In Singapore this year, there have indeed been cases where new launches sold 90% of their units during the first weekend. But using these examples to argue against the slowdown in the high-end residential market fundamentally misses the point about market segmentation. What I’m talking about is ultra-luxury homes, especially those priced above 10 million SGD, which in the past relied heavily on foreign buyers and ultra-high-net-worth individuals. This segment now has very poor liquidity—not because no one likes them, but because the pool of buyers is too narrow. The number of wealthy locals is limited, and the 60% ABSD (Additional Buyer’s Stamp Duty) for foreign buyers has wiped out most of the demand. The new launches that have sold well this year aren’t proof that the ‘luxury market is booming.’ The key is that their total prices are well-controlled, offering strong value for money, and they primarily appeal to local residents and PRs with genuine needs for self-use or upgrading. Many units are priced far below 10 million SGD, and buyers can justify the cost, so naturally, there’s competition. So right now, Singapore’s property market isn’t entirely cold or entirely hot—it’s extremely polarized: Local demand-driven and upgrade-focused projects are very hot, ECs (Executive Condominiums) are very hot, and new launches in good locations with controlled total prices are very hot. But ultra-luxury, high-total-price homes, especially those relying on foreign buyers to sustain liquidity, are just very hard to sell.