IMPACT OF THE NEW HOME OFFICE SCHEME ON SINGAPORE'S PROPERTY MARKET

Abstract

The new Home Office scheme announced by the Government on 10th June 2003 allows more than one million home owners to use their home to run a business. This new scheme will change the way Singaporeans live and work. Small offices might relocate their offices to their homes, while startups may change to locating at home instead. Private developers also support the government's drive in providing live-work homes or commonly known as SoHo. Even JTC, a government agency participated in providing SoHo properties. The purpose of this study is to examine the impact of the Home Office scheme on the local property market. The key findings reveal that the Home Office scheme is well received by Singaporeans and there is indication that there is an outward movement of tenants. Moreover, a significant proportion of the respondents have considered shifting their future home offices to SoHo developments.