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Budget 2024 Singapore: PPHS (Open Market) Voucher, Property Tax Annual Value (AV) Revisions, and More
The Budget 2024 statement, made on 16 February 2024 by Deputy Prime Minister and Minister of Finance Lawrence Wong, included several property-related announcements.
Singapore Budget 2024 Property Announcements
Property tax Annual Value (AV) bands to be revised | Reducing property tax prices for many homeowners, effective January 2025 |
PPHS (Open Market) Voucher for one year | Support for married couples with urgent housing needs while waiting for their BTO flats to be fully built |
ABSD concession for single seniors rightsizing to lower-value private properties | Support temporary ownership of two private properties among senior singles while they rightsize their homes |
Lower ABSD clawback for housing developers who sell at least 90% of units before their ABSD deadlines | Support for housing developers who are not able to sell 100% of units before their ASBD deadlines |
Additional one-off U-Save and S&CC rebates for eligible HDB owners in the financial year 2024 | Brings total U-Save rebates to up to $950 and S&CC rebates to up to four months, on top of regular rebates, for eligible families |
$3.5 billion support for the Age Well SG initiative over the next 10 years | New national programme to encourage seniors to stay socially active and maintain strong support systems |
Whether you are a property seeker or homeowner, check out our full breakdown of all the Budget 2024 property announcements and hear from our experts on how these policies may affect you.
Budget 2024: Property Tax Annual Value (AV) Bands to be Revised
Remember in December 2023 when the Ministry of Finance (MOF) announced the 2024 one-off property tax rebate of up to 100% for residential property owner-occupiers?
Well, the Singapore Budget 2024 statement includes even more relief for owner-occupiers of residential properties concerned about high property tax prices.
Effective January 2025, the property tax Annual Value (AV) bands for owner-occupied residential properties will be raised. This means that most owner-occupiers of residential properties will soon pay lower taxes for their homes, as they will be taxed less on the lower threshold AV percentages of their properties.
Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group, commented, “Changes to property tax bands will serve as a relief for households, especially for those retired owners of private properties.”
Wonder how much Singapore property tax you’ll need to pay? Here’s an easy way to calculate how much Singapore property tax you must pay in 2024 and from 2025 onwards.
Singapore Property Tax Calculator (2024)
AV percentage | Marginal property tax rate |
$0 to $8,000 | 0% |
Above $8,000 to $30,000 | 4% |
Above $30,000 to $40,000 | 6% |
Above $40,000 to $55,000 | 10% |
Above $55,000 to $70,000 | 14% |
Above $70,000 to $85,000 | 20% |
Above $85,000 to $100,000 | 26% |
Above $10,000 | 32% |
Singapore Property Tax Calculator (2025)
AV percentage | Marginal property tax rate |
$0 to $12,000 | 0% |
Above $13,000 to $40,000 | 4% |
Above $40,000 to $50,000 | 6% |
Above $50,000 to $75,000 | 10% |
Above $75,000 to $85,000 | 14% |
Above $85,000 to $100,000 | 20% |
Aove $100,000 to $140,000 | 26% |
Above $140,000 | 32% |
From 19 February 2024 onwards, IRAS will also offer a 24-month interest-free instalment plan to eligible 65-year-olds and above who face cash flow issues when paying their property tax bills.
Budget 2024: PPHS (Open Market) Voucher for Couples Awaiting BTO Completion for One Year
The Parenthood Provisional Housing Scheme (PPHS) helps eligible married couples who have secured their HDB flats and are waiting for their homes to be completed to secure interim housing.
Here are some of the PPHS eligibility criteria:
Married couples, inclusive of at least one first-timer applicant
Applicants under the Fiancé/Fiancée Scheme, inclusive of at least one first-timer applicant
Divorced or widowed parents with children
$7,000 monthly household income ceiling
In 2021, however, the PPHS application rates were more than 20 (i.e. more than 20 applicants for one HDB flat). In response, HDB increased PPHS rental flats from 800 in 2021 to 2,000 in 2023. By 2025, another 2,000 are en route to be added.
Following the Singapore Budget 2024 statement, eligible PPHS applicants awaiting the completion of their BTO flats will also be given one voucher to rent an HDB flat from the open market. This PPHS (Open Market) Voucher will be available for one year.
Dr Lee said he welcomes this move “as it will broaden the available options for those with urgent housing needs and currently awaiting subsidised rental housing under the PPHS.”
“According to our Singapore Property Market Report Q4 2023, the number of HDB rental listings has steadily climbed in the past few months. Hence, there will be an additional supply of HDB flats for the applicants to utilise the new PPHS (Open Market) for a temporary home,” he added.
Interested in renting an HDB flat today? Browse all HDB rental listings on PropertyGuru.
Budget 2024: ABSD Concession for Single Seniors Rightsizing to Lower-value Private Properties
Additional Buyer’s Stamp Duty (ABSD) is applicable for homeowners who are buying second properties.
ABSD concessions were previously only allowed for married couples (with at least one Singapore Citizen spouse) intending to rightsize their private properties. The purpose of ABSD concessions is to support the temporary ownership of two properties simultaneously amid the rightsizing process.
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Following the Singapore Budget 2024 statement, senior singles will now be eligible to receive ABSD refunds as they rightsize from a higher to lower-value private property, too.
Interested in buying a private property today? Browse all residential private property listings on PropertyGuru.
Budget 2024: Lower ABSD Clawback for Developers Who Sell >90% of Units Before ABSD Deadline
Developer ABSD deadlines, typically five years after developers buy a plot of land, is when developers need to sell all the units in their developments if they want to receive 35% ABSD remission.
Following 16 February 2024, however, the percentage of units housing developers need to sell to receive ABSD remissions will be changed and varied based on the proportion of units sold.
Dr Lee noted that this adjustment is timely. “If we look at the Singapore Property Market Demand Index Q4 2023 in the latest Singapore Property Market Outlook 2024, buying sentiments have softened due to various factors.
The adjustment remission will relieve developers who face elevated interest rates and volatile commodity prices due to external events.”
Here are the ABSD remission rates for housing developers, depending on when they acquired land.
ABSD Remission Clawback Rates for Housing Developers: Land Acquired from 6 July 2018 to 15 December 2021
The proportion of units sold | Before 16 February 2024 | After 16 February 2024 |
100% | 0% | 0% |
99% | 25% | 15% |
98% | 25% | 16% |
97% | 25% | 17% |
96% | 25% | 18% |
95% | 25% | 19% |
94% | 25% | 20% |
93% | 25% | 21% |
92% | 25% | 22% |
91% | 25% | 23% |
90% | 25% | 24% |
Less than 90% | 25% | 25% |
The above rates are subjected to 30% ABSD upfront and a maximum of 25% ABSD remission.
ABSD Remission Clawback Rates for Housing Developers: Land Acquired from 16 December 2021
The proportion of units sold | Before 16 February 2024 | After 16 February 2024 |
100% | 0% | 0% |
99% | 35% | 25% |
98% | 35% | 26% |
97% | 35% | 27% |
96% | 35% | 28% |
95% | 35% | 29% |
94% | 35% | 30% |
93% | 35% | 31% |
92% | 35% | 32% |
91% | 35% | 33% |
90% | 35% | 34% |
Less than 90% | 35% | 35% |
The above rates are subject to a 40% ABSD upfront and a maximum of 35% ABSD remission.
Budget 2024: Additional U-Save and S&CC Rebates for HDB Owners
If you were wondering, U-Save rebates help offset utility bills, while S&CC rebates help offset “HDB maintenance” fees.
On 29 December 2023, MOF announced Service and Conservancy Charges (S&CC) and U-Save rebates in January 2024.
Following the Singapore Budget 2024 statement, HDB owners can soon expect additional rebates to help defray the costs of the 2024 GST hike. This brings the total U-Save rebates to up to $950 and S&CC rebates to up to four months in the 2024 financial year.
Budget 2024: $3.5 Billion Support for Age Well SG initiative Over Next Decade
First announced by Prime Minister Lee Hsien Loong during his National Day Rally 2023 speech, Age Well SG is a national programme led by the Ministry of Health (MOH), MND, and Ministry of Transport (MOT) to support social wellness and smooth integration of senior citizens into housing estates across Singapore.
$3.5 billion will be invested into Age Well SG initiatives across the next 10 years, including increasing the number of Community Care Apartments, improving homecare arrangements, and expanding the Activate Ageing Centres network.
Dr Lee commented, “The investment in initiatives under Age Well SG will increase the mobility of the ageing population in the urban landscape, enabling them to maintain their social network.”
Interested in buying a 2-room HDB resale flat? Browse all 2-room HDB resale flats on PropertyGuru.
For more property news, content and resources, check out PropertyGuru’s guides section.
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