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Findings in Supplementary Report by DG:

24. In the Supplementary Report, the DG delved more into the relevant market and dominance of the OP. The DG assessed the issue as to whether residential properties such as multi-storey apartments, villas, estate homes and town homes situated in an integrated township were interchangeable and substitutable with each other. It has been noted by the DG that the buyers of multi-storey apartments have undivided share in the common plot and the prices of those multi-storey apartments were also on the lower side as compared to villas. Other factors such as immediate neighbourhood, community living, separate security arrangement etc. are not available to the occupants of independent units such as villa/ town homes/estate homes and the independent houses built on the relevant plots. It has been stated that a multi-storey apartment in an integrated township is unique and different from other types of residential properties in an integrated township. On the other hand, residential units such as villas/town homes/estate homes in an integrated township are not interchangeable and substitutable with multi-

69. From the above, the Commission is of the view that there is no commonality or convergence between multi-storey apartments and plots or independent residential units situated in the integrated township. Residential plots offer more freedom when it comes to making modifications/re-modelling and the same can be done with the current trends and styles. However, there is restriction on such modification for residents in multi storey apartments. Not only to plots or independent residential units offer more space and freedom, they have their own open space thus providing privacy and exclusivity. It is also observed that independent residential units in an integrated township are limited in number, therefore, such products are considered to be premium products and their pricing is on much higher side.