A HEDONIC PRICE ANALYSIS OF NON-LANDED PRIVATE RESIDENTIAL PROPERTIES IN EASTERN REGION OF SINGAPORE IN 1994 AND 1999

Abstract

This study focuses on analyzing the impacts of structural, locational and neighborhood attributes associated with a dwelling on the property sale price of non-landed private residential properties in the East region of Singapore, districts 15 to 18. The structural attributes are floor area, floor level, age of property and tenure of property. The locational attributes include distance from CBD, distance from Tampines Regional Centre and distance from the nearest MRT station. The neighborhood attribute is the distance from the nearest popular primary school. Emphasis is placed on analysis of proximity to the nearest popular primary school and its impact on property sale price. The study analyses and compares the impacts of the attributes on the sale price of condominiums and apartments in 1994 and 1999. It is found that proximity to popular primary school has a significant positive relationship with property sale price. Its impact on price is relatively large. The distance from CBD and property sale price is insignificant in both years. Impacts of proximity to MRT stations and tenure are only significant in 1999. Impact of distance from Tampines Regional Centre on property sale price is found to be significant in 1994, but not in 1999. The structural attributes show the same relationships with property sale price in both years. Floor area and floor levels are found to be positively related while the age of property is found to be negatively related to the property sale price. The expected relationships of the attributes with property sale price are similar in 1994 and 1999, with difference in their impacts on the property price.