Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/220856
Title: THE PROXIMITY EFFECT OF PUBLIC UNIVERSITIES AND POLYTECHNICS CAMPUSES ON PRIVATE HOUSING PRICES IN SINGAPORE
Authors: TAN WEE YAO NIGEL
Keywords: Real Estate
RE
Qin Yu
2017/2018 RE
Issue Date: 31-May-2018
Citation: TAN WEE YAO NIGEL (2018-05-31). THE PROXIMITY EFFECT OF PUBLIC UNIVERSITIES AND POLYTECHNICS CAMPUSES ON PRIVATE HOUSING PRICES IN SINGAPORE. ScholarBank@NUS Repository.
Abstract: Studies are known to show that both education and the accessibility to public resources, in their individual rights, are crucial factors towards housing prices. However, little research has been conducted from the point of view, whereby external benefits may be enjoyed from living near higher educational institutions and how this may have an influence on housing prices as a public amenity. Thus, the objectives of this research aims to quantify tertiary institution campuses such as universities and polytechnics, as a public resource on housing prices using hedonic pricing models. The study firstly aims to establish the relationship between private housing prices with the proximity to tertiary institution campuses by using 5 polytechnics and 5 university campuses in Singapore during a 5 year period from 2012 to 2016. This was illustrated using Model 1. Additionally, the study also attempts to determine if the establishment or relocation of a tertiary institution has a direct causal effect on housing prices. This was carried out using the difference in difference method on properties surrounding 4 schools (SUTD, SIT, SMU and RP) to study the before and after effect of establishment/ relocation of tertiary institution on housing prices. Based on limited available data on the REALIS database, the model was localised to three years before and three years after the establishment/ relocation event. This was illustrated using Models 2 and 3. From the results of Model 1, it was determined that private condominiums face a price premium of 2.59% with increasing proximity distance in kilometres to a nearby tertiary institution. It was also determined that while living within 1km and 1.5km distance of a tertiary school allow for housing premiums of 13.1% and 6.3% respectively, the net effect that follows three years immediately after the institution’s relocation or establishment led to a fall in housing prices by 12.6% and 43.6% accordingly.
URI: https://scholarbank.nus.edu.sg/handle/10635/220856
Appears in Collections:Bachelor's Theses

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