Moderate absorption and steady Q4 performance

• Net absorption reached 224 units in Q4 2025, marking a moderation from Q3 2025 levels, with expatriate professionals driving majority of leasing demand.
• Sales activity maintained resilience throughout the quarter, bolstered by sustained investment interest from foreign buyers and local business owners seeking residential assets.

Development completion and expatriate leasing activity push residential vacancy rates lower

• An additional 144 units across development projects reached completion in Q4 2025, delivered on schedule with unit transfers to clients currently underway across the portfolio.
• Vacancy rates improved to 6.5% in Q4 2025, declining 12.1 basis points quarter-over-quarter as expatriate professionals maintained active leasing throughout the period.

Rental rates and capital values continue their positive growth momentum

• Rental rates increased by 3.0% to PHP 880.8 per sqm per month as supply-demand tightening in luxury segments allows landlords and owners to command higher rents amid vacancy decline.
• Capital values rose moderately by 0.2% to PHP 306,457 per sqm in Q4 2025. Despite the measured growth pace, this demonstrates stable demand for the premium residential market.

Outlook: Development pipeline and asset demand support continued market growth trajectory

• Investor demand for premium developments anticipated to sustain positive absorption despite potential vacancy increases from new completion entering the market for 2026.
• Rental prices projected to rise further supported by steady tenant demand and new completions of developments, while strengthening economic conditions driving capital values upward.