THE ROAD TO POLYCENTRICITY: EVIDENCE FROM SINGAPORE �S RESIDENTIAL PROPERTY MARKET

Abstract

Singapore’s spatial structure has undergone huge changes since her independence in 1965. However, it is not clear if these changes are sufficient enough to transform the nation-state’s monocentric spatial structure into a polycentric one. This paper uses Real Estate Information System (REALIS) data from 1995 to 2017 to investigate the value-creating spatial distribution of Regional Centres (RC) in Singapore through the lens of transacted property prices. This led to several findings. First, Singapore still possesses strong monocentric characteristics. Second, the importance of the nation- state’s Central Business District (CBD) is not heavily affected by the emergence of Jurong Regional Centre. Third, past planned RC have been successful locally but have not achieved their potential. Fourth, economic mechanisms that drive the above results are linked to spatial heterogeneity in demographic structure, transportation conditions and dwelling types. Fifth, various potential consequences of polycentricity such as education qualifications, economic status, income, occupation, travelling time to school and work and residential tenancy impact each Regional Centres differently. This concludes that the spatial structure of Singapore is still relatively monocentric and the city is still be in her transition phase of becoming polycentric.