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Publication COMPARING IMPACTS OF AMENITIES ON PUBLIC AND PRIVATE HOUSING PRICES WITHIN MATURE AND YOUNG ESTATES(2011-04-19) TAN YI HUA; REAL ESTATE; SEAH KIAT YINGHousing amenities are essential in supporting community living within estates. It is observed that HDB flats and private properties coexist in most estates. Differences in residents’ profile might result in a disparity in their willingness to pay for proximity to amenities. Furthermore, it is uncertain if amenities’ effects on property values vary across mature and young estates that differ in terms of development. A hedonic pricing model was implemented and it was discovered that proximity to primary schools, parks and petrol stations have a greater impact on prices of private properties, whereas shopping centres and MRT stations have a lower impact on prices. This relates to higher demand for quality living as household income increases where private homeowners place greater emphasis on environmental goods and prefer to be located away from amenities that generate higher noise and traffic. Higher incomes groups also tend to possess their own transport and are less concerned with the convenience to shops and public transport systems. In this aspect, externalities generated from amenities on prices of residential properties tend to have a reduced effect beyond a certain distance.Publication RISK-RETURN CONVERGENCE AND LINKAGES IN INTERNATIONAL SECURITIZED REAL ESTATE MARKETS(2010-01-04T07:58:10Z) CHUA YAO QUAN, SAMUEL; REAL ESTATE; LIOW KIM HIANGWith deepening market linkages, the correlation structure and risk-return characteristics of the international securitized real estate markets may have evolved over time. Numerous studies have addressed the issue of the changing international correlation structure but not that of the risk-return characteristics. It is noted that increasing correlation structure does not necessarily imply any specific changes in risk-return characteristics. The main objective of this study is to examine the historical evolution of risk-return characteristics of the sample 14 developed real estate securities markets. The study also attempts to investigate the factors that affect risk-return convergence, and to understand the impact of global market conditions upon convergence. Lastly, the relationship between correlation and convergence is studied. The risk-return distance among the securitized real estate markets is first computed using the Euclidean distance measure. The results indicate the cross-market risk-return distance of the sample 14 developed real estate securities markets have converged significantly for the sample period 1993 to 2007, implying a risk-return convergence. The convergence is propelled by both risk and return convergence. In particular, the average risk-return distance has decreased by approximately 35% for the duration of the sample period. The speed of convergence, however, varies differently across the individual markets, which is attributed mainly to the initial distance of each individual market from the international average risk-return characteristic. Furthermore, the documented risk-return convergence remains robust even with the inclusion of varying global market conditions. It is also found that increasing correlation across the markets does not necessarily imply any specific change in their risk-return characteristics.Publication IMPACTS OF RIGHT OF FIRST REFUSAL ON REIT IPO INITIAL RETURNS: EVIDENCE FROM SINGAPORE REITS(2015-06-03) GAN GUANG; REAL ESTATE; CHIN KEIN HOONG LAWRENCEThis paper examines the IPO pricing mechanism of the 35 REITs in Singapore. With Singapore being the second largest REIT market, the paper aims to study the pricing mechanism of unique caveats that is embedded in certain REIT’s IPO prospectus, “Right of First Refusal (ROFR)” Rights of First Refusal is not a recent development. Yet it is an area that has not been extensively studied even by the western REIT markets. The aim behind this paper was to identify several key features of ROFRs: Does ROFRs artificially inflate a sponsor’s ownership to the REIT apart from the ownership of shares given the additional commitment required, Does ROFRs provide an opportunity for investors to gaze into the future acquisition pipeline and lower speculative first day trading, and The proper definition for a REIT to be classified a ROFR REIT. Since ROFRs are additional commitment by a sponsor, it should be ideally be priced into IPO as consideration for sponsor’s continual commitment to the REIT. However, given the captive situation of S-REITs, this observation may not have been significant, but if applied into an internal management REIT market, perhaps the results obtained may have been more significant. Even so, the research will help to draw insights on S-REIT market. With underpricing being the dependent variable, a suitable proxy must be utilised to account for potential speculative trading. With initial returns of REITs soaring to as high as 50% on first day trading, it is crucial to identify if the ROFR caveat can help ease this form of speculative effects and achieve a “normal” first day trading. The uncharted waters of ROFRs also gave rise to the need to identify what is a ROFR REIT and whether ROFRs must be categorical, quantitative or qualitative in nature for a REIT to enjoy the benefits of listing as a ROFR REIT. Hence, the study also helps to draw analysis and insights on this issue.Publication THE IMPORTANCE OF PUBLIC TRANSPORTATION SYSTEM IN INFLUENCING NIGHTLIFE PARTICIPATION(2013-04-19) SIOW SHU HUI; REAL ESTATE; LEE KWAN OKIn an effort to tranform Singapore into a 24/7 city and create a more inclusive society where individual’s quality of life would still be maintained even as the city continues to grow, the local planning authority, URA has proposed to include more urban entertainment and lifestyle hotspots in the city that would potentially encourage greater buzz and pluralism in nightlife. The revitalization and rejuvenation of urban nightscapes in the city centre would have an impact for Singapore to position herself as a global city, hence promoting Singapore as an attractive tourism destination and tourism hub. However, despite the State’s effort in promoting greater night buzz optimum for the development of the night time economy, the infrastructures’ hardwares and intangible softwares remained perceptibly lacking as compared to other Asian countries famous for its urban nightscapes. One of the primary reasons is due to the lack of adequate night time public transportation to encourage users to extend their nightlife activities. For Singapore to realize its aspirations and improve its position as a thriving global city, it is critical to have a strong and comprehensive transport infrastructure which could support Singapore’s economic growth and increasing diverse population. Therefore, this study aimed to study the travel behaviour and trip habits of commuters and their perceptions towards late night activities and night time public transportiion. In addition, this study aimed to examine the relationship of night time public transportation provision and participation rate of night time activities. A mixed method of both qualitative and quantitative analyses was employed to aid in the understanding of the study. A closed-ended questionnaire is administered as the primary data collection technique for the survey as well as other data collection instruments like interviews. Analysis results showed that the provision of sufficient night time transportation can influence the participation of nightlife activities among users. The initiative to provide greater availability of night time public transportation have received positive responses from the public as more users are willing to participate in urban night time entertainment as they do not have to worry about the cost and availability of transportation home. The State and the transport planning authority can look into other aspect of improving the attractiveness of public transport besides the construction of additional MRT lines. The extension of night time public transport service operation is one supply side measure to increase public transport ridership and shape the travelling behaviours of commuters. By increasing the mobility and accessibility of public transportation, commuters are less reliant on cars especially with the regulation of demand side measures on car ownership.Publication ARE ATTITUDES A STRONG PREDICTOR OF COGNITION OF NATIONAL MONUMENTS?(2010-06-01T09:08:03Z) LIEW BOON XIANG JEVON; REAL ESTATE; WONG KHEI MIE GRACEThe eroded sense of national identity amongst Singaporeans is a key concern of the state of which it is determined to resolve. Given that national monuments have the potential to reverse the situation by providing for a sense of rootedness and history, there is a necessity to study the prevailing levels of cognition as well as the attitudes towards the cognition of national monuments to determine if other factors might affect one’s cognition of national monuments. Working on the premise that generational related attitudes do affect cognition, this study examines if the correlation is strong. A questionnaire survey of 260 respondents selected from a public housing estate and the city centre yielded the prevailing attitudes and cognition levels people had towards national monuments. The results showed that while there was a positive correlation between attitudes and cognition, the correlation was albeit weak. A short presentation of what other factors might affect one’s cognition of national monuments through a frequency table followed and the study concluded with the recommended that if there was to be better cognition of national monuments, then a careful crafting of outreach policies and a review of preservation policies have to be carried out.Publication ECONOMIC IMPACT OF CONSERVATION STATUS OF SHOPHOUSES(2021-04-12) LIU JOU HSUAN; REAL ESTATE; SING TIEN FOOOver the years, there is increasing interest in built heritage conservation given the notable political, social, and economic benefits that come along. Heritage preservation is a long-term investment that benefits the current generation and leaves behind invaluable resources for future generations. Despite the continued interest in the topic, there is lack of quantitative empirical research determining economic values of historic assets in Asian cities. Furthermore, little is known with regard to the impact of strict renovation policies on shophouse prices. As such, this study aims to fill in the current gap in built heritage research by examining whether the designation of conservation status on shophouses will generate any price effects and the extent of impact the renovation work has on the value of shophouses Key results of the regression analysis unveiled that conservation status has an overall negative impact on transacted shophouse prices. Conserved shophouses suffer from a price discount of 20.9% as compared to non-conserved shophouses. This contradicts the expected outcome that conservation shophouses tend to fetch a price premium, thus uncovering new opportunities for further studies. Interestingly, the study also suggests that shophouses located within the conservation boundary command a 16% premium over shophouses located outside the conservation zones. This could be due to the positive neighbourhood effects associated with the conservation areas. These areas appeal not just from the heritage perspective, but usually also have strong attraction to tourists. Finally, the difference-in-differences (DID) model shows that shophouses will suffer a discount of 20.6% after undergoing renovation that is in compliance with the stringent conservation guidelines.Publication CONTRIBUTION OF CAR-SHARING TOWARDS A CAR-LITE SOCIETY(2016-11-17) LIAU MIN HUI; REAL ESTATE; MALONE LEE LAI CHOOA car-lite society, as envisioned by the Singapore government, is one where the population relies less on cars and more on other modes of transportations. In a land-constrained country like Singapore, population growth (towards 6.9 million by 2030) has brought a corresponding growth of car ownerships. To manage traffic congestion, the government had introduced several measures such as Area Licensing Scheme and Road Pricing System to “contain” the car population with road congestion in check. This dissertation seeks to explore the contribution of car-sharing towards a car-lite society. The basis of approach is from two perspectives; (potential) car sharers and car-sharing operators. Expectations and implications along with evaluation of car-sharing schemes are also discussed. Methodologies herein include a public survey with non-car sharers and car sharers (100 each) as well as interviews with several car-sharing operators. The survey reveals a top preference for public transportation by both car sharers and non- car sharers followed by transportation via Private Hirer. It also reveals a positive perception on car-sharing towards the contribution of a car-lite society despite a lower percentage of preferences for car-sharing. The lower preference for car-sharing concurs with the perceptions of the car-sharing operators that there is a lack of car-sharing awareness as well as limited resources. Finally, car-sharing has the potential to grow given the growing acceptance and encouraging participation amongst the population. Moving forward, it is envisaged that car-sharing could have fully automated administrative process with the usage of autonomous electric vehicles and smart parking system installed.Publication UNDERSTANDING CONSUMER BEHAVIOUR FOR GROCERY SHOPPING AND ITS EFFECTS ON THE SUSTAINABILITY OF WET MARKETS(2011-04-20) CHAN KOK LIANG; REAL ESTATE; MUHAMMAD FAISHAL BIN IBRAHIMFrom a global perspective, wet markets/traditional markets for the past 30 years have lost a significant amount of grocery trade market share due to the effects of Retail Modernisation and changing consumer behaviour and preferences. However, there are academics that refute the effects and maintained the belief that wet markets/traditional markets are still pertinent in today’s context. This study seeks to explore the academic gap on the sustainability of wet markets in the midst of strong competition from supermarkets and hypermarkets in Singapore by understanding the shopping preference, patterns, behaviours, experiences and patronage decision factors of wet market, supermarket and hypermarket. Sequential triangulation was adopted as the model for the study. Firstly, qualitative research was carried out in the form of secondary data collection from literatures which was then supplemented by in depth interviews to capture the variables in the context of Singapore. Next, quantitative research was conducted by using the variables found to understand the consumer shopping preferences, patterns, consumer behaviours and decision factors. data analysis that was used includes simple tabulations, cross tabulations, paired sample t-tests, factor analysis, ANOVA and independent sample t-tests. The findings of this study was that in a long run, wet markets are not sustainable as supermarkets look set to be most preferred choice for grocery shopping for the younger generations of below 40 years old when the current age groups of 41-50 and above 50 age group of shoppers disappears.Publication DOES THE DISPARITY IN RESIDENTIAL ACCESSIBILITY TO LOCAL AMENITIES DIFFER BETWEEN MATURE AND NON-MATURE TOWNS? (A SPATIAL PERSPECTIVE)(2018-06-04) TAN YAN MEI SANDRA; REAL ESTATE; FU YUMINGHousing amenities are essential in supporting community living within estates and provides urban dwellers with access to daily necessities or services. This research paper posits that there is a variation in residents’ accessibility to local amenities across space due to different generations of town planning. Singapore’s vision for a compact and carlite community has resulted in a shift towards centralised town planning, where the town centres in non-mature estates have become the “one-stop destination” to serve the needs of residents. Changes in town planning over the years, have resulted in inherent spatial and physical differences between mature and non-mature estates. This study was conducted with the objective of investigating if the extent of accessibility differs between mature and non-mature towns and to ascertain reasons that will account for this inter-town accessibility differences. The Hedonic Pricing Model was adopted to isolate the attribute of accessibility and provide easy comparison across HDB towns for this study. Through this study, house prices were found to be statistically negatively correlated with distance from town centre in both models. More importantly, it was determined that residents in mature towns did not experience as large a disparity in accessibility to amenities across space compared to non-mature towns. Qualitative spatial analysis and observations also reveal that amenities in mature towns are found to be more dispersed and in greater density as opposed to a concentration of amenities mostly found in the town centre of non-mature towns.Publication SINGAPORE GOVERNMENT LAND SALES AND WINNER'S CURSE(2017-12-11) HO FUK KIN; REAL ESTATE; CRISTIAN BADARINZAThis thesis aims to uncover how bidders can minimize the effects of the “winner’s curse” under the Singapore Government Land Sales (GLS) context as this area of research has been less established empirically. A sample of 349 auctioned land parcels between 2000 and 2016 were gathered to conduct the analysis of the success and the post bidding behavior of the auction participants along with “winner’s curse” across different property sectors, locations and time frames. Subsequently, the analysis of post profits was executed to examine the post financial performance of the successful bidders to investigate the presence of “winner’s curse”. Through the empirical analysis, several interesting findings were made. Firstly, 38.32% of successful bidders suffered from reduced post auction profits. Additionally, 18.04% observed experienced a negative effect on their post profits due to overbidding while the remaining 20.38% represents the persistent effect of substandard companies who continue to suffer from poor performance despite making the right decisions. Secondly, there is a negative effect between the number of bids and “winner’s curse”. Lastly, there is a strong positive relationship between “winner’s curse” and the winning bidder’s overestimation of the common value of the auctioned item. To conclude, “winner’s curse” is a genuine issue that exist in Singapore GLS. Hence, to address this issue, this thesis identifies two bidding strategies to minimize the effects of “winner’s curse” - by participating in auctions with more competitors and where the common value of the auctioned item is high.