Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/221563
Title: DOES AWARD-WINNING ARCHITECT TREND NEW PROPERTY LAUNCHES?
Authors: KOH JUN LI
Keywords: Real Estate
RE
Ooi Thian Leong Joseph
2019/2020 RE
Issue Date: 5-May-2020
Citation: KOH JUN LI (2020-05-05). DOES AWARD-WINNING ARCHITECT TREND NEW PROPERTY LAUNCHES?. ScholarBank@NUS Repository.
Abstract: The increase in homogeneity of non-landed private residential properties motivates developers to create a unique brand identity to sustain sales performance. Much of the housing research has focused on traditional factors such as price and accessibility, with little examination on the influence of prominent architects. This study, therefore, provides an alternative approach by investigating the effects of an award-winning architect on the sale performance of a newly launched property, using take-up rate as an indicator. A total of 149 projects designed by award and non-award winning architects, within the Central Region in Singapore between 2007 to 2018, were gathered. Using the Tobit regression model, the take-up rate is regressed against determinants of sale performance. Results revealed that reputable architects have a negative relationship while traditional factors like locational attributes, were consistent with existing studies. To determine if the appointment of famed architects was due to unsatisfactory property characteristics and self-selection bias, further analyses were conducted using the logit and Heckman two-step selection models. Results shows leasehold properties located outside prime districts and far from train stations tend to be designed by reputable architects. Moreover, unobserved factors from a developer such as their market share and being publicly-listed influence the selection of architects. Despite the limitations in the self-nomination of architects for prestigious architectural awards and strategy in the phasing of new launches, this empirical study, still, provides practical insights in which the appointment of an award-winning architect is not accidental along with the importance of developer’s branding strategy.
URI: https://scholarbank.nus.edu.sg/handle/10635/221563
Appears in Collections:Bachelor's Theses

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