Prime non-landed home sales volume more than doubles quarter-on-quarter (q-o-q)

• New project sales drove total Prime sales activity in Q3 2025, jumping 25.5 times q-o-q, while resale fell 5.8%, as buyers shifted to the primary market. Local buyers continued to underpin demand despite reduced foreign activity due to cooling measures.
• Three major project launches with attractive attributes captured about 94% of all Prime new sales as of the time of writing: River Green (sold 465 units), Upperhouse at Orchard Boulevard (sold 204 units), and The Robertson Opus (sold 171 units).

Vacancy edges down marginally amid few project completions and a stock withdrawal during the quarter

• Key Prime non-landed project completions included the remaining units in Initial Sama and 17 Mohamed Sultan Road. Meanwhile, Fraser Place Robertson Walk was withdrawn from the market.
• A reduction in the available supply of Prime non-landed homes due to both limited new project completions and a stock withdrawal during the quarter, resulted in a marginal decline in the vacancy rate.

Luxury Prime market remains resilient while Typical Prime segment continues on a growth trajectory

• Luxury Prime resale prices were stable despite lower resale volume as buyers turned to new launches in Q3 2025. Typical Prime resale prices rose further, extending gains amid new supply, with relative affordability driving further upside.
• Luxury Prime rental declines moderated in Q3 2025 amid increased seasonal corporate leasing demand. Typical Prime rents continued to rise, capturing spillover demand as tenants sought prime locations at more affordable levels than the Luxury tier.

Outlook: Improved fundamentals and interest rates to support demand, prices and rents but risks loom

• Moderating interest rates, local buyer interest and safe-haven demand should underpin Prime home prices in the near-term. However, uncertainties arising from any escalation in ongoing geopolitical conflicts may still weigh on demand.
• Leasing demand should find support from better economic fundamentals. However, should geopolitical risks spiral into economic headwinds and job uncertainties, slower hiring and demand from cautious tenants could temper rental growth.