Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/221777
Title: PREFERENCE AND WILLINGNESS TO PAY FOR LIFESTYLE HOUSING THEMES IN SINGAPORE
Authors: LEE YEN WEI
Keywords: Real Estate
RE
Fu Yuming
2016/2017 RE
Demand
Lifestyle
Lifestyle housing themes
Preference
Willingness to Pay
Issue Date: 5-May-2017
Citation: LEE YEN WEI (2017-05-05). PREFERENCE AND WILLINGNESS TO PAY FOR LIFESTYLE HOUSING THEMES IN SINGAPORE. ScholarBank@NUS Repository.
Abstract: The growth of affluent well-educated households led to higher demand for better quality housings. Alongside the evolving households’ preferences, technological advancement and socio-economic development, lifestyle housing has become a global trend. Developers start to differentiate their developments with distinct lifestyle themes and features. The success of such projects would depend on attractive pricing strategies and the preferences of potential consumers. Hence, this study aims to understand the evolution of themed lifestyle housings in Singapore, in comparison with those overseas. It also examines the preferences and willingness to pay (WTP) of such housings from the perspectives of potential buyers. Surveys were conducted at showflats and via an online platform to understand potential buyers’ demand and preferences of lifestyle housings. 245 survey responses were collated and analysed through descriptive statistics and statistical data analysis techniques. Factor analysis showed that homebuyers can be categorised into three groups based on their property attributes preferences. They are the lifestyle-and-quality-oriented, size-and-development-oriented and price-location-oriented. Furthermore, the importance of lifestyle feature as a property attribute in housing choice is supported by significant one-sample t-test results. Among the diverse lifestyle themes, nature and smart living features have the highest demand, with more than 80% of the homebuyers willing to pay for these features. A high diversity and WTP for lifestyle features could be explained by the improvement in homebuyers’ income and education. Lastly, homebuyers’ value types are categorised to five motivational value domains. However, no distinct value types could be associated with lifestyle-oriented respondents and their preferences.
URI: https://scholarbank.nus.edu.sg/handle/10635/221777
Appears in Collections:Bachelor's Theses

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