[
  {
    "number": 1,
    "slide": 18,
    "file": "chart-01-gdp-prices.png",
    "title": "经济增长与住宅价格，长期共同成长",
    "period": "2000年至2026年第三季（图中带星号部分及2026全年增速为当时估计／预测）",
    "credit": "原图：PropNex 演示材料",
    "limitations": "左轴为 GDP 增长率，右轴为新售非有地住宅平均每平方尺价格。双轴尺度不同，均价也受当期项目与户型组合影响，不能据此计算因果关系。",
    "sourcePresentation": "https://docs.google.com/presentation/d/105ppycx4xiHiKBxpRoIelZKdHfkqFXoq/edit",
    "originalNumber": 1,
    "revisedAt": "2026-10-22"
  },
  {
    "number": 2,
    "slide": 19,
    "file": "chart-02-sti-prices.png",
    "title": "财富持续增长，为住宅价格提供长期支持",
    "period": "1997年第一季至2026年7月",
    "credit": "原图：PropNex 演示材料",
    "limitations": "STI 季度均值与新售非有地住宅均价并列。图中危机阴影用于历史对照；股票流动性、行业权重及住宅成交滞后均不同。",
    "sourcePresentation": "https://docs.google.com/presentation/d/105ppycx4xiHiKBxpRoIelZKdHfkqFXoq/edit",
    "originalNumber": 2,
    "revisedAt": "2026-10-22"
  },
  {
    "number": 3,
    "slide": 16,
    "file": "chart-05-citizens-pr.png",
    "title": "身份授予与人口政策，支持长期住房需求",
    "period": "历史授予数2009—2025年；右侧为至2030年的政策目标口径",
    "credit": "原图注明：Population in Brief 2026／ICA；2026年2月政策讲话",
    "limitations": "2025年图示新公民25,094人、PR 35,352人。新公民不含海外血统公民；PR 转为公民可能跨年重复计入授予流量，不能把两项相加当作净新增人口或购房家庭。",
    "sourcePresentation": "https://docs.google.com/presentation/d/105ppycx4xiHiKBxpRoIelZKdHfkqFXoq/edit",
    "originalNumber": 5,
    "revisedAt": "2026-10-22"
  },
  {
    "number": 4,
    "slide": 16,
    "file": "chart-04-unsold-supply.png",
    "title": "新盘未售供应：关注补充速度与供需节奏",
    "period": "2022年第一季至2026年第一季",
    "credit": "原图：PropNex 演示材料",
    "limitations": "包含已获规划批准的私人住宅与 EC 未售单位。未售、空置与即将交付是不同概念；柱形无逐项数字，不从图片估读精确库存。",
    "sourcePresentation": "https://docs.google.com/presentation/d/105ppycx4xiHiKBxpRoIelZKdHfkqFXoq/edit",
    "originalNumber": 4,
    "revisedAt": "2026-10-22"
  },
  {
    "number": 5,
    "slide": 23,
    "file": "chart-06-housing-stock.png",
    "title": "私人住宅与有地住宅，供给结构决定稀缺性",
    "period": "2000—2025年",
    "credit": "原图：PropNex 演示材料",
    "limitations": "2025年图示 HDB 1,160,535套、私人公寓及其他公寓375,612套、有地住宅75,338套。为图示三类存量，非可售库存，也非居民家庭数量。",
    "sourcePresentation": "https://docs.google.com/presentation/d/105ppycx4xiHiKBxpRoIelZKdHfkqFXoq/edit",
    "originalNumber": 6,
    "revisedAt": "2026-10-22"
  },
  {
    "number": 6,
    "slide": 21,
    "file": "chart-07-household-wealth.png",
    "title": "2013年前后：金融财富增长快于住宅资产",
    "period": "1995年至2024年第四季",
    "credit": "原图署名：Macrobond、UOB Global Economics & Markets Research",
    "limitations": "资产总量及名义值，不单独证明单位房价低估；2013年前后及降温措施影响为Kevin的解读。",
    "sourcePresentation": "https://docs.google.com/presentation/d/105ppycx4xiHiKBxpRoIelZKdHfkqFXoq/edit",
    "originalNumber": 7,
    "revisedAt": "2026-10-22"
  },
  {
    "number": 7,
    "slide": 22,
    "file": "chart-08-land-comparison.png",
    "title": "跨地段土地成本，勾勒新房价格基础",
    "period": "演示稿2026年10月版整理；各地块取得时间不同",
    "credit": "原图署名：PropNex Investment Suites",
    "limitations": "单位为每平方尺容积率地价（psf ppr），不是住宅可售面积尺价。图中部分项目的区域归类与其他页不完全一致，不能仅依分区标题排序。",
    "sourcePresentation": "https://docs.google.com/presentation/d/105ppycx4xiHiKBxpRoIelZKdHfkqFXoq/edit",
    "originalNumber": 8,
    "revisedAt": "2026-10-22"
  },
  {
    "number": 8,
    "slide": 10,
    "file": "chart-09-lentor-land.png",
    "title": "Lentor近期地价回升，抬高后续开发成本",
    "period": "2021年7月至2026年3月",
    "credit": "原图署名：PropNex Research、URA",
    "limitations": "图示2025年S$920与2026年S$1,278的地价相差S$358，约38.9%；但2021年已有S$1,204。不同地块条件与竞标时点不同。",
    "sourcePresentation": "https://docs.google.com/presentation/d/105ppycx4xiHiKBxpRoIelZKdHfkqFXoq/edit",
    "originalNumber": 9,
    "revisedAt": "2026-10-22"
  },
  {
    "number": 9,
    "slide": 30,
    "file": "chart-10-ccr-costs.png",
    "title": "市区土地成本上移，推动未来新房价格基准",
    "period": "原图注明成交资料截至2026年9月13日",
    "credit": "原图署名：PropNex Research、URA、URA REALIS",
    "limitations": "蓝柱为地价，橙柱为已推售项目平均售价。右侧只有地价，标题“未来可能突破S$3,500”属于研究判断，不是已成交售价或官方预测。",
    "sourcePresentation": "https://docs.google.com/presentation/d/105ppycx4xiHiKBxpRoIelZKdHfkqFXoq/edit",
    "originalNumber": 10,
    "revisedAt": "2026-10-22"
  },
  {
    "number": 10,
    "slide": 33,
    "file": "chart-12-upper-thomson-bids.png",
    "title": "Upper Thomson周边新地块，土地成本高约36.8%",
    "period": "Lorong Puntong／Sin Ming Avenue 地块2026年竞标资料",
    "credit": "原图署名：URA、developers",
    "limitations": "获授标方Eco World Development (S) Pte Ltd；约S$1,612为GFA地价。与Thomson View公布含补价的S$1,178作基准比较，差约36.8%；奖励楼面及最终补价未完全复核，非住宅售价差。",
    "sourcePresentation": "https://docs.google.com/presentation/d/105ppycx4xiHiKBxpRoIelZKdHfkqFXoq/edit",
    "originalNumber": 12,
    "revisedAt": "2026-10-22",
    "verification": {
      "bidder": "Eco World Development (S) Pte Ltd",
      "nature": "Awarded tender consideration",
      "considerationSGD": 208099000,
      "gfaSqm": 11994,
      "awardAnnouncementDate": "2026-09-18",
      "source": "https://ecoworld.my/news/ecoworld-wins-tender-for-prime-singapore-residential-site/",
      "comparisonSource": "https://www.etcsea.com/newsroom/thomson-view-condominium-successfully-awarded-to-uol-singland-and-capitaland-development-at-s-810-million/",
      "comparisonRate": 1178,
      "comparisonIncludes": "Land betterment charges and 99-year lease upgrading premium",
      "limitation": "Published GFA-based benchmark comparison; bonus GFA and final premium details not fully reconciled; not a home-price difference"
    }
  }
]