THE APPLICATION OF A NON-MARKET VALUATION TECHNIQUE TO ENVIRONMENTAL ASSETSSINGAPORE: AN INDICATIVE VALUATION OF TANJONG CHEK JAWA

Abstract

The application of the contingent valuation method in Singapore is relatively unpopular despite its widespread usage in other parts of the world. This study analyses Singaporean citizens' contingent valuation of Chek Jawa, a mudflat off the shores of Pulau Ubin that survived the threat of reclamation by the Singapore Government. It was found that the mean lump sum willingness to accept (WTA) and willingness to pay (WTP) was SGD $39,877.89 and SGD $61.88 per person respectively. Monthly payments figures for WTA and WTP were also elicited, and are SGD $331.11 and SGD $3.99 per person per month respectively. Recreational values per person were also sought, with a mean of SGD $4.31 per entry. These figures were used in the calculation of an approximate monetary value of Chek Jawa. Much of the controversies pertaining to the usage of the contingent valuation method were observed in this study. The implications and usage of such a method need not be dismissed, as it can serve as a useful starting point for policy analyses.