Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/220481
Title: EVOLUTION OF PUBLIC TRANSPORT CONNECTIVITY AND HOUSING PREMIUM OF MRT IN SINGAPORE
Authors: LIM JIA MEI
Keywords: Real Estate
RE
Diao Mi
2016/2017 RE
Issue Date: 17-May-2017
Citation: LIM JIA MEI (2017-05-17). EVOLUTION OF PUBLIC TRANSPORT CONNECTIVITY AND HOUSING PREMIUM OF MRT IN SINGAPORE. ScholarBank@NUS Repository.
Abstract: In Singapore, the opening of a new transit line generally creates synergies and improves connectivity across the entire network. Such improvement is typically captured in the housing premium of properties within close proximity to MRT stations and thus generates tremendous economic benefit island wide. However, there is the concern that with increasing connectivity and supply of MRT stations, the scarcity value of properties within proximity to MRT might diminish. Using the opening of North-East Line (NEL), Circle Line (CCL) and Downtown Line (DTL), the study seeks to investigate on the progressive changes in MRT premium over the years with an increasingly connected network. Using difference-in-differences (DID), stratified regressions are carried out to quantify for the effects of transit lines opening on new MRT stations and existing MRT stations. The findings reveal that while the opening of transit line generates positive premium for properties surrounding new stations, this premium shows signs of erosion with every subsequent line opening. However, the area demographics around the new stations have to be factored into consideration as well. Furthermore, new transit lines also increase the proximity premium for properties surrounding existing MRT stations in the network due to improved connectivity. The magnitude of impact, however, differs depending on the level of connectivity that the new transit line provides to the existing network. Overall, the results shed light on households’ decreasing marginal willingness to pay for proximity to MRT stations, and the shortening of distance which they deemed as reasonable walking distance to MRT stations.
URI: https://scholarbank.nus.edu.sg/handle/10635/220481
Appears in Collections:Bachelor's Theses

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