Category: Uncategorized

Singapore-based property player and hotelier Hotel Properties Ltd (HPL) is set to further expand its global presence through the proposed acquisition of InterContinental Auckland for NZ$180 million ($138.5 million). This marks HPL’s maiden venture into New Zealand’s hospitality market and its second InterContinental hotel acquisition after the InterContinental Maldives Maamunagau Resort.

According to JLL’s Asia Pacific Hotels & Hospitality Group, which advised on the off-market transaction by New Zealand’s Precinct Properties, this is the largest single hotel asset sale recorded in New Zealand to date. HPL’s purchase of the Auckland hotel comes on the heels of the launch of The Boathouse Tioman, featuring 31 bungalows, and the 176-room The Four Seasons Hotel Osaka in Japan last year.

Advertisement

HPL has expressed its intentions to further expand its luxury hospitality portfolio in key markets in the Asia Pacific region, led by its experienced hospitality management team and strong partnerships with operators such as IHG Hotels & Resorts. “The proposed acquisition of InterContinental Auckland presents a unique opportunity for us to acquire a premium asset in New Zealand,” says Stephen Lau, chairman of HPL Hotels and Resorts.

The property is strategically located within the bustling NZ$1 billion Commercial Bay lifestyle precinct, which opened in January 2024. The hotel’s rooms offer breathtaking views of the Waitematā Harbour, adds Lau. Currently, the hotel has 139 rooms, but there is “ample headroom” to expand to 190 rooms by repurposing the existing office space to meet future demand.…

In the second half of 2024, institutional investments in Asia Pacific (Apac) real estate reached US$83.2 billion ($112 billion), marking a 6% increase year-on-year, according to research by Colliers. This brings the full-year investments to a total of US$155.9 billion, up 12% from the previous year. These numbers reflect the performance of the top nine markets in the region, including Australia, Mainland China, Hong Kong, India, Japan, Singapore, South Korea, New Zealand, and Taiwan.

This growth in investments highlights the resilience of the Apac real estate market, setting the stage for a promising 2025, says Chris Pilgrim, Colliers’ managing director of global capital markets, Asia Pacific. He notes that domestic investors have been a driving force in key markets like South Korea, Taiwan, and New Zealand, accounting for over 80% of real estate inflows in the second half of 2024.

The office sector contributed the most to investment volume in Asia Pacific, accounting for US$26.5 billion (32%) in the second half of 2024. For the entire year, office investments reached US$51.4 billion, a 14% increase year-on-year. The industrial and logistics sector followed closely, recording US$22.6 billion in investments in the second half of 2024, or 27% of the total. This brings the full-year investments in this sector to US$39.4 billion, rising 29% from the previous year.

The retail sector also saw a significant rebound, with investments reaching US$15 billion in the second half of 2024, driven by major deals in Australia and South Korea. Total retail investments for the year amounted to US$26.1 billion, a 27% increase year-on-year.

Pilgrim projects that domestic capital will continue to dominate most markets in 2025, while offshore investments are expected to rise due to improving investor confidence and attractive valuations. He also believes that the office and industrial segments will continue to attract robust investment, while retail, hospitality, and alternative assets will gain traction as investors capitalize on recovery momentum and evolving consumer trends. “With economic growth remaining strong and continued policy support, Apac’s real estate market is poised for sustained investment activity in 2025,” he adds.…

SC Capital Partners Group, a Singapore-based private equity real estate firm, has recently announced the successful sale of its student accommodation property in Sydney, Australia. Located on Anzac Parade and Lorne Avenue in Kensington, the property was sold at a “significant premium” to the price at which it was acquired and a 19% premium to its current book value. The buyer of the property is the University of New South Wales (UNSW) in Sydney.

The sale of this property marks a profitable exit for SC Capital Partners, who had acquired the asset in 2016 for A$57 million. This sale has also highlighted the strong demand for student accommodation assets in the Sydney property market.

The purpose-built student accommodation spans 85,035 square feet and features 233 beds and a ground-floor commercial podium. It is strategically located within 600 meters of the UNSW Kensington campus, making it a highly desirable property for students. The student accommodation component is fully leased to UNSW and a new 20-year master lease was signed in 2019, adding to its attractiveness as an investment opportunity.

The sale of this property is a testament to SC Capital Partners’ expertise in the real estate sector and their ability to identify and capitalize on profitable investment opportunities. With this successful transaction, SC Capital Partners has once again demonstrated their strong track record in the global real estate market.…

ASCapitaLand Investment Limited (CLI) has further solidified its position as a leading player in the private equity real estate market, earning top honors at the prestigious PERE Global Awards 2024. The company’s group CEO, Lee Chee Koon, was named the ‘Industry Figure of the Year’ for Asia Pacific, while CLI received the runner-up award for ‘Firm of the Year’ in the region.

Held annually by PERE, a London-based publication that covers private equity real estate markets, the PERE Global Awards recognizes influential firms, individuals and standout deals from the past year. This year’s winners were selected by a judging panel of PERE journalists, marking a departure from previous editions where PERE readers voted on shortlisted submissions to determine the winners.

In a March 4 press release, CLI expressed its pride in CEO Lee’s achievement, stating that the award “recognizes his role in driving CLI’s transformational growth and his significant impact on the private real estate industry in the Asia Pacific region.” Lee was appointed as CapitaLand’s group CEO in September 2018, and under his leadership, the company has made major strides, including the acquisition of Ascendas-Singbridge in 2019 and the 2021 restructuring of CapitaLand Group, which resulted in the listing of CLI and the privatisation of its real estate development arm, CapitaLand Development.

CLI has also made strategic investments, such as its acquisition of real estate investment manager SC Capital Partners Group and Wingate Group Holdings’ property and corporate credit investment management business in 2024. The company is on track to manage $200 billion in funds by 2028, solidifying its position as a major player in the private equity real estate market.

CLI’s success at the PERE Global Awards 2024 further cements its reputation as a leading developer and investor in the Asia Pacific region. With a strong track record of delivering high-quality and sustainable projects, CLI is well-positioned to continue its growth and make a significant impact in the private equity real estate market.…

Shares of City Developments, currently embroiled in a heated internal conflict that has spilled into the courts, experienced a significant decline of 28 cents, or 5.47%, when trading resumed today. Trading for the company’s shares had been temporarily halted on February 26, when a scheduled results briefing was abruptly cancelled, and news broke later in the day that there was a rift between executive chairman Kwek Leng Beng and his son, group CEO Sherman Kwek.

In response to these reports, CDL released a statement on March 3 affirming that while the company will not comment on the validity of the allegations being made by both parties, they are aware that these allegations are currently the subject of ongoing court proceedings. The company reassured shareholders that its business operations remain unaffected and that Sherman Kwek will continue to serve as the Group Chief Executive Officer until a board resolution is made to change company leadership.

However, in light of this boardroom and family dispute, analysts have downgraded their calls on CDL and have adjusted their target prices. UOB Kay Hian’s Adrian Loh lowered his rating from “buy” to “hold” in a February 27 report, pointing out that the company’s FY2024 numbers had missed both his and consensus estimates. The public conflict between CDL’s leadership overshadowed any positive performance the company had achieved and Loh believes that this will have a negative impact on the company’s stock performance in the foreseeable future.

Loh’s revised target price of $4.60, down from $7, was based on CDL’s five-year average price-to-book (P/B) ratio of 0.72 times, pegged to 2 standard deviations below the average. He emphasized that without a resolution to the leadership dispute and more active capital recycling, CDL’s share price is unlikely to reach these levels anytime soon. Loh also suggested that professionalizing the management, resolving the factions within the board, reconciling the family members, or selling the company could provide some relief for shareholders in the short term.

In a separate report released on February 27, DBS Group Research analysts Derek Tan and Tabitha Foo acknowledged that investor sentiment will be dampened by the ongoing dispute, but they believe that the company’s fundamentals remain intact. In fact, they noted that CDL is currently trading at a very attractive valuation of 0.5 times P/B (with book value at cost) and 0.3 times P/RNAV, which is even lower than the lows seen during the Global Financial Crisis. Tan and Foo maintained their “buy” rating on CDL, but lowered their target price from $10.50 to $6.70 based on a 60% discount to RNAV, as opposed to their previous valuation of a 35% discount. They also pointed out that the current discount for the real estate sector as a whole is 50%.

Similarly, OCBC Investment Research maintained their “buy” rating on CDL but with a reduced fair value of $6.02, down from $6.57. They based their valuation on a wider RNAV discount of 60%, as opposed to the 45% previously used. They also cautioned that the ongoing dispute could lead to uncertainty over CDL’s outlook and potentially affect the company’s stock performance until the matter is resolved.

Citi Research analyst Brandon Lee, in a February 26 report, pointed out that it’s difficult to quantify the potential impact of the ongoing disputes on CDL, but he believes that uncertainty surrounding the board and company leadership, coupled with the lengthiness of any potential court case, could keep CDL’s share price under pressure in the near term. However, Lee also noted that CDL is currently under-owned by investors, and any positive resolution to the dispute could have a major impact on the company’s share price in the long term. This led Lee to maintain his “buy” call with a $9.51 target price, based on his view that CDL’s current stock price, which is less than a third of its book value, presents a significant buying opportunity.

In a report released on February 26, JP Morgan analysts Mervin Song and Terence M Khi referred to the conflict at CDL as a “dynastic discord” that has been building up over several years, due to underperformance and public disagreements among members of the extended Kwek family. Despite this, they expressed hope that a positive resolution can be reached and that the family can be reconciled. However, they did lower their target price on CDL from $6.05 to $4.85, based on a 60% discount to their RNAV estimate of $12.10 per share.…

Perpetual (Asia) Limited, acting as trustee for Elite UK REIT, has sold Crown Buildings, Caerphilly, located on Claude Road in Wales, for GBP710,000 ($1.2 million) at an 18% premium. This decision was reflected in a filing to the bourse on March 3rd.

The independent valuation conducted by CBRE at the end of 2024 estimated the property’s value to be GBP600,000 while its value at the end of 2023 was GBP530,000. The vacant property covers a total gross floor area of 20,712 sq ft, according to Elite UK REIT’s website.

The net proceeds from the sale will be used to repay Elite UK REIT’s existing borrowings. The company has successfully reduced its leverage ratio from 50.0% at the end of 2023 to 43.4% at the end of 2024, following its successful GBP28 million preferential offering in January 2024.

Moreover, its net gearing ratio also dropped from 47.5% at the end of 2023 to 42.5% at the end of 2024. Elite UK REIT does not have any debt maturing in 2025 and 2026, and its refinancing is only due in 2027.…

During the week of February 7 to February 14, Mandarin Gardens saw the most profitable condominium resale transaction. A four-bedroom unit with a size of 3,800 sq ft was sold at $4.88 million, or $1,284 per square foot (psf) on February 11. URA records show that the unit on the eighth floor was previously transacted at $1.05 million ($276 psf) in June 2003.

The sale resulted in a profit of $3.83 million for the seller, which is equivalent to 364.8% of the original purchase price. This translates to an annualised capital gain of 7.4% over a span of 21 and a half years.

This record-breaking transaction also sets a new record for the most profitable sale at Mandarin Gardens. The previous record was held by a similar-sized four-bedroom unit on the 20th floor, which was sold for $4.1 million in September 2021 ($1,336 psf). The previous owners had purchased the unit for $1.4 million ($456 psf) in August 2001, earning a profit of $2.7 million (193%) or an annualised gain of 5.5% over 20 years.

Since September 2023, resale prices at Mandarin Gardens have remained stagnant after breaking the $1,300 psf mark. They peaked at $1,316 psf in June 2024 before slightly dropping to $1,310 psf as of February 25.

Out of the 1,006 units at Mandarin Gardens, there are only 18 four-bedroom units. The most recent sale is the first four-bedroom unit to be sold since June 2023, when a unit of similar size on the ninth floor was sold for $4.26 million ($1,122 psf).

Located on Siglap Road in District 15, Mandarin Gardens sits on a 1.07 million sq ft site. It has a 99-year leasehold tenure starting from 1982, with about 56 years remaining. The condo comprises 17 blocks ranging from nine to 23 storeys high, with a mix of one- to two-bedroom apartments (732 to 1,001 sq ft) and larger three- to four-bedroom units (1,528 to 3,800 sq ft). It also has 11 strata commercial units.

The second most profitable transaction during this period was recorded at Parvis, a freehold condo located in prime District 10 on Holland Hill. On February 10, a three-bedroom unit of 2,260 sq ft on the second floor was sold for $4.78 million ($2,115 psf).

The unit was previously purchased from the developers in December 2009 at $2.78 million ($1,230 psf). This resulted in a profit of $2 million (71.9%) or an annualised gain of 3.6% over 15 years.

This new sale is the third most profitable transaction at Parvis to date. The record is currently held by another four-bedroom unit of 2,605 sq ft, which was sold for $5.4 million ($2,073 psf) in November 2022. The previous owners had bought the unit for $3.21 million ($1,230 psf) in December 2009, resulting in a profit of $2.19 million (68.2%), or an annualised gain of 4.1% over 13 years.

This is also the second profitable transaction to take place at Parvis this year, the first being a four-bedroom unit on the 12th floor sold for $6.1 million ($2,188 psf) on January 6. The sellers had bought this unit for $4.25 million ($1,524 psf) in 2011, making a profit of $1.85 million (43.5%) after 14 years. This ranks as the fifth most profitable transaction at Parvis.

Parvis is a 12-storey development with 248 residential units. Units are a mix of two-bedroom apartments (990 to 1,442 sq ft) and larger three- to four-bedroom units (1,701 to 2,605 sq ft). There are also three- and four-bedroom penthouses (2,293 to 3,229 sq ft).

Some of the schools within a 2km radius of Parvis include Henry Park Primary School, Nanyang Primary School, New Town Primary School, and Queenstown Primary School. The condo is a five-minute walk away from Holland Village MRT Station on the Circle Line.

The most unprofitable transaction during this period was recorded at Scotts Square, where a two-bedroom unit of 947 sq ft on the 28th floor was sold for $3.08 million ($3,252 psf) on February 13. The unit had been purchased for around $3.83 million ($4,039 psf) in December 2007, resulting in a loss of $745,880 (19.5%). This translates to an annualised loss of 1.3% over 17 years.

Scotts Square, developed by Wharf Estates Singapore, has recorded 69 unprofitable transactions since its launch in 2007, with 18 of them (26%) resulting in a seven-figure loss. The most significant loss was from a sale of a 1,249 sq ft, three-bedroom unit in February 2017, which was sold for $3.65 million ($2,923 psf). The previous owners had bought the unit at launch in August 2007 for about $5.21 million ($4,171 psf), resulting in a loss of about $1.56 million (30%) over 10 years.

On average, resale prices at Scotts Square have been declining since its launch in 2007. Based on a 12-month rolling average, prices peaked at $4,054 psf in July 2007 and hit a low of $3,330 psf in August 2020. In February 2025, the average resale price was $3,398 psf.

Located along Scotts Road in the Orchard shopping belt, Scotts Square is a mixed-use development with a total of 338 residential units and a four-storey retail podium. Residential units consist of one- to three-bedroom apartments (603 to 1,249 sq ft). Amenities include concierge services, a gym, a lap pool, and a sky pool on the 35th floor.…

During the period of February 7 to 16, the sale of a two-bedroom unit at Hill House stood out as it topped the list of private condominiums that achieved a new record psf-price high. The 999-year leasehold development, which was launched in 2022, reached its highest price per square foot of $3,398 psf when a developer sold a 452 sq ft unit on the eighth floor for $1.54 million on February 16. This latest transaction barely surpassed the previous peak of $3,378 psf set on February 11, when another 452 sq ft, two-bedroom unit on the eighth floor was sold for $1.53 million.

Located at the top of Institution Hill, just off River Valley Road in prime District 9, Hill House comprises 72 units and was launched in November 2022. The boutique condominium consists of 40 one-bedroom units measuring 431 sq ft. There are also 24 two-bedroom apartments ranging from 452 sq ft to 624 sq ft, and eight three-bedroom units spanning 753 sq ft.

If you’re interested in finding out the latest transaction prices and available units at Hill House, you can search for the latest New Launches.

Artist’s impression of Hill House (Photo: Macly Group)

Based on URA caveats, 37 units (or 51.4%) at Hill House have been sold at an average price of $3,152 psf since its launch in November 2022. The condo is currently under construction and is expected to be completed in the third quarter of 2026. From the start of this year, eight units at Hill House have been sold at an average price of $3,190 psf. This includes the most expensive unit sold at the development so far in terms of absolute price – a 753 sq ft, three-bedroom apartment that was sold for $2.39 million on January 5.

If you’re interested in finding out more about the latest new launch, you can read our analysis here: ANALYSIS: Most profitable condos in 2024

The Tresor, a 999-year leasehold development, came in second on the list of condos that saw new psf-price highs during the period. A resale transaction of a 1,421 sq ft unit on the fifth floor set a new high of $2,625 psf when it was sold for $3.73 million on February 10. This beats the previous psf-price high for the development of $2,501 set in March 2024, when a 1,399 sq ft, three-bedroom unit on the second floor was sold for $3.5 million.

The unit that was sold on February 16 was the first resale transaction at The Tresor in a year, according to caveats lodged. The most recent resale deal before this was the sale of a 1,399 sq ft unit which went for $3.5 million ($2,501 psf) on March 4, 2024. The Tresor is a 62-unit development located on Duchess Road in District 10 and was completed in 2007. It comprises a mix of two-, three-, and four-bedroom apartments ranging from 990 to 2,896 sq ft.

The Tresor (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Just a five-minute walk from Tan Kah Kee MRT Station on the Downtown Line, The Tresor is also within walking distance of Coronation Shopping Plaza and Serene Centre. Other nearby amenities include Adam Food Centre and the Singapore Botanic Gardens.

Rounding out the top three on the list of condos that achieved a new psf-price high is Jadescape. On February 7, a 1,647 sq ft, four-bedroom unit on the 22nd floor was sold for $4.05 million. This sets a new record of $2,459 psf at the District 20 development. The previous high price per square foot at Jadescape was $2,446 psf, set in January, when a 1,259 sq ft unit on the 10th floor was sold. In terms of absolute price, the most expensive resale unit to date is a 4,230 sq ft, six-bedroom penthouse which fetched $10.2 million ($2,399 psf) in December 2024.

Jadescape is a 99-year leasehold development that was completed in 2022. It consists of 1,206 units across seven residential towers. Located at the junction of Marymount Road and Shunfu Road, Jadescape has one- to five-bedroom apartments ranging from 527 sq ft to 2,099 sq ft. There are also two penthouses measuring 4,230 sq ft. The development is within walking distance of Marymount MRT Station on the Circle Line, and just a four-minute walk away from Sin Ming Plaza.

Jadescape (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Data compiled by EdgeProp Research shows that Jadescape commands one of the highest average transacted prices among condos within a 1km radius. In the last 12 months, the average transacted price at Jadescape stands at $2,192 psf. In comparison, other condos in the vicinity such as the Tresalveo on Marymount Terrace, 183 Longhaus on Upper Thomson Road, and Thomson V Two on Sin Ming Road have average transacted prices ranging from $1,712 psf to $1,912 psf over the same period. All three condos are freehold developments.

No new psf-price lows were recorded during the period. If you’re interested in finding out more about Hill House, The Tresor, and Jadescape, you can check out the latest listings and transactions here and here.

Ask Buddy

Tenure of Hill House

Show me condo listings in District 10

View sale transactions for The Tresor

What is the buyer profile for Jadescape?

Condo sale transactions in District 20…

CT Pemimpin, the newest freehold development by Chiu Teng Group, is set to be a game-changer for property investors and business owners in Singapore. Known for its expertise in developing high-quality commercial and industrial spaces, Chiu Teng Group brings its proven track record to this highly anticipated project.

Strategically located at 43 Jalan Pemimpin in the Central Region, CT Pemimpin is a nine-storey, partial ramp-up factory with 56 strata-titled units and three canteen units. Its prime location and freehold status make it a highly sought-after development in a land-scarce city like Singapore.

One of the standout features of CT Pemimpin is its rare freehold status, which sets it apart from most industrial developments in the market that come with a 30-year or 60-year lease. And unlike residential properties, commercial and industrial properties are not subject to Additional Buyer’s Stamp Duty (ABSD) by the government, making them an attractive option for investors and foreigners eligible to purchase.

According to Kelvin Fong, Deputy CEO of PropNex Realty, the freehold status of CT Pemimpin, combined with its central location, makes it a valuable asset for both investors and end-users.

The development offers a generous one-to-one carpark ratio, with 59 carpark lots, including two electric vehicle lots, three lorry lots for vehicles under 7.5m in length, two handicapped lots, and 34 bicycle lots. It also features two passenger lifts and a service lift, and each unit comes with its own private toilet for the convenience of its occupants.

Ken Low, Managing Partner of SRI, highlights the convenience of the allocated carpark lot for each unit at CT Pemimpin, making it an attractive choice for businesses. The partial ramp-up design also enhances accessibility for everyday operations, facilitating smoother loading and unloading of goods and improving logistics efficiency.

In terms of location, CT Pemimpin is situated in District 20, a highly popular area with buyers and tenants due to its proximity to well-established townships such as Bishan, Upper Thomson, and Ang Mo Kio. Its strategic location offers excellent accessibility and connectivity to all parts of Singapore, with three MRT lines serving the industrial estate, providing great convenience for those using public transport.

Doris Ong, Deputy CEO of ERA, highlights the strategic location of CT Pemimpin in the city’s central region, making it a smart investment choice and a strategic business asset. The upcoming North-South Corridor will further enhance its connectivity, reducing travel time from the north into the city when it is completed in phases from 2027.

CT Pemimpin also offers a good mix of retail and dining options in nearby suburban shopping hubs, such as Junction 8, Thomson Plaza, AMK Hub, and others. Reputable schools such as Raffles Institution, Catholic High School, and Eunoia Junior College are also within close proximity.

For those looking for a more sustainable future, CT Pemimpin offers a range of green features, including an end-of-trip facility with shower rooms, bicycle racks, and storage lockers. Other green features include a sky garden with two rooftop pavilions, rooftop solar panels, EV charging stations, and a recycling corner. Mark Yip, CEO of Huttons Asia, notes that these features make CT Pemimpin an ideal choice for industries such as e-commerce, media, telecommunications, and software development.

Established in 1999, Chiu Teng Group has built a reputation as a reliable developer and builder in the industrial and commercial sectors. Its portfolio includes several well-received projects, such as CT FoodNEX, CT Foodchain, The Creek@Bukit, Tagore8, and CT Hub & Hub 2.

The preview for CT Pemimpin will end on March 5, 2025. To secure your rare freehold industrial space, contact 8100 8017 or visit Chiu Teng Group to arrange a viewing today.…

Two retail units in Sim Lim Square for sale at $2 mil each

Two neighboring retail units on the third floor of Sim Lim Square will be featured in ERA’s upcoming auction on February 27, with a combined guide price of $3.38 million. The bigger unit, spanning 958 square feet, is priced at $2.08 million or $2,171 per square foot, while the smaller unit of 570 square feet is listed at $1.28 million or $2,246 per square foot. This is the first time both units will be featured in ERA’s auction listings, as they are currently for sale by the owner. They can be purchased separately or together. Alison Lee, the assistant vice president of auction and sales at ERA, states that the units are being competitively priced in order to expedite the sale process. According to EdgeProp Singapore’s analytical tools, Sim Lim Square retail units have seen an average transaction price of $2,997 per square foot over the last 12 months. Interestingly, the most recent unit to be sold was a 592-square-foot store on the ground level, which went for $1.92 million or $3,241 per square foot in December 2024. Sim Lim Square has a well-established identity as a tech hub, with a concentration of electronics, gadgets, and computer parts retailers. It also has a diverse range of other businesses, including restaurants and traditional Chinese medicine stores. Currently, both retail units are leased and generate about $4.50 per square foot in monthly rent. Rent data collected by EdgeProp Singapore over the last 12 months shows that Sim Lim Square retail units have an average rental return of between $4.20 and $7.30 per square foot per month. It is worth noting that in April 2019, the developers of Sim Lim Square put the property up for collective sale, setting a reserve price of $1.25 billion. In December of the same year, it was relaunched for purchase at the same price but was unsuccessful in finding a buyer. A second attempt was planned for 2022 by a collective sales committee, but it did not progress. However, Lee says that a new committee is being formed to consider another collective sale in the near future. Sim Lim Square is strata-titled mall built in 1987 on a 78,152-square-foot site. It has 492 retail and office units spread over six floors and two basement levels. It is within walking distance of Rochor and Jalan Besar MRT stations on the Downtown Line, and the Bugis MRT Interchange, which connects the East-West and Downtown Lines. Source: https://www.edgeprop.sg/property-news/pair-adjacent-retail-units-sim-lim-square-up-auction-feb-27…