential property is assessed as personal income by the Inland Revenue Authority of Singapore (IRAS) under the Income Tax Act (Cap. 134). It is not classified as business income (unless you are running a rental business at scale with multiple properties and supporting staff), meaning it is reported on your individual tax return alongside employment and other income, and taxed at Singapore’s progressive personal income tax rates.

The deductions available to residential landlords are generous compared to many jurisdictions. IRAS allows the following as deductions against gross rental income:

Mortgage interest — the interest component of your bank loan repayment (not the principal). This is typically the largest deduction for leveraged investors.
Property tax — the annual property tax bill paid to IRAS (which is itself computed on Annual Value).
Agent commission — leasing agent fees, typically one month’s rent per year for a 2-year lease.
Maintenance fees — monthly maintenance contributions and sinking fund payments to the condo management corporation.
Furniture, fittings, and repair costs — costs incurred wholly and exclusively in producing rental income.
Insurance premiums — fire insurance and other property-related policies.
Vacancy expenses — property tax and certain fixed expenses may be deducted even during vacant periods, subject to IRAS conditions.

Depreciation of the property itself (capital allowance) is not permitted for residential property. Only commercial and industrial properties may claim capital allowances under Singapore tax law. This distinguishes Singapore from the United States and Australia, where residential investors can depreciate the building structure.

Income Tax Rate (2026)	Chargeable Income Band	Tax Payable on Band
0%	First S$20,000	S$0
2%	Next S$10,000 (S$20k–S$30k)	S$200
3.5%	Next S$10,000 (S$30k–S$40k)	S$350
7%	Next S$40,000 (S$40k–S$80k)	S$2,800
11.5%	Next S$40,000 (S$80k–S$120k)	S$4,600
15%	Next S$40,000 (S$120k–S$160k)	S$6,000
18%	Next S$40,000 (S$160k–S$200k)	S$7,200
19%	Next S$40,000 (S$200k–S$240k)	S$7,600
19.5%	Next S$40,000 (S$240k–S$280k)	S$7,800
20%	Next S$40,000 (S$280k–S$320k)	S$8,000
22%	Above S$320,000	22% on excess

Singapore does not impose a capital gains tax; profits from selling your investment property are therefore not taxable (unless IRAS characterises you as a property trader based on your pattern of buying and selling, in which case gains are treated as business income).

Property Tax on Rental Properties

All Singapore property owners pay annual property tax assessed on the Annual Value (AV) — the estimated market rent of the property if it were unoccupied and let without furnishings. IRAS determines AV annually based on market rental data. For a typical OCR 2-bedroom condo generating S$3,200/month in actual rent, the IRAS AV might be set at approximately S$36,000–S$38,400 per year.

Owner-occupied residential properties enjoy significantly lower property tax rates (0% on the first S$8,000 AV, then 4%–16% progressively). For non-owner-occupied (i.e., rented-out) residential properties, the rates are higher: 10% on the first S$30,000 AV, then 12%, 14%, 16%, 18%, and 20% progressively on higher AV bands (effective from 1 January 2024 after the 2023 rate hike).

An OCR condo with AV of S$36,000 would attract annual property tax of approximately: 10% × S$30,000 + 12% × S$6,000 = S$3,000 + S$720 = S$3,720 per year (~S$310/month). This is a deductible expense against rental income in your IRAS tax return.

Monthly condo rental cost breakdown Singapore 2026 OCR 2BR S900k — Figure 2: Monthly cost breakdown for an OCR 2-bedroom condo purchased at S$900,000 with a 75% LTV bank loan at 3.5% SORA over 25 years. Gross rental income assumed at S$3,200/month (gross yield ~4.3%). This unit generates a monthly shortfall of approximately S$1,230 before tax benefits from deductible interest.

The Cash-Flow Reality: Yield vs Cost

One of the most important lessons for Singapore condo investors in 2026 is that gross rental yield almost never covers all monthly holding costs for a leveraged investor in the current interest rate environment. With SORA-linked mortgage rates at approximately 3.3%–3.8% and property prices at historic highs, the monthly mortgage repayment on a S$900,000 OCR condo with 75% LTV financing (loan S$675,000, 25 years) is approximately S$3,150–S$3,300 per month — already at or above the achievable rent for a 2-bedroom unit in many OCR areas.

Add property tax (S$310/month), maintenance fees (S$350/month), and agent commissions amortised (S$170/month), and total monthly outgoings approach S$4,200–S$4,500. With rent at S$3,200–S$3,500/month, the property generates a negative monthly cash flow of S$700–S$1,300 before accounting for tax savings from deductible interest.

This is not necessarily a reason to avoid rental investment — Singapore property has historically delivered capital appreciation that dwarfs the income return — but it underscores that the investment thesis for Singapore residential property rests primarily on capital growth rather than yield. Investors who need the property to be cash-flow positive from day one should focus on higher-yield OCR fringe areas, 1-bedroom units (where rent/price ratios are more favourable), or hold without leverage where cash holdings allow.

Worked Example: Mr Lim’s OCR Investment Property

Scenario: Mr Lim, a Singapore Citizen earning S$150,000 per year in employment income, purchases a 2-bedroom OCR condo at S$900,000 (his second property, paying 20% ABSD = S$180,000). He finances 75% with a bank loan at 3.5% SORA over 25 years. Monthly payment: S$3,381. He rents it out at S$3,400/month.

Annual rental income: S$3,400 × 12 = S$40,800

Allowable deductions (Year 1):
• Mortgage interest (approx. 60% of repayment in early years): S$3,381 × 12 × 60% ≈ S$24,344
• Property tax (non-owner-occupied AV ~S$38,400): S$3,888
• Agent commission (1 month): S$3,400
• Maintenance fees: S$350 × 12 = S$4,200
• Repairs/misc: S$1,000
• Total deductions: S$36,832

Net chargeable rental income: S$40,800 − S$36,832 = S$3,968

Tax on incremental S$3,968 (Mr Lim’s marginal rate at S$150k total income is ~15%): ~S$595

Net rental income after tax: S$40,800 − S$36,832 − S$595 = S$3,373 per year (~S$281/month)

Monthly cash flow: Rent S$3,400 − Loan S$3,381 − Maintenance S$350 − Property Tax S$324 − Agent (amortised) S$142 = −S$797/month

Mr Lim’s effective monthly cost of holding the investment property is approximately S$797. His rationale: the ABSD of S$180,000 front-loaded his acquisition cost, and he expects 3–5% annual capital appreciation on the S$900,000 property (S$27,000–S$45,000/year) to more than compensate.

Figure 3: Illustrative tax payable on net chargeable rental income of S$26,400 per year, across four taxpayer profiles at different total income levels. The marginal income tax rate applied to rental income depends on the taxpayer’s overall chargeable income — higher earners pay more tax on the same rental income. Source: IRAS tax rates 2026.

Tenancy Rules: URA Minimum Lease and Subletting

All private residential tenancies in Singapore are subject to URA’s minimum 3-month lease period rule. This means you cannot rent your condominium on a short-stay basis (e.g., Airbnb-style), as doing so violates planning conditions and carries penalties including fines and compulsory sale in repeat-offence cases. Only licensed short-stay accommodation (hotels, serviced residences, and approved guesthouses) may offer leases shorter than three months.

For long-term leases, the landlord’s obligations include: providing a signed tenancy agreement stamped with the Inland Revenue Authority of Singapore (stamp duty of 0.4% of total rent for leases exceeding one year); ensuring the property is in habitable condition; providing a security deposit receipt; and not refusing to refund the deposit without legitimate grounds. The Residential Tenancies Act (RTA), passed in 2022 and operationalised progressively, provides a statutory dispute resolution process for landlord-tenant disputes below S$30,000.

What Does This Mean for Rental Investors?

Singapore’s rental market in 2026 sits at a crossroads. Rents are elevated — materially above their 2018–2019 base — but the pace of increase has slowed as more completions come online. Projects that completed in 2023–2025 are adding supply to Districts 18, 19, and 23, which may cap rent growth in those areas. Central-zone properties continue to benefit from limited supply and sticky expatriate demand.

The net yield compression story is real. An investor who bought an OCR condo in 2015 at S$600 psf and now earns rent on a property worth S$1,100 psf has seen their yield halve in nominal terms — but their capital gain has more than compensated. For new entrants in 2026 buying at today’s prices, the yield mathematics require a realistic assessment of capital appreciation expectations and holding capacity during negative cash-flow periods.

Singapore’s macroprudential framework (Total Debt Servicing Ratio cap of 55%, Mortgage Servicing Ratio cap of 30% for HDB loans, ABSD escalation) means that the market is unlikely to see the kind of over-leveraged speculation that preceded the 1997 and 2008 crises. The downside risk for well-selected Singapore residential property is bounded — but so is the short-term income return.

What Might Come Next for Rental Property Policy

The Ministry of National Development (MND) and the Urban Redevelopment Authority have consistently signalled willingness to adjust cooling measures in response to market data. With rents still above historical averages but showing signs of moderation, and with significant completions in the pipeline for 2026–2028 from projects launched in 2021–2023, rental growth is expected to moderate. ABSD adjustment — particularly for second-property purchases — remains the most-watched policy lever. Speculation on changes to the non-owner-occupied property tax rates is also present in industry commentary. All forward-looking statements in this section are the editorial view of LovelyHomes and do not represent government policy.

Frequently Asked Questions

Do I have to declare rental income if I rent out only one room?

Yes. All rental income, including income from renting out a single room in your HDB flat or private property, is taxable in Singapore and must be declared in your IRAS tax return. However, IRAS allows a simplified deduction of 15% of gross rent as deemed expenses (in lieu of actual deductions) for HDB room rentals, which simplifies the computation for smaller-scale landlords. For private property owners renting out the entire unit, actual deductions are generally more advantageous.

Can I deduct the full mortgage repayment from rental income?

No. Only the interest component of your mortgage repayment is deductible, not the principal repayment. In the early years of a 25-year amortising loan, the interest portion is highest (often 60%–70% of each payment). As you pay down the loan, the interest component decreases and your deductible amount falls — meaning your taxable rental income increases over time on a leveraged property even if the rent stays constant.

How does IRAS determine the Annual Value of my rental property?

IRAS determines Annual Value (AV) by reference to market rental data for comparable properties in the same development or area. Your actual rent may be higher or lower than the IRAS AV, but property tax is always computed on IRAS’s assessed AV — not your actual rent. If you believe the AV is incorrect, you may file an objection with IRAS within 30 days of receiving the property tax notice.

What happens if I forget to declare rental income?

Failure to declare rental income is a strict-liability offence under Section 94 of the Income Tax Act. IRAS routinely cross-references URA tenancy data, stamp duty records, and CPF data to identify undeclared rental income. Penalties include a fine of up to 200% of the tax undercharged, and in serious cases, prosecution. IRAS operates a Voluntary Disclosure Programme that provides penalty remission for landlords who proactively declare previously omitted income before IRAS contacts them.

Can I rent out my condo while it still has an outstanding HDB loan?

Yes — your condo and HDB loan are separate financial obligations. There is no HDB rule preventing you from renting out a private condo unit you own, regardless of your HDB loan status. The HDB loan rules govern your HDB flat; your private property is subject to MAS regulations and URA tenancy rules. However, if you own an HDB flat and a private property simultaneously, you must note HDB’s Private Property Declaration rules: certain restrictions apply to HDB flat ownership when you also own private property, particularly regarding the 30-month waiting period for PRs and the subletting approval process for HDB flats.

Is rental income from overseas property taxed in Singapore?

Singapore moved to a modified territorial basis effective 1 January 2024. Foreign-sourced rental income received in Singapore on or after that date — meaning income remitted into a Singapore bank account or received from a Singapore-connected entity — is generally taxable in Singapore for Singapore tax residents, subject to applicable tax treaties. Foreign taxes paid may be creditable against Singapore tax to avoid double taxation. Consult a tax professional for your specific situation, particularly if you hold overseas real estate.

Disclaimer

This article is for general educational purposes only and does not constitute financial, legal, or tax advice. Singapore property tax rates, IRAS deduction rules, income tax rates, URA tenancy regulations, and ABSD rates are subject to change and should be verified directly with the relevant government agencies: IRAS (iras.gov.sg), URA (ura.gov.sg), MAS (mas.gov.sg), and HDB (hdb.gov.sg). Rental yields, prices, and all financial examples are illustrative only and based on market data available as at August 2026. Readers should consult a licensed real estate salesperson, qualified financial adviser, and tax professional before making any property investment decision.

Berlayar Drive GLS: Sole Bid of S$576M Sets New RCR Land Price Record

by Lovelyhomes Editorial Team | Aug 5, 2026 | GLS & Land Sales, Price Trends, Property News, Property Trends, Regulatory News

Quick Take: Berlayar Drive GLS — What You Need to Know

Single bid only — Hong Leong Holdings-GuocoLand JV was the sole bidder; analysts had expected 4–6 bids.
New RCR land price record — S$1,515 psf ppr surpasses Holland Plain (S$1,491 psf ppr, May 2026).
Total bid: S$576 million for a 99-year leasehold site of ~271,932 sqft yielding ~415 units.
Second sole-bid GLS of 2026 — Holland Plain (Sim Lian Group, May 2026) was the first.
Location: ~7 min walk to Telok Blangah MRT, near VivoCity, within Greater Southern Waterfront masterplan.
Berlayar Estate masterplan: ~10,000 homes total (7,000 HDB + 3,000 private) along Singapore’s southern coast.
Bid exceeded analyst projections of S$1,100–S$1,450 psf ppr by approximately 4.5%.

What Happened: The Berlayar Drive Tender Result

The Urban Redevelopment Authority (URA) closed the tender for the Berlayar Drive Government Land Sale (GLS) site on 4 August 2026, recording a single bid of S$576 million — or approximately S$1,515 per square foot per plot ratio (psf ppr) — submitted by a joint venture comprising Hong Leong Holdings and GuocoLand. The bid is the highest ever achieved for a Rest of Central Region (RCR) residential GLS site.

The result surprised the market on two counts: the thin participation (analysts had forecast four to six bids), and the price (the sole bidder paid above the top of the projected range). The site was released under Singapore’s 1H 2026 Confirmed List GLS Programme.

Singapore GLS 2026 sole-bid tenders land price comparison Berlayar Drive Holland Plain psf ppr — Figure 1: 2026 Sole-Bid GLS Tenders — Land Price Comparison. Berlayar Drive (S$1,515 psf ppr) sets new RCR record. Source: URA, industry analysts.

The Site: Waterfront Land in a Transforming Precinct

The Berlayar Drive site is a 99-year leasehold plot of approximately 271,932 sq ft within the nascent Berlayar Estate — a HDB-planned mixed-tenure waterfront neighbourhood in Bukit Merah, part of Singapore’s Greater Southern Waterfront (GSW) masterplan. The development will yield an estimated 415 private residential units.

Connectivity is a core draw: the future development is approximately a 7-minute walk from Telok Blangah MRT station (Circle Line), with Labrador Park MRT also nearby. VivoCity, Alexandra Retail Centre, and the upcoming HarbourFront redevelopment are all within easy reach. The Berlayar Estate masterplan envisions approximately 10,000 homes in total — around 7,000 public housing units and 3,000 private units — alongside 10 hectares of parks and green corridors.

The first BTO project in Berlayar Estate, Berlayar Residences, was launched in October 2025 (~1,000 flats). The Berlayar Drive GLS site (together with the earlier Telok Blangah Road GLS site) will account for more than one-third of the estate’s planned private residential supply. The most recent comparable private development in the immediate area — The Reef at King’s Dock, launched 2021 — has since sold out entirely.

A Year of Cautious Developer Participation

Berlayar Drive is the second 2026 GLS site to attract only a single bid. In May 2026, Sim Lian Group submitted the lone offer of S$454 million (S$1,491 psf ppr) for the Holland Plain site (~510 homes). Both outcomes reflect a broader pattern of more selective developer land banking, driven by elevated construction costs, tighter financing conditions, and ABSD headwinds on buyer demand.

Yet in both cases, the winning bidder priced the land above or near the upper end of analyst expectations — suggesting that for the right site with a compelling long-term narrative, developer conviction remains strong even in a cautious climate.

GLS Site	Date Closed	Bidder	No. of Bids	Bid (S$M)	psf ppr	Est. Units
Holland Plain	May 2026	Sim Lian Group	1	S$454M	S$1,491	~510
Berlayar Drive	4 Aug 2026	HL-GuocoLand JV	1	S$576M	S$1,515	~415
Marina Gdns Crescent	Jan 2024	GuocoLand-led consortium	1	S$770M	S$984	~790

Worked Example: Indicative Buyer Price at Launch

Projecting Future Launch Prices from Land CostLand cost per unit (S$576M / 415 units)~S$1,388,000
Est. construction cost (~S$480 psf on ~950 sqft avg)~S$456,000
Marketing, finance, design, other (~12%)~S$220,000
Implied breakeven~S$2,064,000 per unit
Developer margin (~20–25% on costs)~S$413,000–S$516,000
Indicative launch ASP (2BR ~950 sqft)S$2,500,000–S$2,580,000 (~S$2,630–S$2,716 psf)

These figures are indicative industry estimates based on comparable RCR land and construction costs. Actual pricing will be set by the developer. Independent research is strongly recommended.

What This Means for Buyers

The new RCR land cost benchmark at S$1,515 psf ppr will pull up price expectations for future launches in the Berlayar precinct and the wider Bukit Merah corridor. A development acquired at this land cost is likely to launch at well above S$2,500 psf for compact units. For buyers already tracking the GSW story, the tender result signals that entry-level pricing in the precinct may rise further before more supply comes to market. For the broader RCR resale market, a new GLS land record typically nudges comparable second-hand prices upward as sellers recalibrate their expectations.

The bifurcation in Singapore’s land market is now clearly visible: story-driven, location-advantaged sites continue to attract premium bids even from a single developer, while less differentiated suburban sites see thinner interest. Berlayar Drive falls firmly in the former camp.

What to Watch Next

Watch for URA’s formal acceptance of the bid (typically within a few weeks of tender close), and for any planning application submitted by the developer, which would give further clues on unit mix and development concept. LovelyHomes will continue tracking Berlayar Estate as HDB progresses its masterplan and as the private development takes shape — follow our New Launches section for updates as they emerge.

Frequently Asked Questions

What does psf ppr mean and why is it relevant to buyers?

PSF ppr (per square foot per plot ratio) measures the effective cost of a GLS site relative to how much floor space it can legally accommodate. A higher psf ppr means the developer is paying more per unit of buildable area, which pushes up the break-even price and ultimately the selling price of completed units. The Berlayar Drive land cost of S$1,515 psf ppr — the highest ever for an RCR GLS site — is a strong forward indicator that the eventual launch prices will be significantly higher than prior launches in the area.

Is a sole bid a negative sign for the project?

Not necessarily. A sole-bid outcome signals that only one developer saw the risk-reward profile as compelling at the prevailing market conditions — but the fact that the winning bid exceeded analyst price projections by 4.5% suggests Hong Leong-GuocoLand has strong conviction in the Berlayar location. Historical sole-bid GLS outcomes in Singapore have produced some successful projects (e.g., The Reef at King’s Dock, developed from the Keppel Club site). The thin bidder field is more a reflection of broader developer caution than a verdict on the site itself.

When might the Berlayar Drive condo launch for sale?

After URA formally accepts the GLS bid, the developer typically needs 12–24 months to complete planning, design, and sales licensing before launching. A plausible launch window is late 2027 to mid-2028, subject to URA planning approval timelines and market conditions. LovelyHomes will update when the developer files a development application or announces a showflat preview.

What is the Greater Southern Waterfront and why does it matter for property?

The Greater Southern Waterfront (GSW) is Singapore’s most ambitious urban transformation project — a ~2,000-hectare regeneration of the former southern port and industrial coastline. It will deliver tens of thousands of new homes, parks, and commercial spaces over decades, linking precincts from Pasir Panjang through Keppel, Tanjong Pagar, and Marina South. For buyers, it represents a long-horizon capital appreciation thesis: owning property in a precinct at an early stage of a government-led transformation with strong connectivity, waterfront, and greenery credentials.

How does ABSD affect demand for a high-priced RCR launch like this?

At indicative launch prices of S$2,500,000–S$2,580,000 per unit, the buyer profile shifts toward Singapore Citizens and PRs purchasing a second or subsequent property (ABSD 20–30%), investors, and — for foreigners — those who can absorb the 60% ABSD on a S$2.5M+ purchase (total stamp duty approaching S$1.5M). The developer’s marketing strategy will need to focus on owner-occupier first-time and upgrader buyers (who pay 0–5% ABSD) and may price smaller units to maximise SC owner-occupier accessibility. ABSD at current rates constrains investor demand significantly for higher-priced units.

Disclaimer: This article is an editorial summary based on publicly available information from URA, 99.co, and industry sources. Price projections are indicative estimates only and do not constitute investment advice. Conduct independent research and consult a licensed property professional before any purchase decision. Source data: URA (ura.gov.sg).

Singapore Private Property Prices Q2 2026: URA Flash Estimate Shows +0.5% Overall, CCR +2.0%, Landed +2.6%

by Lovelyhomes Editorial Team | Jul 5, 2026 | Investment Analysis, Market News, Price Trends, Property News, Property Trends, Regulatory News

⚡ Key Numbers — URA Q2 2026 Private Residential PPI Flash Estimate

Overall PPI: +0.5% quarter-on-quarter in Q2 2026, decelerating from +0.9% in Q1 2026.
Non-landed properties (overall): –0.1% in Q2 (vs +1.3% in Q1) — a broad softening across the mass and mid-tier segments.
Core Central Region (CCR): +2.0% in Q2 (vs +0.6% in Q1) — the only non-landed segment to accelerate, driven by luxury demand.
Rest of Central Region (RCR): –1.4% in Q2 (vs +0.8% in Q1) — the weakest segment this quarter.
Outside Central Region (OCR): –0.2% in Q2 (vs +2.2% in Q1) — sharply slower after the strong new-launch-driven Q1 performance.
Landed properties: +2.6% in Q2 (vs –0.4% in Q1) — a notable reversal and the strongest segment in Q2.
Transaction volume: 5,420 units (up to mid-June 2026), broadly flat versus 5,413 in Q1.
Full Q2 statistics to be released by URA on 24 July 2026.

What the URA Flash Estimate Tells Us About Q2 2026

On 1 July 2026, the Urban Redevelopment Authority (URA) released the flash estimate of Singapore’s private residential property price index (PPI) for the second quarter of 2026. The headline figure — a 0.5% quarter-on-quarter increase — confirms a continuing but moderating upward trend in private home prices. The deceleration from Q1’s 0.9% gain reflects a more complex underlying picture: diverging fortunes between CCR luxury units and the mid-tier and mass-market segments, alongside a significant turnaround in landed property pricing.

Flash estimates are compiled from stamp duty submissions and developer sales data covering 1 April to mid-June 2026. URA notes that past estimates have differed from final figures and advises the public to interpret them with caution. The full Q2 dataset — including rental, vacancy and supply statistics — will be released on 24 July 2026.

URA private residential property price index Q1 vs Q2 2026 change by region CCR RCR OCR landed — Figure 1: URA Private Residential Property Price Index — quarter-on-quarter change by segment, Q1 vs Q2 2026. Source: URA Press Release PR26-51 (1 July 2026).

Segment-by-Segment Breakdown

CCR: Luxury Demand Re-Emerges

The Core Central Region posted the strongest non-landed performance in Q2 2026 at +2.0%, up from a modest +0.6% in Q1. The CCR comprises Districts 9, 10, 11 and the Downtown Core and Sentosa Cove — Singapore’s prime and ultra-prime residential markets. The acceleration reflects continued interest from overseas buyers (particularly those from Southeast Asia and Europe), ABSD-resilient demand at the upper end, and limited new launch supply in the CCR pipeline for the remainder of 2026. Several analysts had anticipated a softer CCR following the 60% ABSD rate for foreigners introduced in April 2023; instead, those who remain in the market appear to be purchasing at higher price points.

RCR: Sharpest Correction

The Rest of Central Region posted the weakest result at –1.4% after a +0.8% gain in Q1. The RCR — encompassing the city fringe and established residential neighbourhoods — had benefited strongly from new launch activity in 2024 and early 2025. With fewer significant launches pricing in during Q2 2026 and buyers digesting earlier purchases, the RCR has retreated modestly. This is not unusual: RCR prices tend to be more launch-driven and can oscillate more sharply quarter-to-quarter than the CCR or OCR.

OCR: Post-Launch-Boom Cooling

The Outside Central Region, which drove Singapore’s 2024–2025 private property rally on the back of strong new BTO and EC launches drawing first-timer upgraders, slipped 0.2% in Q2 after a 2.2% surge in Q1. The normalisation is expected — Q1’s exceptional OCR performance was partly attributable to a cluster of well-received project launches recording strong take-up in the Jan–Mar window. Q2’s mild correction suggests that pricing has reached a level where buyers are exercising greater selectivity.

Landed: The Standout Performer

Landed property — comprising detached houses, semi-detached homes and terraces — rebounded sharply to +2.6% in Q2, reversing a –0.4% dip in Q1. The landed market is structurally limited in supply (foreigners cannot purchase landed property without Singapore Land Authority approval, and government resale restrictions apply to certain categories) and tends to recover quickly from short-term softness. The Q2 bounce aligns with a pickup in transaction volumes observed in the Good Class Bungalow (GCB) and semi-detached segments in prime districts.

Supply Context: Record GLS Output in 2026

URA simultaneously highlighted the Government’s sustained GLS (Government Land Sales) programme as the key supply-side stabiliser. The 2H2026 Confirmed List adds 4,745 private residential units, bringing the full-year 2026 Confirmed List total to 9,320 units — more than 50% above the 10-year annual average. When combined with the Reserve List, the total GLS pipeline for 2026 is the largest in over a decade.

Metric	Value
Overall PPI change, Q2 2026	+0.5% q-o-q
Non-landed overall	–0.1% q-o-q
CCR (non-landed)	+2.0% q-o-q
RCR (non-landed)	–1.4% q-o-q
OCR (non-landed)	–0.2% q-o-q
Landed properties	+2.6% q-o-q
Sale volume (to mid-Jun 2026)	5,420 units
Q1 2026 volume (full quarter)	5,413 units
2H2026 GLS Confirmed List	4,745 units
Full-year 2026 Confirmed List	9,320 units (>50% above 10-yr avg)
Expected completions (next few years)	~61,000 units (incl. ECs)
Full Q2 statistics release	24 July 2026

What This Means for Buyers and Investors

📈 Analytical Note

The Q2 2026 flash estimate presents a nuanced picture rather than a simple upward or downward trend. The headline +0.5% masks significant divergence: CCR and landed properties are moving upward while the broader non-landed market (RCR, OCR) has softened or retreated modestly. For buyers, this suggests that bargaining power has returned somewhat in the mid-tier and mass-market segments, while CCR and prime landed command a premium and show no signs of price fatigue.

The record GLS supply pipeline — 61,000 units expected to complete over the next several years — is the most important structural factor for 2027 onwards. High supply typically dampens rental yields and constrains capital appreciation. Investors underwriting strong rental yield assumptions should pressure-test those models against the forthcoming supply wave.

MAS’s advisory to “exercise prudence” in the context of “highly uncertain macroeconomic outlook” is a consistent boilerplate, but the macro context in mid-2026 is genuinely uncertain: US tariff policy, global growth deceleration, and potential further geopolitical shocks could all affect Singapore’s export-dependent economy and, by extension, household income and property demand.

FAQ: URA Q2 2026 Flash Estimate

Why is the Q2 2026 flash estimate only partial data?

Flash estimates are compiled from stamp duty payment data submitted to IRAS and developer sales figures covering only the first two and a half months of the quarter (1 April to approximately mid-June). They do not include all transactions completed in June and cannot account for late-filed stamp duty submissions. URA releases full statistics, including rental, vacancy and pipeline data, at the end of July. The flash estimate is intended to give early market guidance, not a definitive picture.

What is driving CCR’s outperformance in Q2 2026?

CCR outperformance typically reflects foreign buyer demand, ultra-high-net-worth activity, and limited new supply in prime districts. Despite the 60% ABSD on foreign purchases introduced in April 2023, a residual pool of buyers for whom ABSD is not prohibitive — often high-net-worth individuals from Southeast Asia, India and Europe — continues to underpin CCR pricing. Domestic demand for CCR properties has also been relatively firm among Singapore Citizens and PRs trading up from large OCR condominiums.

Is the OCR correction a sign of a broader market downturn?

A –0.2% quarter-on-quarter movement is well within normal volatility for the OCR segment and does not signal a broad downturn. OCR prices tend to be more sensitive to the timing and reception of specific new launch projects; a quarter with fewer strong launches will naturally produce softer headline numbers. The underlying driver of OCR demand — the HDB upgrader pipeline, which remains robust given the volume of BTO completions expected in 2025–2027 — is structurally intact.

How does the GLS supply pipeline affect property prices?

High GLS supply expands the stock of private housing over a 3–5 year horizon as sites are tendered, developed and completed. More completions increase rental supply, which typically compresses rental yields, and adds to the inventory available for resale. Historically, URA has calibrated the GLS programme to balance supply and demand; a 9,320-unit Confirmed List in 2026 signals the government’s intent to sustain supply-side pressure on prices and rents. The full impact on capital values will depend on how quickly completions translate into market inventory and how strongly household formation and investment demand absorb the new supply.

When will the full Q2 2026 URA statistics be released?

URA has stated that the full set of real estate statistics for Q2 2026 will be released on 24 July 2026. The full release will include the definitive PPI (which may differ from the flash estimate), rental index, vacancy rates, pipeline supply and transaction volume by district and property type. LovelyHomes will publish a detailed analysis of the full Q2 2026 data upon release.

Disclaimer: This article is based on URA’s flash estimate press release PR26-51 dated 1 July 2026. Flash estimates are preliminary and may differ from final Q2 2026 statistics to be released on 24 July 2026. This article is for informational purposes only and does not constitute property, financial or investment advice. Readers should refer to official data at ura.gov.sg and consult a licensed property professional before making any purchase or investment decision.

JLD White Site Launched 3 July 2026: Up to 1,200 Homes and 186,000 sqm Mixed-Use Development at Jurong Lake District

by Lovelyhomes Editorial Team | Jul 3, 2026 | Investment Analysis, Price Trends, Property Investment, Property News, Regulatory News, Supply & Demand

Singapore’s Jurong Lake District (JLD) took a significant leap forward on 3 July 2026 when the Urban Redevelopment Authority (URA) launched the tender for a major White site at Town Hall Link under the second-half 2026 Government Land Sales (GLS) Confirmed List. The site, adjacent to the Jurong Town Hall national monument and flanked by two MRT lines, is earmarked for up to 1,200 private residential units and a minimum of 40,000 sqm of office space within a total potential Gross Floor Area (GFA) of 186,139 sqm. It is the most significant new residential supply announcement for JLD in several years, and it reinforces the Government’s long-standing commitment to transforming the Jurong corridor into Singapore’s largest mixed-use business district outside the city centre.

Quick Answer — JLD White Site at a glance

What: URA has launched a GLS tender for a White site at Town Hall Link, Jurong Lake District.
Scale: 186,139 sqm total GFA — minimum 40,000 sqm office, up to 1,200 residential units, 44,000 sqm complementary uses.
MRT access: Direct connection to Jurong East MRT interchange (EWL + NSL + JRL) and the future CR19 Cross Island Line station (2032).
Context: Part of Singapore’s decentralisation strategy; JLD is targeted to become the largest mixed-use business node outside the CBD.
Tender close: 17 November 2026, 12 noon.
Property implication: First major new private residential supply in the JLD precinct for several years; expect strong developer interest and premium pricing on award.

What Is the JLD White Site and Why Does It Matter?

A White site in Singapore’s GLS framework is a land parcel where the developer is given significant flexibility in determining the mix of uses, subject to minimum requirements. At Town Hall Link, the developer must deliver at least 40,000 sqm of office space (non-negotiable) and may add up to 1,200 private residential units alongside 44,000 sqm of complementary commercial uses such as retail, serviced apartments, hotel, sports and recreational facilities, community spaces, medical clinics, or visitor attractions. The White classification is typically reserved for strategically significant sites where the Government wants the market to determine the optimal product mix — making this tender a test of developer confidence in the JLD vision.

The significance of this announcement extends well beyond the site itself. JLD has been a Government-backed transformational project for more than a decade, anchored by the relocation of Singapore’s second CBD away from the congested city core. The area has seen the revitalisation of the 90-hectare Jurong Lake Gardens, the completion of the Jurong Region Line (JRL), and plans for the Cross Island Line (CRL) station at CR19 in the heart of the precinct (targeted for opening in 2032). The Town Hall Link White site is “seamlessly connected” to the Jurong East MRT interchange via multi-level pedestrian linkages, according to URA.

JLD white site 2026 key facts — GFA 186,139 sqm, 40,000 sqm office, up to 1,200 residential units, tender closes 17 November 2026 — Figure 1: JLD Town Hall Link White Site — Key Facts and GFA Breakdown (Source: URA PR26-53, 3 July 2026)

The JLD Vision: Decentralisation in Action

Singapore’s decentralisation strategy is a long-held urban planning objective. Concentrating economic activity exclusively in the Central Business District and Orchard Road corridor creates congestion, inflates commercial rents, and forces workers into lengthy commutes. JLD is the flagship expression of the alternative vision: a large-scale, self-sustaining regional centre in the west of Singapore, integrating employment, retail, housing, and recreational space in a single walkable precinct.

The Government has invested heavily in the infrastructure backbone. The Jurong Lake Gardens, opened in phases from 2019, provides 90 hectares of recreational greenery wrapping around Jurong Lake and the Chinese and Japanese Gardens. The JRL, opened in stages from 2026, connects the precinct to Tengah, Choa Chu Kang, and Boon Lay. The forthcoming CR19 station on the Cross Island Line will add a further orbital connection in 2032, making JLD one of the best-connected suburban nodes in Singapore’s rail network.

Complementing the White site, two major anchor projects are already under development nearby: the New Science Centre (relocating from its Jurong East home of four decades) and the Jurong Gateway Hub, an integrated development comprising a bus interchange, offices, shops, a library, a community club, and sports facilities. Together with the White site, these projects will define the physical character of the precinct for the next generation.

What the White Site Means for Property Buyers and Investors

Dimension	Detail	Property Implication
New supply	Up to 1,200 private residential units at Town Hall Link	First significant new private supply in the JLD precinct for several years; relieves latent demand from west Singapore buyers
Price premium	JLD White site is likely an RCR or OCR premium location; comparable JLD projects (J’den, Lake Grande) have traded at S$2,000–S$2,500 psf	Expect developer ask price in the S$2,200–S$2,800 psf range on new launch; potential for appreciation as JLD matures
MRT connectivity	Jurong East interchange (3 lines) + future CR19 (CRL, 2032)	Transport connectivity among the best in any non-central precinct; key demand driver for both owner-occupiers and investors
Tender timeline	Tender closes 17 November 2026; award ~January 2027; launch likely 2027–2028; TOP ~2032–2033	Buyers planning a JLD purchase should not expect keys before 2032; factor progressive payment schedule and interim housing into planning
Office anchor	Min. 40,000 sqm office must be delivered; targets MNC tenants and financial/professional services firms	Office anchor strengthens daytime population and amenity spending, supporting residential values in the precinct
Government commitment	New Science Centre, Jurong Gateway Hub, JRL, CRL CR19 all delivering 2026–2032	Infrastructure already committed; limited execution risk vs speculative master plans in other regions

JLD Property Market Context

The private residential market in the JLD corridor has been characterised by limited new supply in recent years. J’den (formerly JEM 2 / Jurong Point 2 site), launched in 2023, sold briskly at an average of approximately S$2,450 psf at launch, underscoring demand from west Singapore buyers seeking integrated development proximity. Older condominiums in the area (Lake Grande, Parc Westlake, Lakeville) have traded resale at lower psf levels but have appreciated meaningfully over their launch prices.

The White site at Town Hall Link is a different proposition: a larger, more prominent, and better-connected site adjacent to both heritage (Jurong Town Hall) and nature (the future park). Developers tendering for this site will need to deliver a mixed-use product integrating office, residential, and retail — a complex brief that typically appeals to the largest developers with integrated development track records. The 1,200-unit residential cap, while meaningful, represents a medium-density residential component within a predominantly commercial site.

For buyers tracking west Singapore property, the White site tender provides a clear signal: JLD is still an active, Government-supported investment in Singapore’s urban future. The tender award (expected early 2027) and any subsequent launch announcement will be significant market events for the west corridor.

What to Watch Next

The tender closes on 17 November 2026. Bids are expected from Singapore’s major developers, and possibly consortia given the scale and complexity of the White site requirements. The tender award will reveal the market’s view of JLD land value — a key data point for pricing expectations on the eventual new launch. Any premium bid above market expectations would signal high developer confidence in JLD residential absorption; a cautious single bidder would suggest more measured enthusiasm.

Separately, the full Q2 2026 URA private residential data release (expected ~24 July 2026) will include CCR, RCR, and OCR transaction data that contextualises JLD’s position in the wider market. The Q2 flash estimate showed overall prices up +0.5% with CCR leading — a context in which a well-connected, large-scale JLD development arriving in 2027–2028 could attract strong demand from both upgraders and investors seeking alternatives to pricier CCR addresses.

Frequently Asked Questions About the JLD White Site

What is a White site in Singapore’s GLS programme?

A White site is a land parcel sold by URA under the Government Land Sales programme where the developer has flexibility to incorporate a range of uses — residential, commercial, hotel, recreational, and community — subject to minimum requirements set by URA. The White classification is used for strategic locations where the Government wants the private market to determine the most commercially viable use mix, while ensuring a minimum anchor use (in this case, 40,000 sqm of office) is delivered to support the Government’s planning goals. White sites are typically larger and more complex than single-use residential or commercial sites, and they attract the largest and most financially capable developers.

When will the JLD White site residential units be available for purchase?

The tender closes on 17 November 2026. Following award (likely early 2027), the developer will typically spend 12–18 months on design, approvals, and construction preparation before launching for sale. A reasonable estimate for launch to the public is late 2027 to 2028. Construction of a mixed-use development of this scale typically takes 4–5 years, suggesting Temporary Occupation Permit (TOP) around 2032–2033 — which coincides with the opening of the CR19 Cross Island Line station in the heart of JLD. Buyers interested in this project should plan for a progressive payment schedule over this period and interim housing arrangements.

How does the JLD White site compare to other west Singapore property options?

The JLD White site will deliver a qualitatively different product from most west Singapore residential projects. Its direct connection to the Jurong East interchange (which currently serves the East-West Line, North-South Line, and Jurong Region Line) and the future CR19 station makes it exceptionally well-connected — comparable connectivity exists in only a handful of suburban locations in Singapore. The adjacent Jurong Town Hall national monument and future park provide irreplaceable location attributes. However, buyers should note that the residential component is capped at 1,200 units within a larger commercial development, meaning the residential element is not a standalone condominium but part of an integrated mixed-use project — similar to Duo Residences in Bugis or Marina One Residences at Marina Bay. Pricing will reflect this premium integrated product positioning.

Is Jurong Lake District a good area for property investment?

JLD has strong structural fundamentals as a long-term investment: committed Government infrastructure, rail connectivity improving through 2032, a large employment base (Jurong East, International Business Park, Biopolis in one-stop range), and a diversified demographic base. The risk factors are the long development timeline (appreciation is gradual rather than immediate), competition from other west corridor supply (Tengah, Bukit Batok, Jurong East BTO supply is meaningful), and execution risk on the commercial components of the mixed-use development. Industry analysts generally view JLD as a medium-term (5–10 year) capital appreciation story rather than a short-term trading position. The announcement of the White site tender strengthens the longer-term investment case. As with all property investments, buyers should assess their own holding capacity and financial position carefully before committing.

What is the Cross Island Line and why does it matter for JLD?

The Cross Island Line (CRL) is a new MRT line currently under construction by the Land Transport Authority. It will run across Singapore from Changi in the east to Jurong in the west, passing through several major nodes including Clementi, Jurong Lake District, and Ang Mo Kio. The CR19 station, located in the heart of JLD, is planned to open in 2032. When operational, CR19 will add a key orbital connection to the existing East-West Line and North-South Line services at Jurong East interchange, effectively giving JLD three distinct MRT lines through the precinct. This level of rail connectivity is rare outside the central area of Singapore, and it is a significant long-term demand driver for both commercial and residential property in JLD.

Disclaimer: This article is based on URA press release PR26-53 dated 3 July 2026 and publicly available Government data. Residential unit count, GFA figures, and MRT opening dates are as stated by URA and LTA and are subject to change. Price projections, investment analysis, and developer interest assessments represent editorial analysis only and do not constitute financial advice. Readers should conduct their own due diligence and consult licensed professionals before making any property purchase decision. For the authoritative site details, visit URA Land Sales. LovelyHomes does not provide financial or property advisory services.

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