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Singapore Property Beginner’s Guide: Major Players in Real Estate (2026)

Who shapes the Singapore property market in 2026: MND, HDB, URA, MAS and IRAS, developers, 36,816 registered agents and the banks, and what each one decides.

By Propwise EditorialUpdated 2 October 20266 min read

How we made this. Updated for 2026 with AI-assisted research. Figures are linked to their sources — check them before you act.

Four groups drive the Singapore property market. The government sets the rules and sells most of the land. Developers turn that land into homes. Agents match buyers, sellers and tenants. Banks lend the money. If you know who controls which lever, news headlines about “new cooling measures” or “record land bids” become easy to read.

At a glance

  • Government: MND runs housing and land policy. HDB and URA sit under it. MAS sets the lending rules, IRAS collects the stamp duties, and SLA manages state land.
  • Developers buy most sites from the state and pay a 40% ABSD on the land, most of which they get back if they sell on time.
  • There were 36,816 registered agents and 997 agencies on 1 January 2026. The top three agencies hold about three in four agents.
  • Banks must follow MAS limits: a 55% TDSR, a 4% stress-test rate and loan-to-value caps of 75%, 45% or 35%.

1. The government: rules, land and tax

The government plays three roles at once. It is the regulator, the main provider of homes (through HDB) and the main seller of land. Policy changes come as joint packages, and each agency then writes the details.

AgencyRole in property
Ministry of National Development (MND)Housing and land policy. Announces the land sales programme and cooling measures. HDB, URA, BCA and CEA are its statutory boards.
Housing & Development Board (HDB)Builds and sells public flats, runs grants and the HDB loan, publishes the Resale Price Index, and sells executive condominium (EC) sites to developers.
Urban Redevelopment Authority (URA)Plans land use (the Master Plan), sells most private housing sites and publishes the private price index.
Building and Construction Authority (BCA)Sets building standards and issues the completion permits (TOP and CSC) for new buildings.
Singapore Land Authority (SLA)Under the Ministry of Law. Manages state land, land titles and leases, and rules on foreign ownership of landed property.
Monetary Authority of Singapore (MAS)The central bank. Sets the TDSR, MSR, loan-to-value and tenure limits that banks must follow.
Inland Revenue Authority (IRAS)Collects stamp duties and property tax.
CPF BoardRuns the rules for using CPF savings to buy a home.
Council for Estate Agencies (CEA)Licenses and regulates agents and agencies.

How one policy moves through the system

On 28 July 2026, MND made two property announcements. It removed the 15-month wait-out for private-property owners who buy a non-subsidised HDB resale flat, and it lengthened the ABSD remission timelines for developers of very large en bloc sites. One touched home buyers and HDB. The other touched developers and IRAS. In both cases MND set the policy, and an agency applied it.

For the history of the big measures, see 4 cooling measures you must consider.

2. Developers: land into homes

A developer buys a site, raises finance, hires architects and builders, gets approvals, and then sells the homes. Most sites come from the state’s Government Land Sales programme, by tender. The other source is en bloc purchases of older condos.

Land prices tell you what developers expect to sell for three or four years from now. A recent example is the New Upper Changi Road site. The tender drew four bids, and URA awarded it at S$1.425 billion, or about S$1,537 per sq ft of permitted floor area (psf ppr). The developer’s selling price must cover that land cost, plus construction, finance, taxes and profit.

Developers also face a tax that individuals do not. Housing developers pay ABSD of 40%, of which 35 points can be remitted if they finish and sell the project within the set time. Since 29 July 2026 that time is longer for large en bloc sites (700 to 1,399 units: six years) and mega ones (1,400 or more: seven years). The rule pushes developers to sell, not to sit on land.

3. Property agents and agencies

Agents arrange sales and rentals and are paid a commission. Anyone doing this work must be registered with CEA. At 1 January 2026, the CEA statistics showed 36,816 registered agents in 997 agencies. The three largest agencies, PropNex (13,945 agents), ERA (8,427) and Huttons (5,760), together have 28,132, or about 76% of all agents.

What matters to you:

  • Commission is negotiable. CEA sets no rates, and you owe what you sign. See our guide to finding a reliable agent.
  • One agent, one side. An agent cannot act for both buyer and seller in the same deal.
  • Check the register. CEA’s Public Register lists each agent’s agency, deals and disciplinary record.
  • You can transact without one. CEA publishes guides for doing it yourself.

In 2010 we estimated about 25,000 agents and 1,700 agencies. The agent count has grown since then, while the number of agencies has fallen: there were 1,046 at the start of 2025 and 997 a year later. The industry is concentrating in a few large firms.

4. Banks and other lenders

Banks fund developers’ projects and lend to buyers. They earn the spread between the rate they charge you and the rate they pay on deposits. For homes, the three local banks (DBS, OCBC and UOB) compete with foreign banks, and many buyers use a mortgage broker to compare. HDB is also a lender through its own loan.

Banks are not free to lend whatever they like. The MAS rules in effect in 2026 are:

  • TDSR of 55%: total debt payments cannot exceed 55% of gross monthly income.
  • A 4% interest rate floor for testing whether you can afford a bank loan.
  • Loan-to-value limits of 75% for a first loan, 45% for a second and 35% for a third or later.
  • An MSR of 30% for HDB flats and for ECs bought from developers.

The HDB loan is separate. It covers up to 75% of the price at 2.6% as at October 2026. Bank packages are priced off SORA, not the old SIBOR; our mortgage guide explains how to compare them, and our mortgage calculator lets you test your own numbers.

Others you will meet

  • Conveyancing lawyers check the title, draw up documents and handle completion.
  • Valuers produce the bank or HDB valuation that caps your loan and CPF use.
  • Management corporations (MCSTs) run the common property of condos.
  • Mortgage brokers compare packages. Ask how they are paid.

Bottom line

The government sets the rules and releases the land. Developers respond to land prices and demand. Agents carry out the deals under CEA rules, and the banks decide how much you can borrow, within MAS limits. When prices move, check which of these four moved first. Then continue with Part 4 of this series, on property jargon.

Sources

absolute beginnerbanksdevelopersceamndsingapore land authority
5 reader commentsArchived — comments are closed

  1. David

    I had attended Robert Kiyosaki seminar for the last 3 years and 3x he had emphasize about the size of our intelligence in investing in private properties in Singapore as the ROI is very very long? However every launch even when it is overbought the market seems to ignore it and kept snapping up studios faster then the open house. Can an executive becomes a property tycoon in Singapore? Had recently attended Azea Coaching on Property Course. Had also went for Dickson and Douglas and they have one thing in common to purchase properties. Numbers and the lot the better. They are selling experience and they are leveraging on our pink ICs and CPF to buy hot location and flipping them for a quick profit or spreading the risk.

    Was wondering if you can do a review on courses By Dickson, Douglas and ERC or Wendy Kwok? Azea Coaching I can tell you. She sucked! Apparently we have been traveling for the past 4 years and had spoken to 20+ property agents (local and overseas) and the founder of Azea Coaching had said the same thing but she is charging me $2.5k for it.

    I was wondering if it is my commitment to commit to a property to kickstart my portfolio or fear to take action that is worth pondering.

    Cheers keep up.
    Regards
    David

  2. Mr. Propwise

    Hi David, thanks for your comment. Indeed when deciding whether to attend a course you should be very careful and consider how experienced the teachers are and how much they can teach you before committing.

    I have not attended the courses of those people you mentioned so I am unable to review.

    Perhaps other readers who have attended those courses can comment?

  3. Vincent

    In paragraph 2 under Property agencies and agents, you mentioned that estate agents charges 1% each to the buyer and seller for HDB flat transactions.

    It should be 1% to the buyer and 2% to the seller for HDB flat transactions.

    Thank you.

    1. Mr. Propwise

      Thanks for your comment Vincent! Neither the HDB nor the IEA stipulates the commission to be paid, so it depends on the market and there are a range of commission levels being paid out depending on the individual transaction. I’ve changed the text to say 1-2% to the seller for HDB.

  4. Vincent

    Yes I understand that there is no rule or stipulation regarding the amount of commission to be paid but currently that commission rate that I stated is what’s being commonly practiced in the market currently.

    Thank you for the understanding and amendment Propwise!

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