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SG New contest to guesstimate The Istana's value

Property Here - Friday, October 18, 2013

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Ever wondered what The Istana is worth? 

That’s the question posed by PropertyGuru in a new contest that aims to get Singaporeans to enter a hypothetical, indicative value of this iconic property. 

Launched on Friday, the PropertyGuru Value-Estimate Contest is also the first of its kind in the country. 

Bjorn Sprengers, Chief Marketing Officer, PropertyGuru Group, said: “Let me clarify that The Istana is not and will never be for sale! PropertyGuru’s intent of organising a value-estimate contest is to educate the public on how to accurately put a price on a residential property.” 

“We chose The Istana because it is Singapore’s most distinctive and respected sovereign icon that Singaporeans know only too well. After all, it is the official residence of The President of Singapore.”

The online contest is the highlight of the portal’s S$1 million “Get The Guru View” campaign, which aims to help the public make better property decisions. 

Sprengers added: “This newly-minted campaign with its value-estimate contest feature is guaranteed to drive public interest and a talking point among industry pundits.”

PropertyGuru expects to receive around 10,000 entries and the most accurate winning figure will be decided by a panel of four of Singapore’s top real estate heads including Alan Cheong, Senior Director of Research and Consultancy, Savills; Colin Tan, Chief Executive Officer, Vestor Realty; Eugene Lim, Key Executive Officer, ERA Realty Network; and Mohamed Ismail, Chief Executive Officer, PropNex Realty.

During the contest, these experts will offer clues and share insights on how to provide a value estimate on a residence, in this case The Istana. 

The winner will take home the top prize of a one-night stay at the Raffles Hotel in Singapore. There are also 10 consolation prizes of S$100 each. 

Those looking to take part can do so at: http://bit.ly/IstanaContest

The contest closes on 7 November.