INFLUENCE OF CULTURAL ASPECTS ON REAL ESTATE IN SINGAPORE

Abstract

Geylang Old Town is an area with a rich architectural heritage and good urban design. It has a wide range of shop houses, depicting First, Late and Second Transitional, and Art Deco styles, and bungalows, that are considered as Singapore Eclectic. The above mentioned, together with the many new expressions of shop house form, gave the study-area an urban character. Since the development of the planning area, there has been a portion of the area where a lot of undesirable cultural practices has been prevailing for years. The undesirable cultural practices include prostitution, secret societies clans, illegal gambling dens, etc. These are what the area has been notorious for years since the building up of the nation. But, to date, the activities have been declining to a minimum with the continuing efforts of the government. However, with regards to some remnant practices like legalized prostitution, especially within the even lorongs of 14 to 24, where more than 10% of the street blocks still see traces of prostitution, to what extent does this practices affect the valuation of assets in the vincity? Are the demographic profiles of the residents being affected by this phenomenon over the years? What is the first impression that present Singaporeans have upon the mention of 'Geylang'? With these questions in mind, this study aims to explore within the intangible factors, like cultural practice, as to how it will affect asset prices and people's choice of living with respect to locality.