OPERATIONS AND MARKET REVIEW PROPERTY DEVELOPMENT Singapore The property market in 2025 was very active, with developers’ sales hitting a four-year high of 10,815 units excluding Executive Condominiums (ECs), a 67% increase from 2024. Price growth for private residential in 2025 remained healthy at 3.3%, albeit lower than the 3.9% price growth in the previous year. The strong rebound in new private home sales was largely driven by Singapore’s better-than-expected economic performance, lower interest rates and pent-up demand after three years of relatively low sales take-up. For FY 2025, the Group and its joint venture (JV) associates sold 1,657 units including ECs, with a total sales value of $4.35 billion (FY 2024: 1,489 units with a total sales value of $2.97 billion), marking the highest sales value in the Group’s history. The strong performance was attributed to two highly successful launches for the year: The Orie (777 units - 95% sold1) and Zyon Grand (706 units - 87% sold1). The Group’s other launched projects continued to register steady sales. The 408-unit The Myst at Upper Bukit Timah Road is now over 90% sold (370 units). The 348-unit Norwood Grand at Champions Way is 88% sold (305 units), while the 366-unit Union Square Residences at Havelock Road is 37% sold (137 units). The Group’s associate, Cityview Place Holdings Pte. Ltd., as subsidiary proprietor/owner of 203 units at the 228-unit The Residences at W Singapore Sentosa Cove, has sold 117 of the 203 units. Three JV projects obtained their Temporary Occupation Permits (TOPs) in 2025: • April: 639-unit Copen Grand EC (fully sold) • September: 407-unit Piccadilly Grand (fully sold) • December: 638-unit Tembusu Grand (98% sold) During the year, the Group replenished its landbank with the acquisition of three Government Land Sales (GLS) sites. The first was in June at Lakeside Drive in Jurong, followed by two EC GLS sites in August located at Woodlands Drive 17 and Senja Close. These three sites will yield about 1,300 residential units. Zyon Grand sales gallery I Singapore The Orie I Singapore Piccadilly Grand I Singapore 1 As of 28 February 2026 Artist's Impression 84 | CITY DEVELOPMENTS LIMITED
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