Scotts 28
Project page · Freehold
Based on 4 sales in this project, last 24 months. Search widened 2 of 4 steps to find enough comparable sales. See the comparable sales.
No storey entered, so sales were not adjusted for height
Comparable sales
Each price per area is scaled to Q2 2026 by the published index for the quarter it sold in.
| Sold | Where | Floor | Size | Price | Per sqft | Index × | Adjusted |
|---|---|---|---|---|---|---|---|
| Oct 2026 | Scotts 28 | 16-20 | 1,636 sqft | S$4,108,000 | S$2,511 psf | ×1.000 | S$2,511 psf |
| Aug 2025 | Scotts 28 | 16-20 | 2,034 sqft | S$4,900,000 | S$2,409 psf | ×0.988 | S$2,381 psf |
| Jul 2025 | Scotts 28 | 01-05 | 2,034 sqft | S$4,620,000 | S$2,271 psf | ×0.988 | S$2,245 psf |
| Jul 2025 | Scotts 28 | 06-10 | 2,034 sqft | S$4,480,000 | S$2,202 psf | ×0.988 | S$2,177 psf |
How accurate is this estimate for Scotts 28?
Too few sales since Q4 2025 to score the estimate here. Three are the minimum, and this project has not had them.
What the rent says
What this home earns against what it costs, set beside what homes like it earn.
2.52% gross yield
S$96,000 of rent a year against the estimate above · 0.11 points below flats like it
Leases signed here within a quarter of this size run about S$8,000 a month, the middle of 35 of them.
In the core central region, freehold flats yield 2.63%, from 820 projects. Too few share this home's remaining lease to measure that separately.
A yield above the mark means the flat rents well for what it costs, which can point to a keen rental patch or a price the sales alone have not caught up with. Below it, buyers are paying for something a tenant will not, such as the address itself.
Recent leases signed here
| Signed | Size | Beds | Type | Rent a month |
|---|---|---|---|---|
| Q3 2026 | >3000 sqft | 3 | Non-landed Properties | S$21,000 |
| Q3 2026 | 2000-2100 sqft | 3 | Non-landed Properties | S$10,000 |
| Q3 2026 | 2000-2100 sqft | 3 | Non-landed Properties | S$9,650 |
| Q3 2026 | 2000-2100 sqft | 3 | Non-landed Properties | S$9,650 |
| Q3 2026 | 2000-2100 sqft | 3 | Non-landed Properties | S$9,500 |
| Q3 2026 | 2000-2100 sqft | 3 | Non-landed Properties | S$9,500 |
| Q3 2026 | 1600-1700 sqft | 3 | Non-landed Properties | S$8,000 |
| Q3 2026 | 1600-1700 sqft | 3 | Non-landed Properties | S$8,000 |
median of 35 URA rental contracts at Scotts 28 within a quarter of 153 sqm, since 2025Q4.
Buying or selling at S$3,808,526?
Buying: Stamp duty on S$3,808,526 · Cash and CPF needed on S$3,808,526 · How much can I borrow · Monthly repayment on a 75% loan · Property tax on this rent.
Selling: Net proceeds from selling on S$3,808,526.
Each opens with this figure filled in; change anything there.
Primary schools near 28 Scotts Road
Measured from each school's land to this address's own point, the way MOE bands P1 priority. MOE measures to the building's outline, so near 1 km or 2 km check OneMap's School Query.
Within about 1 km
- Anglo-Chinese School (Junior) (boys) · 617 m · balloted in 2025 Phase 2C (citizens within 1 km)
- Anglo-Chinese School (Primary) (boys) · 902 m · balloted in 2025 Phase 2C (citizens within 1 km) · near the line — check on OneMap
1 to 2 km
- Singapore Chinese Girls' Primary School (girls) · 1,338 m · balloted in 2025 Phase 2C (citizens within 1 km)
- St. Margaret's School (Primary) (girls) · 1,341 m · no 2025 Phase 2C ballot
- St. Joseph's Institution Junior (boys) · 1,416 m · balloted in 2025 Phase 2C (citizens 1-2 km away)
- River Valley Primary School · 1,617 m · no 2025 Phase 2C ballot
- Farrer Park Primary School · 1,690 m · no 2025 Phase 2C ballot
Past transactions
| Date | Detail | Area | Price | Per area |
|---|---|---|---|---|
| Oct 2026 | Scotts 28 · 16-20 · Condominium | 1,636 sqft | S$4,108,000 | S$2,511 psf |
| Aug 2025 | Scotts 28 · 16-20 · Condominium | 2,034 sqft | S$4,900,000 | S$2,409 psf |
| Jul 2025 | Scotts 28 · 06-10 · Condominium | 2,034 sqft | S$4,480,000 | S$2,202 psf |
| Jul 2025 | Scotts 28 · 01-05 · Condominium | 2,034 sqft | S$4,620,000 | S$2,271 psf |
| Jan 2024 | Scotts 28 · 16-20 · Condominium | 1,658 sqft | S$3,780,000 | S$2,280 psf |
| Jan 2024 | Scotts 28 · 01-05 · Condominium | 1,098 sqft | S$2,368,000 | S$2,157 psf |
| May 2023 | Scotts 28 · 06-10 · Condominium | 1,733 sqft | S$4,300,000 | S$2,481 psf |
| Apr 2023 | Scotts 28 · 16-20 · Condominium | 1,658 sqft | S$3,968,000 | S$2,394 psf |
| Aug 2022 | Scotts 28 · 21-25 · Condominium | 1,636 sqft | S$3,980,000 | S$2,433 psf |
| Jun 2022 | Scotts 28 · 06-10 · Condominium | 1,636 sqft | S$3,730,000 | S$2,280 psf |
| Apr 2022 | Scotts 28 · 21-25 · Condominium | 1,098 sqft | S$2,500,000 | S$2,277 psf |
| Mar 2022 | Scotts 28 · 06-10 · Condominium | 1,098 sqft | S$2,250,000 | S$2,049 psf |
Sale prices as filed in caveats.
| Period | Detail | Monthly rent | Per area |
|---|---|---|---|
| Q3 2026 | Scotts 28 · >3000 sqft · 3 bed · Non-landed Properties | S$21,000 | — |
| Q3 2026 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$10,000 | S$4.88 psf |
| Q3 2026 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$9,650 | S$4.71 psf |
| Q3 2026 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$9,650 | S$4.71 psf |
| Q3 2026 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$9,500 | S$4.63 psf |
| Q3 2026 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$9,500 | S$4.63 psf |
| Q3 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$8,000 | S$4.85 psf |
| Q3 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$8,000 | S$4.85 psf |
| Q3 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,700 | S$4.67 psf |
| Q3 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q3 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q3 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q3 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q3 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,200 | S$4.95 psf |
| Q3 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,200 | S$4.95 psf |
| Q3 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,000 | S$4.76 psf |
| Q2 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$8,100 | S$4.91 psf |
| Q2 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$8,000 | S$4.85 psf |
| Q2 2026 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,000 | S$4.57 psf |
| Q2 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$8,000 | S$4.85 psf |
| Q2 2026 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,000 | S$4.57 psf |
| Q2 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q2 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q2 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,300 | S$4.42 psf |
| Q2 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,400 | S$5.14 psf |
| Q2 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,400 | S$5.14 psf |
| Q2 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,200 | S$4.95 psf |
| Q2 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,200 | S$4.95 psf |
| Q1 2026 | Scotts 28 · >3000 sqft · 3 bed · Non-landed Properties | S$18,000 | — |
| Q1 2026 | Scotts 28 · >3000 sqft · 4 bed · Non-landed Properties | S$18,000 | — |
| Q1 2026 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,500 | S$4.86 psf |
| Q1 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$8,500 | S$5.15 psf |
| Q1 2026 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,500 | S$4.86 psf |
| Q1 2026 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,200 | S$4.69 psf |
| Q1 2026 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,200 | S$4.69 psf |
| Q1 2026 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,150 | S$4.66 psf |
| Q1 2026 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,150 | S$4.66 psf |
| Q1 2026 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q1 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$6,000 | S$5.71 psf |
| Q1 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$6,000 | S$5.71 psf |
| Q1 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,700 | S$5.43 psf |
| Q1 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,700 | S$5.43 psf |
| Q1 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,100 | S$4.86 psf |
| Q1 2026 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,100 | S$4.86 psf |
| Q4 2025 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$10,000 | S$4.88 psf |
| Q4 2025 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$9,500 | S$4.63 psf |
| Q4 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q4 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q4 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q4 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,100 | S$4.30 psf |
| Q4 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,100 | S$4.30 psf |
| Q4 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,200 | S$4.95 psf |
| Q3 2025 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$9,200 | S$4.49 psf |
| Q3 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,700 | S$4.97 psf |
| Q3 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$8,000 | S$4.85 psf |
| Q3 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$7,850 | S$4.49 psf |
| Q3 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.23 psf |
| Q3 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,380 | S$4.47 psf |
| Q3 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,200 | S$4.36 psf |
| Q3 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,000 | S$4.24 psf |
| Q3 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,000 | S$4.24 psf |
| Q3 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$6,500 | S$6.19 psf |
| Q3 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$4,700 | S$4.48 psf |
| Q3 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$4,700 | S$4.48 psf |
| Q2 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,400 | S$4.80 psf |
| Q2 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,400 | S$4.80 psf |
| Q2 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,000 | S$4.57 psf |
| Q2 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$8,000 | S$4.57 psf |
| Q2 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$7,800 | S$4.46 psf |
| Q2 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$7,800 | S$4.46 psf |
| Q2 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$7,800 | S$4.46 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,700 | S$4.67 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,700 | S$4.67 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,600 | S$4.61 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q2 2025 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.29 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,200 | S$4.36 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,200 | S$4.36 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,200 | S$4.36 psf |
| Q2 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,200 | S$4.36 psf |
| Q2 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,600 | S$5.33 psf |
| Q2 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,600 | S$5.33 psf |
| Q2 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,500 | S$5.24 psf |
| Q2 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,500 | S$5.24 psf |
| Q1 2025 | Scotts 28 · >3000 sqft · 4 bed · Non-landed Properties | S$18,000 | — |
| Q1 2025 | Scotts 28 · 2200-2300 sqft · 3 bed · Non-landed Properties | S$11,500 | S$5.11 psf |
| Q1 2025 | Scotts 28 · 2200-2300 sqft · 3 bed · Non-landed Properties | S$11,500 | S$5.11 psf |
| Q1 2025 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$8,900 | S$4.34 psf |
| Q1 2025 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$8,900 | S$4.34 psf |
| Q1 2025 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$8,500 | S$4.15 psf |
| Q1 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q1 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q1 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q1 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,388 | S$4.48 psf |
| Q1 2025 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,200 | S$4.36 psf |
| Q1 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$6,500 | S$6.19 psf |
| Q1 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$4,800 | S$4.57 psf |
| Q1 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$4,800 | S$4.57 psf |
| Q1 2025 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$4,800 | S$4.57 psf |
| Q4 2024 | Scotts 28 · 2200-2300 sqft · 3 bed · Non-landed Properties | S$10,500 | S$4.67 psf |
| Q4 2024 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$7,850 | S$4.49 psf |
| Q4 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,800 | S$4.73 psf |
| Q4 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,800 | S$4.73 psf |
| Q4 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q4 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q4 2024 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.29 psf |
| Q4 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q4 2024 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.29 psf |
| Q4 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q4 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q4 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,300 | S$4.42 psf |
| Q4 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,200 | S$4.36 psf |
| Q4 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,200 | S$4.36 psf |
| Q4 2024 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$4,750 | S$4.52 psf |
| Q4 2024 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$4,700 | S$4.48 psf |
| Q3 2024 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$10,000 | S$4.88 psf |
| Q3 2024 | Scotts 28 · 2100-2200 sqft · 3 bed · Non-landed Properties | S$9,800 | S$4.56 psf |
| Q3 2024 | Scotts 28 · 2000-2100 sqft · 3 bed · Non-landed Properties | S$9,500 | S$4.63 psf |
| Q3 2024 | Scotts 28 · 1700-1800 sqft · 3 bed · Non-landed Properties | S$7,800 | S$4.46 psf |
| Q3 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,500 | S$4.55 psf |
| Q3 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,400 | S$4.48 psf |
| Q3 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,300 | S$4.42 psf |
| Q3 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,200 | S$4.36 psf |
| Q3 2024 | Scotts 28 · 1600-1700 sqft · 3 bed · Non-landed Properties | S$7,200 | S$4.36 psf |
| Q3 2024 | Scotts 28 · 1000-1100 sqft · 1 bed · Non-landed Properties | S$5,000 | S$4.76 psf |
Rents as approved by HDB, or as filed with URA for private homes, where the floor area is given as a band.
Indicative estimate from comparable caveats. Not a formal valuation.