Singapore Property: ABSD Relief and Housing Mobility Measures Positive for Developers

Research evidence excerpt

Singapore Property: ABSD Relief and Housing Mobility Measures Positive for Developers

J P M O R G A N Asia Pacific Equity Research

28 July 2026

Singapore Property

ABSD Relief and Housing Mobility Measures Positive

for Developers

The Singapore authorities announced two targeted housing policy changes aimed Singapore/ASEAN Property and

at improving market efficiency and supporting housing supply. First, it enhanced REITs

the ABSD remission framework for large-scale en bloc redevelopments by Mervin Song, CFA AC

extending the completion and sales timelines for projects yielding at least 700 (65) 6882-7829

residential units upon redevelopment. Projects yielding 700–1,399 units will now mervin.song@jpmorgan.com

have up to six years to complete and sell all units (from 5.5 years previously), while Terence M Khi

mega projects of 1,400 units or more will have up to seven years. The changes are (65) 6882-1518

intended to lower execution risk and encourage developers to undertake larger terence.ml.khi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

estate rejuvenation projects. Second, the government removed the 15-month J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

wait-out period for private residential property owners purchasing non- Morgan Broking (Hong Kong) Limited

subsidised HDB resale flats, following several quarters of stabilization in the

HDB resale market and a growing pipeline of flats entering the resale market.

We note that the implications are positive for residential developers such as CIT

and UOL. The ABSD changes directly improve the economics of pursuing large

en bloc acquisitions by giving developers greater flexibility in project phasing,

marketing and unit sell-through, thereby reducing the risk of ABSD clawbacks.