Prime non-landed home sales volume contracts in Q4 2025

• Market momentum slowed in the quarter, with sales front-loaded in October due to the single new launch in the Prime district. Activity declined steeply in November and December amid the typical year-end seasonal lull and reduced new launch activity.
• The strong October performance was driven by the launch of the 666-unit Skye at Holland, which sold 662 units, representing about 56% of the month’s total sales volume, as at the time of this writing.

Vacancy rises following increased project completions during the quarter

• Six Prime non-landed projects received Temporary Occupation Permits (TOPs) in Q4 2025, with three additional projects having completed construction but still awaiting TOP issuance due to government review processes.
• The sharp increase in new project completions, coupled with an absence of stock withdrawals, expanded the Prime non-landed inventory and contributed to higher vacancy rates.

Capital values rise across prime non-landed segments while rental trends diverge

• Prime resale non-landed homes capital values rose in Q4 2025 on improved macro conditions and market exuberance since Q3 2025, spillover effects from launches like Skye at Holland, and continued buyer preference for Prime assets for capital preservation.
• Prime rental trends diverged. Luxury Prime rents fell amid weaker leasing demand due to uncertain global market conditions, while Typical Prime rents grew as cost-conscious tenants sought more affordable prime locations.

Outlook: Prime Capital Values to maintain upward trajectory; Rental Growth to Vary Across Segments

• Prime home prices are expected to remain supported by declining interest rates and sustained local and safe-haven buying demand. However, escalating geopolitical tensions could temper overall market activity and price gains.
• With economic and geopolitical risks potentially slowing hiring, cost-conscious tenants are expected to favour the Typical Prime segment, supporting stronger leasing demand relative to the costlier Luxury Prime market in 2026.