The government give another round of cooling measures that took effect on Dec 16, 2021.
ABSD was raised across the board with Singapore citizens paying 17% for their 2nd property. Total debt serving ratio (TDSR) threshold was reduced by 5 percentage points to 55 per cent.
An estimated of 24 private residential projects were launched for sale, 12 were in the prime location or Core Central Region (CCR), 7 in the city fringe or Rest of Central Region (RCR) and 5 in the suburbs or Outside Central Region (OCR).
Last year, developers launched 10.496 private housing units and sold 13,027 units. The sales figure was about 30% higher than 2020. This caused the number of unsold units with planning approvals to 14,333.
Demand for new homes in 2021 come from the need to have a bigger space due to flexible work arrangements. Investors who made some winnings from the financial markets and like to switched their focus to a physical asset like property.