The Petals

D23 (OCR) Freehold
District 23 ·Freehold ·Completed 2002
~$1,302 Avg PSF (12-month)
2.7% Rental yield
270 Total units
Category Ratings
Facilities
6.5
Unit size & layout
8.5
Value for money
8.5
Neighbourhood
7.0
MRT accessibility
5.0
Lease remaining
10.0

Overview & Key Facts

The Petals is a 270-unit freehold condominium at 85–97 Hillview Avenue in District 23, developed by Centrepoint Properties Ltd and completed in 2002. Spread across seven low-rise blocks of up to 10 storeys, the development sits within one of Singapore’s most genuinely green residential enclaves — the Hillview corridor that borders Bukit Batok Nature Park, Bukit Batok Town Park (“Little Guilin”), and the Dairy Farm Nature Park greenway.

The Petals occupies an unusual position in Singapore’s residential market: a freehold development in a maturing western suburb, offering some of the most generously proportioned unit sizes built in that era. With no 1-bedroom product in the mix, the unit range runs from 2-bedroom configurations of approximately 1,023–1,938 sqft up to 4-bedroom and penthouse tiers extending to 4,402 sqft — floor areas that are structurally impossible to replicate in new Singapore residential product at anywhere near the same price per square foot. At an average transacted PSF of $1,182, The Petals delivers freehold tenure at a price point that has become increasingly rare in the private residential market.

The average rent of $3,882 per month implies a gross yield of approximately 3.9% against the current median price — a healthy return for a freehold product in District 23, and evidence that the rental demand base in the Hillview corridor remains steady, underpinned by the cluster of professional and family tenants drawn to the area’s school catchment, nature proximity, and expressway connectivity. While The Petals is not a prestige address in the mode of Orchard or Marina Bay, it represents one of the most compelling “value freehold” propositions in Singapore’s western private residential market: genuine tenure permanence, large units, a serene nature-adjacent environment, and a yield that actually covers the cost of holding the asset.

The development carries a ShiokNest score of 35 — reflecting its 2002 vintage, modest walkability, and distance from the prime MRT network — but for buyers whose priorities are space, freehold tenure, nature lifestyle, and capital preservation over CBD connectivity, The Petals offers a value equation that the score alone does not fully capture.

Developer
CENTREPOINT PROPERTIES LTD
Tenure
Freehold
Total units
270
TOP year
2002
District
23 — OCR
Street
HILLVIEW AVENUE

Location & Connectivity

The Petals sits on Hillview Avenue, a tree-lined road in the Hillview subzone of District 23 that forms part of Singapore’s most distinctive low-density private residential corridor outside the Core Central Region. The address places residents in an enclave flanked by Bukit Batok Nature Park to the north, Dairy Farm Nature Park and the Central Catchment Nature Reserve to the east, and the Bukit Batok Town Park (“Little Guilin”) granite formation park within a 20-minute walk via the Hillview and Bukit Batok East Park Connectors. For residents who value nature access as a daily lifestyle asset rather than a weekend expedition, Hillview Avenue is one of the few addresses in Singapore’s private residential market where that access is genuinely built into the morning routine.

MRT connectivity requires an honest assessment. The nearest MRT station is Hillview MRT (DT3) on the Downtown Line, approximately 1.5–1.8 km from the development — a distance that is not walkable for most residents and typically requires a bus or short drive. Bukit Batok MRT (NS2) on the North South Line and Bukit Gombak MRT (NS3) are slightly further but accessible by feeder bus services. The Walkability score of 48 accurately reflects this reality: daily life at The Petals is best served by a private car or motorcycle, and buyers should budget accordingly. This is not a development where public transport replaces car ownership.

Jurong Region Line — Medium-Term Connectivity Catalyst
The Jurong Region Line (JRL), currently under construction and expected to open in stages from 2027–2029, will include stations at Bukit Batok West and Tengah Park in the broader Bukit Batok / Tengah area. While no JRL station is immediately adjacent to Hillview Avenue, the JRL will significantly improve connectivity from the Bukit Batok MRT interchange to Jurong Lake District (Singapore’s “second CBD”) and Jurong Innovation District. For residents commuting to the Jurong corridor, this represents a medium-term improvement in accessibility that buyers can reasonably price into a long-hold freehold investment thesis.

The daily amenity environment is workmanlike rather than premium. The nearest retail hub is West Mall at Bukit Batok, approximately 10 minutes by car, which covers daily grocery, F&B, and family retail needs effectively. The Rail Mall along Upper Bukit Timah Road is 5–8 minutes by car and offers a more curated mix of dining, specialty retail, and services. Beauty World Centre at the Hillview MRT bus stop provides basic convenience within a short bus ride. For more comprehensive retail and dining — Jurong Point, Jurong East’s IMM and JEM malls, or the Orchard corridor — a 20–30 minute drive via the AYE or PIE is required.

The school catchment for the Hillview corridor is a material lifestyle asset for family buyers. Lianhua Primary School and Keming Primary School are within the 1 km primary school registration distance from Hillview Avenue. Bukit View Primary and Dazhong Primary are accessible options. At the secondary level, Hillgrove Secondary School, Bukit View Secondary, and Assumption English School (for Catholic families) are in the vicinity. The ACS (Junior) and Hwa Chong Institution cluster along Bukit Timah Road is accessible in 10–15 minutes by car — an advantage that motivates a segment of family buyers in this corridor.


Schools & Education

1 primary school within the 1 km Priority Phase balloting radius.

Nearby Schools
SchoolTypeDistance
Bukit View Primary SchoolprimaryWithin 1 km
Princess Elizabeth Primary Schoolprimary~1.2 km
Huamin Primary Schoolprimary~1.8 km

Facilities

The Petals’ facilities reflect the 2002 vintage of a mid-size estate development conceived for family living rather than resort-scale amenity. The offering is honest and functional: a 50-metre swimming pool, tennis courts, a gymnasium, a clubhouse, a children’s playground, BBQ pavilions, and covered car parking with 24-hour security. These are the core facilities that a practical family needs from a residential development, delivered consistently across the seven-block estate.

What the 2002-era facilities package lacks in breadth — there is no sky terrace, no function rooms with AV suites, no indoor aquatic centre, no co-working pods — it makes up for in site scale. The Petals’ 19,323 sqm land area provides generous landscaped setbacks between blocks, mature trees, and a sense of estate spaciousness that is simply not achievable in the compact footprints of newer boutique developments. The pool area and tennis courts benefit from the verdant Hillview Avenue streetscape, and the clubhouse forms a genuinely usable community anchor for a 270-unit estate of this size.

Nature Park as Extended Facility
For residents of The Petals, the most distinctive “facility” is arguably not within the development boundary at all: the Bukit Batok Nature Park and Bukit Batok Town Park (Little Guilin) network, accessible via the Hillview and Bukit Batok East Park Connectors within a 15–25 minute walk. The 42-hectare park system offers hiking trails, granite rock formations above a scenic lake, and a biodiversity corridor connecting to the Central Catchment Nature Reserve. Residents who value morning runs, trail walks, or cycling on a green corridor have access to a natural amenity that no condominium facilities budget can replicate.

Prospective buyers should conduct a thorough inspection of current facilities condition. A 2002-vintage gymnasium will have older equipment relative to newer developments; pool tiles, tennis court surfaces, and clubhouse interiors will reflect 20+ years of use. The key question is maintenance quality under the MCST (2708), not the original specification. Buyers and tenants report the development as well-maintained with active MCST oversight — a positive signal for a 270-unit estate where the maintenance fee base is sufficient to sustain ongoing upkeep.


Unit Sizes & Layout

The Petals’ unit mix is the development’s most compelling commercial argument. At a time when Singapore new-launch residential product has steadily compressed toward 500–900 sqft across most price tiers, The Petals offers exclusively large-format floor plans that were designed for a different era’s expectations of residential space. There are no 1-bedroom or studio units. The development is structured entirely around 2-, 3-, and 4-bedroom configurations plus penthouses, with the smallest unit starting at approximately 1,023 sqft.

The unit categories span: 2-bedroom layouts from 1,023 to 1,938 sqft; 3-bedroom from 1,119 to 2,809 sqft; 4-bedroom from 1,593 to 3,584 sqft; and 4-bedroom with study and penthouse tiers from 2,325 to 4,402 sqft. At a $1,182 PSF average, a 3-bedroom unit of 1,500 sqft is transacting at approximately $1.77 million — a quantum that represents a genuinely competitive proposition for freehold private property of that size in any Singapore district. The space-per-dollar equation at The Petals is exceptional by current market standards.

The 2002 design ethos prioritised room proportions over open-plan living — a characteristic of that era that some buyers regard as a strength (defined rooms, private spaces for each family member) and others as a dated layout language. Bedrooms are generous and regularly shaped; master bedrooms in the larger configurations comfortably accommodate a king-size bed with dressing area. Living and dining rooms are separate defined spaces rather than merged open-plan zones. Kitchens are enclosed or semi-enclosed, reflecting the cooking habits of the era’s target demographic.

Space Quantum vs. New Launch Comparison
A 3-bedroom unit at The Petals at approximately $1,400–1,600 sqft transacts at $1.65M–$1.89M at current PSF levels. A comparable new-launch 3-bedroom in the western districts in 2025–2026 typically delivers 936–1,100 sqft at $1,600–$2,000 PSF, implying prices of $1.50M–$2.20M for significantly less space. For buyers whose priority is physical living area — families with children, multi-generational households, buyers who work from home — The Petals’ space proposition at current pricing is difficult to replicate in the new-launch market at any comparable price quantum.

Units requiring renovation should be assessed at purchase. A 2002 unit that has not been refreshed since original occupation will likely need kitchen, bathroom, and flooring updates to bring it to current market specification — budget $80,000–$150,000 for a full renovation of a 3-bedroom unit. The freehold tenure means that renovation investment has a long horizon to recoup: unlike a 99-year leasehold development approaching mid-life, there is no lease-decay consideration to offset the renovation spend.

Unit Mix (from transaction data)
BedroomsTransactionsAvg PSFAvg Price
3 BR14$1,201$1,441,492
4 BR6$1,328$2,155,981
5 BR5$953$3,071,778

Pricing & Market Position

Based on 25 recorded transactions, sale prices range from $1,150,000 to $4,188,888, averaging $1,939,027 (~$1,302 psf).

Rents range from $2,100 to $6,500 per month across 150 rental transactions. Current rental yield sits at approximately 2.7%.


Price Appreciation

From 2021 to 2025, the average PSF has appreciated by 20.5% (from $1,046 to $1,260 psf).

2023
-13.9%
$1,155 psf
2024
+19.4%
$1,380 psf
2025
-8.7%
$1,260 psf

Neighbourhood Comparison

The most directly comparable freehold development in the Hillview corridor is Hillview Park (Hillview Avenue, freehold, 1995 vintage), which has transacted at approximately $1,397–$1,573 PSF in the past 12 months. Hillview Park is a generation older than The Petals, with smaller site scale and older facilities, but its freehold tenure and Hillview Address position it as a direct peer for buyers prioritising western freehold exposure. The Petals’ 2002 vintage, slightly newer common facilities, and the larger unit configurations at the upper end of the range make it the preferred choice for buyers who want maximised living space within the corridor.

Hills TwoOne (Hillview Terrace, freehold, 2016 TOP) is the most recent freehold new-launch in the immediate Hillview subzone, transacting at approximately $1,557–$1,629 PSF in recent months. Hills TwoOne delivers a newer facilities package and more contemporary unit design language, but at a PSF premium of approximately $350–$450 over The Petals and with significantly smaller unit sizes (typical 2-bedrooms at approximately 600–700 sqft versus The Petals’ 1,023–1,938 sqft). For buyers whose priority is maximum living area per dollar, The Petals wins the comparison decisively on space-per-dollar despite the older vintage.

Natura@Hillview (Hillview Terrace, 999-year leasehold from 1885, 2015 TOP) is a functionally freehold apartment development at approximately $1,521 PSF average, positioned at a similar price tier to The Petals but with newer design and a 999-year tenure that is practically equivalent to freehold. Natura@Hillview offers a more modern facilities experience in a smaller-scale development, at a modest PSF premium to The Petals. The comparison favours The Petals for buyers who want freehold clarity and maximum unit size; it favours Natura@Hillview for buyers prioritising newer finishes and contemporary design.

Outside the immediate Hillview corridor, buyers evaluating D23 freehold options should consider Guilin View (Bukit Batok, freehold, 1997) and the established Bukit Batok freehold cluster further west. The Petals’ positioning on Hillview Avenue — in closer proximity to the nature parks and the Bukit Timah school corridor — typically commands a modest locational premium over the Bukit Batok town centre cluster, reflecting the relative desirability of the Hillview subzone as a residential address.

District 23 Comparables
DevelopmentTenureTOPUnits~Avg PSF
THE PETALSFreehold2002270$1,302
SOL ACRES99 yrs lease commencing from 201420181,327$1,383
MIDWOOD99 yrs lease commencing from 20182021564$1,731
LUMINA GRAND99 yrs lease commencing from 20222024512$1,515
DAIRY FARM RESIDENCES99 yrs lease commencing from 20182021460$1,659
THE BOTANY AT DAIRY FARM99 yrs lease commencing from 20222023386$2,053

ShiokNest Scores

Our proprietary scoring system evaluates THE PETALS across multiple dimensions.

Walkability
48/100
MRT: 15/25, School: 20/20, Hawker: 0/15, Mall: 0/15, Park: 10/10, Supermarket: 0/10, Clinic: 3/5
Investment
56/100
-0.9% YoY ·2.9% yield ·4 txns/yr ·Freehold ·0.51 km to MRT ·+2.1% district YoY ·En-bloc 37/100
En-Bloc Potential
37/100
Verdict: Low
Overall ShiokNest Score
35/100 — composite of walkability, investment, profitability, en-bloc, and market trend factors.

What Residents Say

“We have lived here for seven years and the main draw has never changed — the space and the greenery. Our 4-bedroom is enormous compared to anything we could afford in D9 or D10. The kids walk to the park connector in the morning. It is exactly the lifestyle we wanted.”

— Resident review via PropertyGuru

“Nice condo with full facilities situated at the Hillview area surrounded by many other private condos. A cosy, quiet private estate. The pool is well-maintained and the MCST is responsive.”

— Resident review via 99.co

“The facilities are slightly dated but alright. The main attraction is the unit sizes — you simply cannot find a freehold 3-bedder this large at this price anywhere else in Singapore. We came from a 1,000 sqft shoebox and this feels like a different country.”

— Owner comment via EdgeProp

“We are tenants from Japan, relocated for work. The unit is genuinely spacious for Singapore standards — comparable to an apartment back home. The bus to Hillview MRT is 10 minutes, manageable. The hiking access to Bukit Batok Nature Park is something we did not expect to find in a Singapore suburb.”

— Tenant review via SRX

The resident and tenant feedback pattern at The Petals converges on two consistent themes: the exceptional unit sizes relative to price and the genuine nature lifestyle afforded by the Hillview Avenue address. The main friction points — car dependency, dated facilities, distance from prime amenities — are acknowledged but uniformly treated as acceptable trade-offs for the space and greenery premium. The development attracts a predominantly family-owner demographic supplemented by a tenant pool of professional and expatriate households seeking space and a quieter residential environment than the CBD-adjacent or Orchard corridors can provide.


Strengths & Weaknesses

Strengths
  • Freehold tenure in District 23 at $1,182 PSF — one of the most competitively priced freehold products in Singapore’s western private residential market
  • Exceptionally large unit sizes: 2-bedroom from 1,023 sqft, 3-bedroom from 1,119 sqft, 4-bedroom from 1,593 sqft — space quantum impossible to replicate in current new-launch product at comparable pricing
  • 3.9% gross yield on average rents of $3,882/month — a genuine freehold yield that substantially covers financing costs and makes the asset viable for long-hold leveraged investors
  • Nature access: Bukit Batok Nature Park, Bukit Batok Town Park (Little Guilin), and Dairy Farm Nature Park accessible via Hillview and Bukit Batok East Park Connectors — a 42-hectare natural amenity network at the doorstep
  • Primary school catchment: Lianhua Primary and Keming Primary within 1 km; proximity to the Bukit Timah educational corridor (ACS Junior, Hwa Chong) within 10–15 minutes by car
  • Established, quiet residential enclave on Hillview Avenue, surrounded by mature private condominiums — cosy estate character with low-density living
  • Expressway connectivity: PIE, BKE, and AYE provide direct access to CBD (25–30 min), Jurong (15–20 min), and Changi (35–40 min) for car-owning residents
  • Seven-block low-rise campus on 19,323 sqm land area — generous setbacks, mature landscaping, and a sense of spaciousness absent from compact boutique developments
  • Jurong Region Line (JRL, opening 2027–2029) will improve Bukit Batok corridor connectivity to Jurong Lake District, a medium-term tailwind for western freehold capital values
Weaknesses
  • MRT not walkable: Hillview MRT (DT3) approximately 1.5–1.8 km away; Bukit Batok (NS2) and Bukit Gombak (NS3) further. Bus or car required for daily MRT commutes — Walkability score of 48 reflects this honestly
  • Facilities are 2002-vintage and functionally dated relative to post-2015 new-launch developments — gymnasium equipment, pool deck, tennis courts, and clubhouse interiors will show their age
  • Units not recently renovated will require meaningful renovation budgets ($80,000–$150,000 for full 3-bedroom refresh) to bring to current market specification
  • Retail and dining convenience is limited within walking distance — West Mall and Rail Mall require a 5–15 minute drive; daily grocery shopping is car-dependent
  • Moderate ShiokNest score of 35 and Investment score of 56 reflect the MRT distance, 2002 vintage, and HDB-dominant neighbourhood context — not a prestige address
  • No 1-bedroom or studio unit type — the minimum entry quantum of approximately $1.2M–$1.4M for the smallest 2-bedroom units limits accessibility for smaller budgets
Best for — Car-owning families seeking maximum freehold space per dollar in D23 Long-hold investors buying freehold tenure at $1,182 PSF with 3.9% gross yield HDB upgraders stepping into freehold private for the first time, prioritising space over location prestige Nature lifestyle buyers: hikers, cyclists, families who value Bukit Batok Nature Park and Little Guilin proximity Families in primary school registration window for Lianhua Primary or Keming Primary (within 1 km) MRT-dependent commuters who cannot or will not use a car for daily travel (Walkability 48 — bus-dependent) Buyers seeking resort-style amenity facilities comparable to post-2015 new-launch developments Buyers prioritising CBD proximity, Orchard-tier prestige, or a high-walkability urban lifestyle

Verdict

The Petals is a development that rewards buyers who can look past the headline ShiokNest score and evaluate the underlying value proposition directly. A score of 35 reflects the MRT distance penalty and the 2002 vintage accurately, but it does not capture the full picture for a specific buyer profile: car-owning families who prioritise space, freehold tenure, nature access, and a quiet residential environment, and who are not dependent on MRT proximity for their daily commute.

The freehold tenure at $1,182 PSF is the first and most important fact. Freehold land in Singapore is a finite, non-reproducible asset. At current pricing, The Petals offers exposure to that tenure permanence at a quantum — $1.4M–$2.5M depending on unit size — that is increasingly difficult to achieve in any Singapore district. The 3.9% gross yield is a genuine return that covers a substantial portion of financing costs for leveraged buyers, making the asset economically viable as a long-hold investment in a way that ultra-low-yield CCR freehold products are not.

The Petals is the right answer for car-owning families and long-hold investors who want freehold tenure, generous 2002-era unit sizes, and nature-adjacent living in District 23 — and who are prepared to accept bus or car dependence for MRT connectivity in exchange for a space and value proposition that the current Singapore residential market simply cannot replicate at this price tier.

The space quantum is the second structural argument. No new-launch product in Singapore in 2025–2026 delivers a freehold 3-bedroom at 1,500 sqft at $1.77 million. The Petals does. For families who have lived in 800–1,000 sqft apartments and are seeking a step-change in living space without a quantum leap in price, the development offers a genuine lifestyle upgrade. The renovation budget required for a unit that has not been refreshed since 2002 should be factored in, but even with a $100,000 renovation overlay, the space-per-dollar argument holds.

The Jurong Region Line, opening in stages from 2027–2029, provides a medium-term infrastructure tailwind for the Bukit Batok corridor. While the JRL’s immediate impact on Hillview Avenue is indirect, the improvement in overall western district connectivity — particularly to Jurong Lake District and Jurong Innovation District — will progressively improve the commuting calculus for residents whose employers are located in the Jurong economic zone, and will support capital appreciation in well-located freehold western assets as the infrastructure matures.

The honest caveat: The Petals is not for buyers who prioritise MRT walkability, premium amenity hotel-style facilities, or CBD proximity. The Walkability score of 48 is real — daily life requires a vehicle. The facilities are functional 2002-era rather than resort-grade 2024-era. And the neighbourhood character is mature residential suburban rather than cosmopolitan urban. For buyers who want the latter, The Petals is the wrong development. For those who want space, freehold tenure, nature, and value — it is one of the most compelling propositions in Singapore’s western private residential market.

Frequently Asked Questions

How far is The Petals from the nearest MRT station?
The Petals at 85–97 Hillview Avenue is approximately 1.5–1.8 km from Hillview MRT (DT3, Downtown Line) — a distance that is beyond comfortable walking for most residents and typically requires a feeder bus or short drive. Bukit Gombak MRT (NS3) is approximately 1.1–1.2 km away, and Bukit Batok MRT (NS2) is slightly further. Multiple bus services on Hillview Avenue connect to both the Hillview DT3 and Bukit Batok NS2 stations. The development’s Walkability score of 48 reflects this reality: The Petals is suited to car-owning households, and buyers who are MRT-dependent should plan for a 10–15 minute bus commute to the nearest interchange.
What is the unit mix and size range at The Petals?
The Petals is exclusively a large-format development with no 1-bedroom or studio units. The four unit tiers are: 2-bedroom (approximately 1,023–1,938 sqft), 3-bedroom (approximately 1,119–2,809 sqft), 4-bedroom (approximately 1,593–3,584 sqft), and 4-bedroom with study and penthouse configurations extending to 4,402 sqft. With 270 units across seven blocks of up to 10 storeys, the development offers a range of orientations and floor levels across the Hillview Avenue site. The minimum entry quantum at current market pricing is approximately $1.2M–$1.4M for a smaller 2-bedroom unit.
What nature parks are accessible from The Petals?
The Petals is positioned at the gateway to one of Singapore’s most extensive nature park networks. Bukit Batok Nature Park (walking trails, secondary forest, former granite quarry) and Bukit Batok Town Park — also known as “Little Guilin” for its distinctive granite rock formations above a scenic lake — are accessible via the Hillview Park Connector and Bukit Batok East Park Connector within a 15–25 minute walk. The connector network further links to the Dairy Farm Nature Park and the Central Catchment Nature Reserve corridor. For residents who make hiking, trail running, or cycling part of their daily or weekly routine, this nature access is a structural lifestyle advantage that cannot be replicated by a facilities budget.
What is the gross rental yield at The Petals?
Based on average monthly rents of approximately $3,882 and an average transacted PSF of $1,182 (implying an average unit value dependent on size), the gross yield for a typical 3-bedroom unit at approximately 1,300–1,500 sqft is approximately 3.9%. This is a materially higher yield than most CCR or prime OCR freehold developments, and reflects the combination of healthy rental demand from family and professional tenants in the Hillview corridor and the relatively accessible capital pricing. For a leveraged investor at 75% LTV on a $1.7M purchase, the rental income at $3,500–$4,000 per month will cover a significant portion of the mortgage servicing at current interest rates.
Which primary schools are within 1 km of The Petals?
Lianhua Primary School and Keming Primary School are both within the 1 km priority registration radius for The Petals’ Hillview Avenue address. This is a meaningful advantage for Singaporean families with children approaching Primary 1 registration, as the 1 km Phase 2C(S) and Phase 2C ballot priority directly affects school placement probability. Bukit View Primary and Dazhong Primary are within 2 km. At the secondary level, Hillgrove Secondary School, Bukit View Secondary, Assumption English School, and Swiss Cottage Secondary are in the vicinity. The ACS (Junior) and Hwa Chong Institution cluster along Bukit Timah Road is approximately 10–15 minutes by car.
How does The Petals compare to other freehold condos in the Hillview corridor?
The primary freehold comparables on Hillview Avenue are Hillview Park (1995, transacting ~$1,487 PSF average) and Hills TwoOne (2016, ~$1,593 PSF average). The Petals at ~$1,182 PSF represents the most affordable freehold option in the corridor on a PSF basis, with the advantage of significantly larger unit sizes than the newer Hills TwoOne product. Natura@Hillview (999-year leasehold from 1885, ~$1,521 PSF) is a near-freehold alternative at a PSF premium. For buyers who want maximum freehold space per dollar in the Hillview subzone, The Petals is the standout value proposition among the established developments — the PSF discount to Hills TwoOne ($350–$450 per sqft) is not justified by the facilities differential alone.