Newport Residences
When CDL announced in 2022 that Fuji Xerox Towers would be demolished and reborn as a mixed-use Freehold tower with 487 homes, the Tanjong Pagar skyline shifted on its axis. Newport Residences is not just another District 2 launch — it is a Freehold address inside the CBD fringe, a tenure profile that effectively stopped being built in this postcode after the early 2010s. As of 24 May 2026, units are trading on the resale-launch market between roughly S$3,150 and S$3,700 psf for typical stack sizes, with URA caveats showing a steady drip rather than a flood — a deliberate pacing strategy by CDL Pisces (CDL together with Hong Leong Holdings).
The proposition is unusual. Buyers who would normally weigh Wallich Residence's 99-year leasehold prestige against a Freehold project in the Outer Central Region are now offered a genuine third path: Freehold tenure, walking distance to two MRT interchanges, and exposure to the Greater Southern Waterfront thesis. This review prices that proposition honestly. We look at what Newport Residences does well, where the risks concentrate, and which buyer cohorts should — and should not — write the cheque in 2026.
Newport Residences occupies the Anson Road site formerly known as Fuji Xerox Towers, redeveloped under the CBD Incentive Scheme that URA introduced in 2019 to encourage older commercial buildings in the Anson, Robinson and Cecil sub-zones to convert to mixed-use. The scheme grants up to 25–30% gross floor area uplift in exchange for a residential or hotel component, and Newport is one of the most visible projects to use it. The tower combines 487 residential units, premium office floors and serviced apartments — a vertical neighbourhood rather than a pure condominium.
Location-wise, this is the CBD's southern edge. Tanjong Pagar MRT (East-West Line) sits within a 5–7 minute walk, and Outram Park's three-line interchange — East-West, North-East and Thomson-East Coast — is reachable on foot or in one stop. The commute-time map shows Raffles Place, Marina Bay and Orchard all within a 15-minute door-to-door envelope by train. The longer thesis, however, is the Greater Southern Waterfront (GSW) — the staged decommissioning of Tanjong Pagar Port between 2027 and 2040 and the redevelopment of the Pasir Panjang Power District, which together will release land equivalent to six Marina Bays. Newport Residences sits at the northern gateway to this transformation.
Tenure deserves its own paragraph. The Anson Road / Tanjong Pagar corridor is dominated by 99-year leasehold stock — Wallich Residence (99-year), Skysuites at Anson (99-year), Icon (99-year), Altez (99-year), Lumiere (99-year). Freehold supply in this micro-market is structurally scarce, and the CBD Incentive Scheme generally produces leasehold redevelopments because the underlying sites have shorter residual leases. Newport is an exception because the original Fuji Xerox Towers site was Freehold. That single attribute reframes every comparison in this review.
Overview & Key Facts
Newport Residences is a 246-unit freehold condominium occupying levels 23 to 45 of Newport Plaza, a 45-storey mixed-use development at 80 Anson Road in District 2. Developed by City Developments Limited (CDL) — one of Singapore’s most established developers with a track record stretching back to 1963 — the project transforms the former Fuji Xerox Towers site into an integrated live-work-play address combining residences, Grade A offices (levels 2–9), branded serviced apartments (levels 10–22), and ground-floor F&B retail. Designed by Nikken Sekkei, the award-winning Japanese architectural firm behind Tokyo Skytree, with ADDP Architects as principal architect and FDAT Designs handling concept interiors, the development carries considerable design pedigree.
The positioning is ambitious: Newport Residences sits at the gateway between Singapore’s established Central Business District and the planned Greater Southern Waterfront (GSW) — a 2,000-hectare transformation zone stretching from Pasir Panjang to Marina East that the government envisions as a new waterfront city district. At $3,127 average PSF, Newport Residences commands a significant premium over its 99-year leasehold neighbours: One Bernam at $2,587 psf and SkySuites@Anson at $2,229 psf. That premium buys you freehold tenure, a CBD address with panoramic sea views from elevated floors, and a mixed-use ecosystem — but buyers should understand clearly what it does not buy: proven rental demand, immediate neighbourhood vibrancy on weekends, or certainty about the GSW timeline.
Newport Residences launched in February 2026 as the first new launch of the year, selling 140 of 246 units (57%) on opening weekend at an average of S$3,370 psf. That is a strong debut by any measure — particularly for a CBD freehold project priced above $3,000 psf — and CDL Group CEO Sherman Kwek described the response as affirming “the exceptional value and appeal of owning a rare freehold asset in a prime district.” The buyer profile skewed heavily domestic: 82% Singaporean, 15% Permanent Residents. The development also became Singapore’s first private residence and mixed development to achieve the BCA Green Mark Platinum Super Low Energy Award — a genuine sustainability credential, not mere marketing.
Location & Connectivity
Newport Residences occupies a strategic position at the southern edge of the CBD, within walking distance of two MRT stations. Prince Edward Road MRT on the Circle Line is approximately 200 metres away — a three-minute walk from the lobby. Tanjong Pagar MRT on the East-West Line is roughly 420 metres, or a six-minute walk. This dual-line access is a genuine advantage: the Circle Line connects efficiently to one-north, Buona Vista, and Holland Village, while the East-West Line provides direct access to Raffles Place, City Hall, and Changi Airport. The upcoming Thomson-East Coast Line stations at Maxwell and Shenton Way will further enhance connectivity once operational.
For drivers, the location is well served by the Ayer Rajah Expressway (AYE) and Marina Coastal Expressway (MCE), putting Orchard Road within 10 minutes and Changi Airport within 25 minutes in normal traffic. The development provides only 131 carpark lots for 246 units — roughly 53% coverage — which reflects both the CBD norm and the assumption that many residents will rely on public transport. Buyers who own two cars should factor this constraint into their decision.
Daily amenities are plentiful but follow the CBD pattern: excellent for weekday lunches and after-work dining, quieter on weekends. Tanjong Pagar Plaza and 100AM are within a five-minute walk for food courts, cafes, and basic grocery needs. Guoco Tower and its Tanjong Pagar Centre mall are roughly 500 metres away, offering a cinema, gym, and retail options. For serious grocery shopping, most residents will drive or order online — there is no full-size supermarket within comfortable walking distance, though the ground-floor F&B component of Newport Plaza itself will add dining options directly at the doorstep.
One concern that deserves honest mention: Newport Residences is situated adjacent to the AYE expressway. CDL has addressed this architecturally by placing offices and serviced apartments on the lower floors (levels 2–22), with residences starting only at level 23 — effectively using commercial floors as a buffer. Sea-facing units on the higher floors will enjoy unobstructed views toward Sentosa and the Southern Islands, but those same units face the expressway below. Prospective buyers should visit the showflat and assess noise levels for themselves, particularly for south-facing stacks.
Facilities
Newport Residences organises its facilities across four lifestyle gardens and two dedicated facility levels — a vertically distributed approach that takes advantage of the tower’s height to deliver sky-level amenities with panoramic views. For a 246-unit development, the amenity load is generous, though the overall count is more curated than resort-scale.
The crown jewel is Newport Sky on the roof garden level — a triple-volume sky pool positioned approximately 200 metres above ground, with unobstructed panoramic views stretching from Sentosa to the Greater Southern Waterfront. A spa pool, indoor lap pool, sky lounge, and gourmet BBQ terrace round out the rooftop offering. The visual impact is undeniable: swimming laps 45 storeys above the CBD with the sea spread before you is the kind of experiential luxury that brochures rarely overstate.
Below the rooftop, four themed gardens punctuate the tower. The Play Garden on Level 25 caters to families with children’s play areas. The Wellness Garden on Level 37 provides quiet spaces for relaxation and meditation. The Fitness Garden on Level 41 houses the main gym and exercise areas. Club Vista on Level 34 functions as the social hub — a clubhouse-style facility level with function rooms and lounging areas. This vertical distribution means residents are never far from an amenity floor, though it also means the pools and gym are reached by lift rather than by walking out of your front door.
Interior finishes across all units position Newport Residences firmly in the luxury tier. Kitchen appliances come from V-Zug (Swiss-made ovens and cooktops) and Liebherr (refrigerators), while bathrooms feature Dornbracht fittings and Duravit sanitaryware. These are premium European brands that sit comfortably above the Grohe/Roca tier commonly found in mass-market new launches. Engineered timber flooring, marble living spaces, and smart home integration are standard across all unit types.
The development also includes Premier Residential Concierge Services — a dedicated concierge for residents that covers daily errands, housekeeping coordination, and lifestyle assistance. For a CBD development targeting professionals and executives, this is a practical value-add rather than a mere luxury flourish. The mixed-use nature of the building means the lobby and common areas benefit from commercial-grade maintenance standards, and the ground-floor restaurants provide built-in dining convenience without leaving the building.
Unit Sizes & Layout
Newport Residences offers 246 units across 38 distinct floor plan types, ranging from 431 sqft one-bedroom apartments to a 12,960 sqft super penthouse at the tower’s crown. The unit mix spans 1-Bedroom (from 431 sqft), 1-Bedroom + Study (581 sqft), 2-Bedroom (646–753 sqft), 2-Bedroom Premium (689–710 sqft), 2-Bedroom Premium with Ensuite/Study (818–926 sqft), 3-Bedroom (980 sqft), 3-Bedroom Premium (1,206 sqft), and 4-Bedroom Premium (2,067 sqft). The 38 layout types across 246 units means considerable variety — but it also means some configurations will be available in very limited quantities, making stack selection consequential.
The architectural challenge with a tower of this geometry — a curved facade following the Anson Road frontage — is that some units inevitably inherit odd angles. Reviewers have noted that while most bedrooms and living areas are regularly shaped, the building’s curve manifests primarily in bathrooms and utility spaces. CDL and the architects have managed this thoughtfully: curved edges are softened rather than left as awkward acute corners, and the larger units particularly benefit from the architectural expression. The 4-Bedroom Premium at 2,067 sqft features a walk-in wardrobe and five bathrooms — genuine penthouse-tier living proportions that justify the $4,006 psf entry price.
For the more popular 1- and 2-Bedroom configurations that dominated launch-day sales, the layouts are efficient but compact. A 431 sqft one-bedroom is tight by any standard — functional for a single professional or investor unit, but not a space where anyone would want to host dinner parties. The 646 sqft two-bedroom provides more breathing room and was particularly sought after in sea-facing stacks, with sea-facing two-bedders fully sold on launch day. The 980 sqft 3-Bedroom offers a more family-appropriate layout and represents the sweet spot between liveability and value.
All units benefit from the elevated positioning (starting at level 23), which means even the lowest residential floor sits above the surrounding low-rise commercial buildings. North-facing stacks look toward the CBD skyline and Marina Bay; south-facing stacks capture sea views toward Sentosa and the Southern Islands — though these also face the AYE expressway below. Deep balconies are provided across most unit types, and the higher floors enjoy genuinely unobstructed panoramas that few CBD developments can match.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 68 | $3,051 | $1,419,059 |
| 1 BR | 29 | $3,103 | $1,986,655 |
| 2 BR | 66 | $3,131 | $2,475,152 |
| 3 BR | 25 | $3,317 | $3,906,726 |
| 5 BR | 1 | $4,185 | $8,650,000 |
Pricing & Market Position
Based on 189 recorded transactions, sale prices range from $1,298,000 to $8,650,000, averaging $2,242,260 (~$3,128 psf).
Neighbourhood Comparison
Newport Residences competes in a well-defined CBD corridor along Anson Road and Tanjong Pagar, where freehold and leasehold developments coexist at markedly different price points. Understanding the competitive landscape requires distinguishing between the freehold premium play and the leasehold value alternatives.
One Bernam ($2,587 psf, 99-year leasehold) is the most direct new-launch competitor, located nearby on Bernam Street with 351 units. One Bernam offers a lower entry price — roughly $540 psf less than Newport Residences — and reasonable MRT access via Tanjong Pagar station. The trade-off is leasehold tenure and a less elevated position without the panoramic sea views that Newport’s upper floors command. For buyers who prioritise value over tenure, One Bernam is the pragmatic alternative in the same district.
SkySuites@Anson ($2,229 psf, 99-year leasehold) offers a completed, walk-in option on the same Anson Road stretch. Completed in 2014, it provides an established rental track record and proven connectivity — at roughly $900 psf less than Newport Residences. The trade-offs are a 12-year-old lease (now ~87 years remaining), older finishes, and no mixed-use ecosystem. For investors wanting immediate rental income rather than a GSW transformation bet, SkySuites is the proven choice.
Among freehold comparisons, Sky Everton ($2,802 psf, freehold) is the closest peer — a 262-unit boutique freehold at Everton Road, about 700 metres from Newport Residences. Sky Everton trades at a lower PSF ($325 less) but is a pure residential development without the mixed-use amenities, concierge services, or sky-level facilities. Spottiswoode Residences ($2,205 psf, freehold) offers the lowest freehold entry in the area at a significant discount, but it is a smaller, older development (completed 2015) with more modest facilities.
Icon ($1,797 psf, 99-year leasehold) represents the deep-value play in the district — a completed development with the lowest PSF among Newport’s named competitors. The $1,330 psf gap versus Newport Residences is enormous; buyers who cannot justify the freehold premium should seriously evaluate Icon’s established track record and substantially lower entry cost. The trade-off is a 2007-vintage building with a remaining lease of approximately 80 years and dated common areas.
The fundamental question for Newport Residences buyers is whether freehold tenure, Nikken Sekkei design, sky-level facilities, and GSW proximity justify a 20–40% premium over leasehold neighbours. For a 30+ year hold, the answer tilts toward yes. For a sub-10-year hold, the numbers favour the leasehold alternatives.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| NEWPORT RESIDENCES | Freehold | 2026 | 487 | $3,128 |
| ONE BERNAM | 99 yrs lease commencing from 2019 | 2021 | 364 | $2,587 |
| ICON | 99 yrs lease commencing from 2002 | 2007 | 646 | $1,791 |
| SKYSUITES@ANSON | 99 yrs lease commencing from 2008 | — | 360 | $2,230 |
| SKY EVERTON | Freehold | 2021 | 262 | $2,800 |
| SPOTTISWOODE RESIDENCES | Freehold | 2014 | 351 | $2,204 |
ShiokNest Scores
Our proprietary scoring system evaluates NEWPORT RESIDENCES across multiple dimensions.
What Residents Say
Newport Residences has not yet reached TOP (expected March 2030), so there are no verified resident living-experience reviews available. All current assessments are based on showflat visits, developer materials, property analyst reviews, and buyer feedback from the February 2026 launch. This section will be updated with actual resident feedback after key collection.
“Buyers know that this is probably a once-in-a-lifetime opportunity to own a freehold iconic mixed-use development in the Central Business District.”
— Mark Yip, CEO of Huttons Asia, via The Edge Singapore
“The layout designs like the four-bedroom can appear jarring on paper, but the developer has been very mindful in positioning rooms with curved edges. Most bedrooms and living areas are regularly shaped, with the odd angles most evident in bathrooms.”
— Showflat walkthrough observation via Stacked Homes
“The smaller one- and two-bedroom units appeal to investors and professionals seeking to acquire a good investment asset in a prime CBD location, where rental demand remains consistently strong.”
— Marcus Chu, CEO of ERA Singapore, via The Edge Singapore
The consistent theme across launch coverage is enthusiasm for the freehold-CBD combination and the sky-level amenities, tempered by acknowledgement of the high PSF and expressway proximity. Buyers who visited the showflat noted the quality of interior finishes (V-Zug, Dornbracht) as a cut above typical new launches, while the curved building geometry drew mixed reactions — architecturally distinctive but requiring careful stack selection to avoid awkward bathroom layouts. The 57% launch-weekend sellout suggests that a majority of early buyers were motivated by the scarcity of freehold CBD product rather than by rental yield calculations.
1. Freehold tenure in the CBD fringe
The headline strength, and the one that survives every market cycle, is tenure. A lease decay analysis on comparable 99-year stock in the same postcode shows that a 30-year-old leasehold unit typically trades at a 12–18% discount to a Freehold equivalent on a like-for-like basis, with the gap widening sharply past the 40-year mark. For a buyer holding to 2050 or beyond, Freehold is not a luxury — it is a return-of-capital mechanism. Newport Residences is one of fewer than ten Freehold condominium addresses inside the 1.5km Tanjong Pagar walking catchment.
2. CDL covenant and execution track record
CDL Pisces — the joint venture between City Developments Limited and Hong Leong Holdings — is one of the most experienced large-format developers in Singapore. CDL's prior CBD-edge work (South Beach Residences, The Sail @ Marina Bay, One Shenton) demonstrates competence with mixed-use towers, premium fit-out and post-completion management. Snagging defect lists on CDL projects are typically resolved within the 12-month warranty window, and the developer's balance sheet (investment-grade rated by S&P) materially reduces the residual delivery risk that smaller developers carry into 2026.
3. Dual-line MRT access
Tanjong Pagar (EWL) is the immediate station, but the more strategic asset is the 8–10 minute walk to Outram Park's three-line interchange. That single station puts the resident within one stop of Chinatown, two of Raffles Place, three of Orchard, and connects directly to the Thomson-East Coast Line which opened the Founders' Memorial and Greater Southern Waterfront stations in stages from 2024. Few CBD-fringe addresses offer this level of redundancy — a useful hedge if any single line is disrupted for maintenance.
4. Greater Southern Waterfront upside
The GSW is not speculation in the conventional sense — it is a published URA Master Plan commitment with concrete construction milestones. The Pasir Panjang Power District redevelopment alone will deliver a creative cluster, waterfront housing and a continuous park connector from Labrador to Marina Bay. Newport Residences sits at the eastern gateway of this corridor, with frontage to Anson Road which the URA has designated for pedestrian-priority redevelopment by 2030. A buyer holding through the 2030–2040 GSW completion window is buying real-option value, not just a flat.
5. Mixed-use convenience
The integrated office, serviced apartment and residential mix means that food-and-beverage tenants, concierge services and after-hours security operate at near-CBD intensity rather than typical condo levels. For a single professional or DINK couple, that translates into late-night food access, parcel handling, and a building that feels populated at 11pm on a Tuesday — a meaningful quality-of-life upgrade over isolated leasehold stacks further down Anson Road.
1. ABSD foreigner gate and the 60% rate
The April 2023 ABSD revision lifted the foreigner rate to 60%, and that figure has not moved as of 24 May 2026. For a S$3.4m two-bedroom at Newport, a foreign buyer pays roughly S$2.04m in ABSD alone — a buyer-pool compression that flows directly into resale liquidity. Singapore citizen second-property buyers (20% ABSD) and PR first-property buyers (5%) remain viable cohorts, but the Freehold premium that the project commands depends on a wider buyer pool than tax policy currently allows. Use the stamp duty calculator to size the gap before any commitment.
2. Premium quantum and TDSR friction
Even at S$3,150 psf, a 700 sqft one-bedroom prints at roughly S$2.2m. The TDSR 55% ceiling on a 30-year tenure at MAS's medium-term interest rate floor of 4% requires a household gross income near S$22,000 per month before existing debt obligations. That income bracket exists in Singapore, but it is a narrower buyer pool than the marketing brochures imply, and it shrinks further for the larger 1,200+ sqft three-bedroom stacks at S$3.7m+. A realistic affordability check is non-negotiable before showflat-day commitment.
3. Delivery and TOP timing risk
The TOP target is 2026–2027, and any major construction project in Singapore carries residual delivery risk from materials inflation, subcontractor scheduling and pre-handover inspection volumes. CDL's covenant materially reduces the probability of a Liquidation Buyout Risk event, but it does not eliminate cosmetic snagging, MCST handover friction, or rental income lag if the buyer was modelling immediate yield on TOP. A prudent buyer holds 6–9 months of mortgage reserves beyond the developer's contractual handover date.
4. Yield compression at premium quantum
CBD-edge Freehold rental demand is real, but the gross yield ceiling for premium one- and two-bedrooms in this micro-market is in the 2.8–3.3% range based on 2025 caveat-and-lease pairings on Wallich Residence and 76 Shenton. After MCST, property tax and management agent fees, the net yield often sits below 2.5%. For a leveraged buyer at 4% borrowing cost, that is structurally negative carry — a holding-power and capital-appreciation play, not a cash-flow play. Pressure-test with the cash flow calculator.
5. CBD demand cycle exposure
Rental demand in the Anson Road / Tanjong Pagar corridor is dominated by financial-services and professional-services expatriates. The 2020–2022 work-from-home cycle showed that this tenant cohort is more elastic to global hiring slowdowns than HDB-fringe condominium demand. Newport's mixed-use design and dual-line MRT access partially insulate it, but the buyer should size the downside against a 6-month vacancy assumption rather than the marketing brochure's implied full occupancy.
Strong fit
Singapore citizen owner-occupiers holding to 2040+. Freehold tenure rewards long-hold horizons. A Singapore citizen first-property buyer or right-sized second-property buyer who plans to live in the unit (or hand it to children) through the GSW completion window is the natural fit. ABSD friction is minimal at 0% (first property) or 20% (second property, citizen), and the Freehold tenure compounds quietly over the next two decades.
HNW citizen investors with cash-heavy balance sheets. A buyer with the liquidity to absorb 2.5–3% net yield without leveraging into negative carry can treat Newport as a tenure-protected capital store. The thesis here is real-option value on the GSW and on continued CBD-fringe scarcity, not month-to-month cash flow. Pair the purchase with a total cost projection covering MCST, property tax, agent fees and refinancing assumptions over a 10-year window.
PR first-property buyers comparing leasehold equivalents. The 5% ABSD on a PR's first residential property is the same regardless of tenure, which means the Freehold premium at Newport is a tenure arbitrage opportunity rather than a tax disadvantage. Run a side-by-side comparison against Wallich Residence (99-year leasehold) on the same psf basis — the breakeven hold period typically favours Newport beyond year 12.
Marginal fit
Foreign buyers. At 60% ABSD, the all-in entry cost on a S$3m unit is closer to S$5m. Only the narrow cohort of foreigners with active employment-pass-track-to-PR status, or those buying through a qualifying spouse structure, should consider this project. The luxury map documents alternative tenure-equivalent assets in CCR that may offer better foreign-buyer economics.
Yield-focused investors. If the underwriting model requires 4%+ gross yield to clear borrowing cost and MCST, Newport will not solve the equation in 2026. Better cash-flow geometry exists in the OCR — see the rental yield map for current heat zones.
Weak fit
Short-hold flippers (under 7 years). The Seller's Stamp Duty taper, transaction costs and the typical 18–24 month resale market absorption for premium CBD-fringe Freehold stock mean that hold periods under seven years rarely outperform the broader index. Pair this constraint with the ROI calculator to see the breakeven mathematics.
Decoupling-driven buyers without proper structuring. Couples considering a decoupling transaction to free up first-property ABSD allowance should run the decoupling calculator against current 2026 IRAS rates before commitment — the math has shifted materially since the 2023 ABSD revision and Newport's quantum amplifies any modelling error.
Headline verdict (24 May 2026)
Newport Residences is a tenure-protected, location-anchored asset for the long-horizon CBD-fringe buyer. The combination of Freehold tenure, dual-line MRT redundancy, CDL covenant and Greater Southern Waterfront upside is genuinely rare in this postcode, and the project deserves the premium it commands over comparable 99-year leasehold stock. Our view is positive for owner-occupiers and HNW citizen investors with 12-year-plus hold horizons; cautious for foreign buyers and yield-focused investors at current ABSD and interest rate settings.
Pricing read
At S$3,150–S$3,700 psf, Newport is trading at roughly a 8–14% premium over a like-for-like 99-year leasehold comparable (Wallich Residence, 76 Shenton) on a current-year basis. We model the tenure-implied fair-value premium at 12–18% over a 30-year horizon, which means current pricing is reasonable for long-hold buyers and aggressive for sub-10-year horizons. The price heatmap contextualises the gap against the broader District 2 and Tanjong Pagar micro-market.
Action checklist
Before commitment: (1) run the affordability check at 4% interest and 30-year tenure to confirm TDSR clearance with a 20% safety buffer; (2) pull a URA caveat search for Newport's last 90 days to confirm the stack-level psf you have been quoted; (3) walk the Anson Road / Tanjong Pagar corridor at 8am, 1pm and 9pm to feel the actual amenity intensity rather than the marketing brochure version; (4) for second-property citizen buyers, finalise the stamp duty calculation at 20% ABSD including BSD on a quantum basis; (5) confirm legal completion timeline with the developer's solicitor in writing — TOP slippage of 6 months has cash-flow implications that the standard sale-and-purchase template under-discloses.
Bottom line
For the right buyer, Newport Residences is one of the cleanest Freehold-in-the-CBD-fringe propositions available in Singapore in 2026. For the wrong buyer, it is a S$3m commitment to a tax-friction asset class with structurally negative cash flow. The difference is not the property — it is the holding period.