Singapore New Launch Glossary: GLS, EC, ABSD, TOP, PSF & More Explained

Updated 2 July 2026 · by Alvin Tan, ERA Singapore (CEA R072324C)

Singapore New-Launch Property Terms Glossary

GLS (Government Land Sales)

The Government Land Sales (GLS) Programme is a key mechanism through which the Singapore government releases state land for development. This process ensures a steady supply of land for various uses, including residential, commercial, and industrial, to meet the country’s economic and social needs. The GLS Programme operates on a half-yearly cycle, with land parcels offered through two distinct lists: the Confirmed List and the Reserve List.

Confirmed List

Sites on the Confirmed List are launched for tender according to a pre-determined schedule, regardless of market demand. The government commits to making these sites available, providing developers with certainty and contributing to a predictable supply of new properties. Developers submit bids for these sites, and the highest bidder typically secures the land.

Reserve List

Sites on the Reserve List are only launched for tender if a developer submits an application expressing interest and offers a minimum bid price that is acceptable to the government. This mechanism allows for flexibility in land supply, enabling the government to respond to market demand without oversupplying land when demand is low. If no acceptable application is received, the site remains on the Reserve List or may be carried over to future GLS programmes.

EC (Executive Condominium)

An Executive Condominium (EC) is a hybrid housing type in Singapore, designed to cater to the sandwich class – those whose household incomes exceed the eligibility criteria for public housing (HDB flats) but may find private condominiums too expensive. ECs are built and sold by private developers but come with certain restrictions, similar to HDB flats, for an initial period. These restrictions typically include income ceilings for buyers, minimum occupation period (MOP), and resale conditions. After the MOP, ECs can be sold on the open market to Singapore citizens and Permanent Residents. After 10 years from TOP, ECs are fully privatised and can be sold to foreigners.

ABSD (Additional Buyer’s Stamp Duty)

Additional Buyer’s Stamp Duty (ABSD) is a tax levied on top of the Buyer’s Stamp Duty (BSD) for purchases of residential properties in Singapore. It was introduced as a cooling measure to manage demand and curb speculative activity in the property market. The ABSD rate varies depending on the buyer’s citizenship status and the number of residential properties they already own. For Singapore citizens, ABSD applies from the second residential property onwards. For Singapore Permanent Residents, it applies from the first residential property. Foreigners are subject to ABSD on all residential property purchases.

BSD (Buyer’s Stamp Duty)

Buyer’s Stamp Duty (BSD) is a tax payable on all purchases of immovable properties in Singapore, including residential, commercial, and industrial properties. It is calculated based on the purchase price or the market value of the property, whichever is higher, at progressive rates. The BSD is a fundamental property transaction tax and is distinct from ABSD, which is an additional levy.

TDSR (Total Debt Servicing Ratio)

The Total Debt Servicing Ratio (TDSR) is a framework introduced by the Monetary Authority of Singapore (MAS) to promote financial prudence among borrowers. It sets a limit on the amount of a borrower’s gross monthly income that can be used to service all debt obligations, including housing loans, car loans, personal loans, and credit card debts. The current TDSR limit is 55%, meaning that a borrower’s total monthly debt repayments cannot exceed 55% of their gross monthly income. This measure aims to prevent individuals from over-leveraging themselves and ensures the stability of the financial system.

MSR (Mortgage Servicing Ratio)

The Mortgage Servicing Ratio (MSR) is a specific debt servicing framework that applies only to housing loans for HDB flats and Executive Condominiums (ECs). It limits the amount of a borrower’s gross monthly income that can be used to service their mortgage loan for these property types. The current MSR limit is 30%. This measure is designed to ensure affordability and prevent over-indebtedness for buyers of public and quasi-public housing.

HFE Letter (HDB Flat Eligibility Letter)

The HDB Flat Eligibility (HFE) letter is a new assessment introduced by the Housing & Development Board (HDB) for prospective buyers of HDB flats and Executive Condominiums (ECs). It provides a holistic assessment of a buyer’s eligibility for HDB housing schemes, including eligibility to buy a new or resale HDB flat, housing grants, and HDB housing loans. The HFE letter streamlines the application process and provides buyers with clarity on their financial standing before they commit to a purchase.

OTP (Option to Purchase)

An Option to Purchase (OTP) is a legally binding agreement between a seller and a potential buyer of a property. It grants the buyer the exclusive right to purchase the property within a specified period (the option period), usually 14 days for new launch properties. In exchange for this right, the buyer pays an option fee to the seller, typically 5% of the purchase price for new launch properties. During the option period, the seller cannot offer the property to another buyer. If the buyer decides to proceed with the purchase, they exercise the option by signing the Sale & Purchase Agreement and paying the remaining down payment. If the buyer does not exercise the option within the stipulated period, the option lapses, and the option fee is forfeited to the seller.

PSF (Per Square Foot)

PSF, or Per Square Foot, is a common unit of measurement used in the Singapore property market to express the price of a property. It represents the price of the property divided by its total floor area in square feet. For example, if a 1,000 sq ft property is priced at $1,500,000, its PSF would be $1,500. PSF is widely used for comparison purposes, allowing buyers and investors to assess the relative value of different properties, especially within the same development or locality.

TOP (Temporary Occupation Permit)

The Temporary Occupation Permit (TOP) is a temporary certificate issued by the Building and Construction Authority (BCA) that allows property owners to occupy a newly constructed building or a part of it before the Certificate of Statutory Completion (CSC) is issued. TOP signifies that the building is safe for occupation and meets essential requirements, even if some minor works or administrative matters are still pending. Once TOP is granted, residents can move into their new homes, and developers can hand over the units to buyers.

CSC (Certificate of Statutory Completion)

The Certificate of Statutory Completion (CSC) is a final certificate issued by the Building and Construction Authority (BCA) upon the full completion of a building project. It signifies that the building has been constructed in accordance with all approved plans and regulations, and all necessary inspections and approvals have been obtained. The CSC is the official confirmation that the building is fully compliant and ready for permanent occupation. It is typically issued after TOP, once all outstanding works and administrative requirements are fulfilled.

MOP (Minimum Occupation Period)

The Minimum Occupation Period (MOP) is a period during which owners of HDB flats and Executive Condominiums (ECs) are required to physically occupy their units before they can sell them on the open market, rent out the entire flat, or purchase another private property. For HDB flats, the MOP is typically 5 years. For ECs, the MOP is also 5 years from the date of TOP. The MOP is a measure implemented by the government to deter speculative buying and ensure that public and quasi-public housing serves its intended purpose of providing affordable homes for owner-occupation.

En Bloc

En bloc, also known as collective sale, refers to the sale of an entire strata-titled development (e.g., a condominium or apartment complex) to a single developer. This typically occurs when a majority of the subsidiary proprietors (individual unit owners) agree to sell their units collectively. The main motivations for an en bloc sale are often the potential for a

FAQ

What is the difference between GLS confirmed and reserve list?

Confirmed-list sites are tendered on schedule; reserve-list sites are only triggered when a developer commits to a minimum bid.

What does TOP mean?

Temporary Occupation Permit — the point at which a completed project can legally be occupied; keys are typically collected shortly after TOP.

What is a VVIP preview?

The pre-launch viewing window where buyers view the showflat and register intent before booking day.