Property investors that couldn’t appreciate certain value of the development so we decided to venture into co-development with boutique developers in Singapore. Andy invested into existing developers for a start and eventually managed to kickoff our very first development, One Duchess on our own. Due to the Additional Buyers' Stamp Duty (ABSD), Sellers' Stamp Duty (SSD) and Total Debt Servicing Ratio (TDSR) measures, co-development allows direct investing to the company where this will no longer be a barrier for investors.