IMPACT OF TRANSPORT INFRASTRUSTURE ON CONDOMINIUM VALUES
CHEE CHIN YOUNG
CHEE CHIN YOUNG
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Abstract
There are two dimensions to the demand of condominium covered in this study, i.e.
price and transaction volume. To study the impact of transport infrastructure on the
condominium market at the macro and micro level, both dimensions have to be
analysed. This study adopts a top-down approach, beginning with a hedonic analysis
on condominium prices and transaction volumes, followed by a series of case studies
on condominium developments around specific stretches of transport infrastructure.
Results from the multiple linear regression show that condominium values are slightly
determined by locational variables of distances to the city centre, to the expressway
junctions, and to the MRT stations (R2 = 0.407). All the independent variables have
different intensity of impact on the prices and volumes transacted of freehold and
leasehold condominiums. Of these, distance to the city centre has the greatest impact
on freehold and leasehold condominium prices. Distance to expressway junctions has
a more profound impact on transaction volumes, where the freeholds and leaseholds
react differently in opposite directions. Distance to MRT stations significantly affects
both types of properties; transaction volume of freehold decreases further away from
the nearest stations, while price of leasehold decreases instead.
Proximity analysis of condominiums along the more recent transport routes revealed
that development of projects tends to take off only after the completion of
construction of new transport infrastructure. Prices of the projects in these areas tend
to be in tandem with that of other condominiums around Singapore. Proximity analysis of condominiums along the more recent transport routes revealed
that development of projects tends to take off only after the completion of
construction of new transport infrastructure. Prices of the projects in these areas tend
to be in tandem with that of other condominiums around Singapore. However,
transaction volumes tend fluctuate more, where increases mainly resulted from price
drops.
Keywords
Transport Infrastructure, Condominium, GIS, Spatial Distribution
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Date
2003
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Thesis