DEVELOPMENT AND VALUATION OF AIRSPACE OVER SINGAPORE'S TRANSPORT INFRASTRUCTURES

Abstract

Singapore faces growing pressures from the issue of limited land as well as the expected increase in population. Various spatial expansion strategies have been adopted and employed over the years such as land reclamation, intensifying land use by building higher and most recently, going underground. Although such strategies have been highly successful in the development planning of Singapore, there are limits as to their future sustainability. Therefore, this study brings forth an in-depth development analysis of airspace over Singapore’s transport infrastructures as a potential expansion of space. A combination of quantitative and qualitative research was conducted to better understand the characteristics of air parcels as real estate. The research findings were subsequently applied to case studies of existing link bridges as well as to a hypothetical case in Singapore. Valuation is a crucial aspect of development analysis. As such, the three case studies that present the various types of airspace developments provide in-depth examination to formulate an industry standard valuation methodology for such future infrastructures. The outcomes and findings of this study serve to aid planners in achieving a more efficient and effective use of airspace in Singapore and thus bring about a better urban environment to live, work, and play in.