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850MHz holdings are not adequate for handling combined traffic from VoLTE and mobile data in non-metro markets - the cost of purchasing 700MHz is lower than CSFB payouts to partner operators. Incumbents may be more effective in consolidating urban market revenues rather than competing for rural revenues, given the competitive offerings and required assets.
Entrant operators have a business case at ~10% share, with blended ARPU at SGD40+