Singapore Residential "Muted data prints despite record launch prices" Lee

Research evidence excerpt

Singapore Residential "Muted data prints despite record launch prices" Lee

Global Research

1 July 2026ab

Singapore Residential Equities

SingaporeMuted data prints despite record launch prices

Real Estate

Terence Lee, CFA

2Q26's private and public home prices +0.5%/-0.3% QoQ respectively Analyst

Generally speaking, we think this is a healthy read going into the Jul'26 new launch terence.lee@ubs.com

season. Price growth of resale public and private homes are easing, likely explaining the +65-6495 3570

softer prints. In the current low-rate environment, we think this is less so homeowner Michael Lim

distress, more so some buyers taking a pause from recent ASP increases. We think 2Q's Analyst

data print helps to quell some concerns around broad based cooling measures in the michael-h.lim@ubs.com

near term. We are also not too worried about the softer datapoints, as they do not +65-6495 5902

necessarily reflect (or derail) the strong price and volume momentum seen within the Grace Lim

new launch market that are most relevant to listco property developers CDL and UOL Economist

and real estate broker PropNex. New launch prices are at high watermarks and multiyear grace-k.lim@ubs.com

high takeup rates, which we think offers room to accommodate some negative +65-6495 5965

feedback loops from slower public-private upgrading etc. Overall, 1H26's property price

index's 1.4% YTD increase tracks our +3% price increase forecast for 2026E, a healthy

pace for the property market. We have Buy ratings on CDL, UOL and PropNex.

Language alongside data prints may even lean supportive - for public housing

Language accompanying the data print clue us into the government's latest assessment

of housing-related risks. We see a sequential improvement in 2Q's tone. For both private