Suites @ Newton
Project page · Freehold
Based on 3 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 |
|---|---|---|---|---|---|---|---|
| Feb 2026 | Suites @ Newton | 06-10 | 603 sqft | S$1,320,000 | S$2,190 psf | ×1.018 | S$2,230 psf |
| Dec 2025 | Suites @ Newton | 06-10 | 603 sqft | S$1,300,000 | S$2,157 psf | ×1.024 | S$2,209 psf |
| Apr 2025 | Suites @ Newton | 01-05 | 764 sqft | S$1,420,000 | S$1,858 psf | ×1.005 | S$1,867 psf |
How accurate is this estimate for Suites @ Newton?
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.
3.15% gross yield
S$42,000 of rent a year against the estimate above · 0.52 points above flats like it
Leases signed here within a quarter of this size run about S$3,500 a month, the middle of 59 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 | 600-700 sqft | 2 | Non-landed Properties | S$3,700 |
| Q3 2026 | 600-700 sqft | 2 | Non-landed Properties | S$3,600 |
| Q3 2026 | 600-700 sqft | 2 | Non-landed Properties | S$3,600 |
| Q3 2026 | 600-700 sqft | 2 | Non-landed Properties | S$3,600 |
| Q3 2026 | 600-700 sqft | 2 | Non-landed Properties | S$3,600 |
| Q3 2026 | 400-500 sqft | 1 | Non-landed Properties | S$3,400 |
| Q3 2026 | 400-500 sqft | 1 | Non-landed Properties | S$3,400 |
| Q2 2026 | 600-700 sqft | 2 | Non-landed Properties | S$4,000 |
median of 59 URA rental contracts at Suites @ Newton within a quarter of 56 sqm, since 2025Q4.
Buying or selling at S$1,331,325?
Buying: Stamp duty on S$1,331,325 · Cash and CPF needed on S$1,331,325 · How much can I borrow · Monthly repayment on a 75% loan · Property tax on this rent.
Selling: Net proceeds from selling on S$1,331,325.
Each opens with this figure filled in; change anything there.
Primary schools near 1 Surrey 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
- St. Joseph's Institution Junior (boys) · 414 m · balloted in 2025 Phase 2C (citizens 1-2 km away)
- Anglo-Chinese School (Primary) (boys) · 639 m · balloted in 2025 Phase 2C (citizens within 1 km)
- Anglo-Chinese School (Junior) (boys) · 713 m · balloted in 2025 Phase 2C (citizens within 1 km)
1 to 2 km
- Farrer Park Primary School · 1,031 m · no 2025 Phase 2C ballot · near the line — check on OneMap
- St. Margaret's School (Primary) (girls) · 1,380 m · no 2025 Phase 2C ballot
- Singapore Chinese Girls' Primary School (girls) · 1,503 m · balloted in 2025 Phase 2C (citizens within 1 km)
- CHIJ Primary (Toa Payoh) (girls) · 1,712 m · balloted in 2025 Phase 2C (citizens within 1 km)
- Hong Wen School · 1,772 m · balloted in 2025 Phase 2C (citizens within 1 km)
Past transactions
| Date | Detail | Area | Price | Per area |
|---|---|---|---|---|
| Feb 2026 | Suites @ Newton · 06-10 · Apartment | 603 sqft | S$1,320,000 | S$2,190 psf |
| Dec 2025 | Suites @ Newton · 06-10 · Apartment | 603 sqft | S$1,300,000 | S$2,157 psf |
| Sept 2025 | Suites @ Newton · 16-20 · Apartment | 1,324 sqft | S$2,050,000 | S$1,548 psf |
| Apr 2025 | Suites @ Newton · 01-05 · Apartment | 764 sqft | S$1,420,000 | S$1,858 psf |
| Aug 2024 | Suites @ Newton · 16-20 · Apartment | 560 sqft | S$1,088,000 | S$1,944 psf |
| Apr 2024 | Suites @ Newton · 16-20 · Apartment | 1,335 sqft | S$2,068,000 | S$1,549 psf |
| Sept 2023 | Suites @ Newton · 11-15 · Apartment | 484 sqft | S$970,000 | S$2,003 psf |
| Jul 2023 | Suites @ Newton · 11-15 · Apartment | 603 sqft | S$1,250,000 | S$2,074 psf |
| Jun 2023 | Suites @ Newton · 06-10 · Apartment | 603 sqft | S$1,300,000 | S$2,157 psf |
| Sept 2022 | Suites @ Newton · 06-10 · Apartment | 603 sqft | S$1,288,000 | S$2,137 psf |
| Aug 2022 | Suites @ Newton · 16-20 · Apartment | 1,324 sqft | S$2,000,000 | S$1,511 psf |
| Jul 2022 | Suites @ Newton · 01-05 · Apartment | 603 sqft | S$1,208,000 | S$2,004 psf |
| Apr 2022 | Suites @ Newton · 16-20 · Apartment | 603 sqft | S$1,298,000 | S$2,153 psf |
| Apr 2022 | Suites @ Newton · 11-15 · Apartment | 603 sqft | S$1,132,000 | S$1,878 psf |
Sale prices as filed in caveats.
| Period | Detail | Monthly rent | Per area |
|---|---|---|---|
| Q3 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q3 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2026 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,400 | S$7.56 psf |
| Q3 2026 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,400 | S$7.56 psf |
| Q2 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$4,000 | S$6.15 psf |
| Q2 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$4,000 | S$6.15 psf |
| Q2 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q2 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q2 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,650 | S$5.62 psf |
| Q2 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q2 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q2 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q2 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q2 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q2 2026 | Suites @ Newton · 500-600 sqft · 1 bed · Non-landed Properties | S$3,100 | S$5.64 psf |
| Q2 2026 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,050 | S$6.78 psf |
| Q2 2026 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,050 | S$6.78 psf |
| Q2 2026 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,000 | S$6.67 psf |
| Q2 2026 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,000 | S$6.67 psf |
| Q1 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$4,000 | S$6.15 psf |
| Q1 2026 | Suites @ Newton · 700-800 sqft · 2 bed · Non-landed Properties | S$4,000 | S$5.33 psf |
| Q1 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,780 | S$5.82 psf |
| Q1 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,750 | S$5.77 psf |
| Q1 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q1 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q1 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q1 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q1 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,400 | S$5.23 psf |
| Q1 2026 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,400 | S$5.23 psf |
| Q1 2026 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,200 | S$7.11 psf |
| Q1 2026 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,100 | S$6.89 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,750 | S$5.77 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,750 | S$5.77 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,650 | S$5.62 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,650 | S$5.62 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,400 | S$5.23 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,400 | S$5.23 psf |
| Q4 2025 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,200 | S$7.11 psf |
| Q4 2025 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,200 | S$7.11 psf |
| Q4 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,200 | S$4.92 psf |
| Q4 2025 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,150 | S$7.00 psf |
| Q4 2025 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,150 | S$7.00 psf |
| Q4 2025 | Suites @ Newton · 500-600 sqft · 1 bed · Non-landed Properties | S$3,100 | S$5.64 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$4,200 | S$6.46 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$4,200 | S$6.46 psf |
| Q3 2025 | Suites @ Newton · 1300-1400 sqft · 2 bed · Non-landed Properties | S$4,000 | S$2.96 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,700 | S$5.69 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2025 | Suites @ Newton · 700-800 sqft · 2 bed · Non-landed Properties | S$3,600 | S$4.80 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2025 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,400 | S$7.56 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,400 | S$5.23 psf |
| Q3 2025 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,400 | S$7.56 psf |
| Q3 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,400 | S$5.23 psf |
| Q2 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q2 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q2 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,650 | S$5.62 psf |
| Q2 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q2 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q2 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q2 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,400 | S$5.23 psf |
| Q2 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,300 | S$5.08 psf |
| Q2 2025 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,300 | S$7.33 psf |
| Q2 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,000 | S$4.62 psf |
| Q2 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,000 | S$4.62 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,680 | S$5.66 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,550 | S$5.46 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,550 | S$5.46 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,550 | S$5.46 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,450 | S$5.31 psf |
| Q1 2025 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,400 | S$5.23 psf |
| Q1 2025 | Suites @ Newton · 500-600 sqft · 1 bed · Non-landed Properties | S$3,300 | S$6.00 psf |
| Q4 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q4 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q4 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q4 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q4 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q4 2024 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,350 | S$7.44 psf |
| Q4 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,200 | S$4.92 psf |
| Q4 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,200 | S$4.92 psf |
| Q4 2024 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,100 | S$6.89 psf |
| Q4 2024 | Suites @ Newton · 500-600 sqft · 1 bed · Non-landed Properties | S$3,100 | S$5.64 psf |
| Q4 2024 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,100 | S$6.89 psf |
| Q4 2024 | Suites @ Newton · 500-600 sqft · 1 bed · Non-landed Properties | S$3,100 | S$5.64 psf |
| Q3 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q3 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,800 | S$5.85 psf |
| Q3 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2024 | Suites @ Newton · 700-800 sqft · 2 bed · Non-landed Properties | S$3,600 | S$4.80 psf |
| Q3 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,600 | S$5.54 psf |
| Q3 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,500 | S$5.38 psf |
| Q3 2024 | Suites @ Newton · 600-700 sqft · 2 bed · Non-landed Properties | S$3,400 | S$5.23 psf |
| Q3 2024 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,200 | S$7.11 psf |
| Q3 2024 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,200 | S$7.11 psf |
| Q3 2024 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,100 | S$6.89 psf |
| Q3 2024 | Suites @ Newton · 400-500 sqft · 1 bed · Non-landed Properties | S$3,000 | S$6.67 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.