Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/221972
Title: SHOPPING CENTRES AND PUBLIC RESIDENTIAL PROPERTY VALUES
Authors: YU SIEW LAN
Keywords: Real Estate
HDB
Hedonic model
Public housing
Shopping centre
Issue Date: 28-May-2009
Citation: YU SIEW LAN (2009-05-28T11:33:21Z). SHOPPING CENTRES AND PUBLIC RESIDENTIAL PROPERTY VALUES. ScholarBank@NUS Repository.
Abstract: This study seeks to ascertain the impact of shopping centres in Singapore on the value of public residential flats as well as the relative advantage(s), in terms of proximity factor effect, of a modern shopping mall and a conventional town centre. The basic hypotheses are that flats near to a shopping centre command a premium and that the premium paid for a property at the same distance to a town centre with a shopping mall is higher than that of an otherwise identical property located at the same distance to a conventional town-centre. The hypotheses are operationalised through statistical analysis (via the hedonic model) of 8627 resale housing transactions from nineteen HDB housing estates. The results show that shopping centres have a positive impact on the housing values. Homebuyers pay a premium for flats in close proximity to a shopping centre. Flats within a 100m radius of a shopping centre fetch the highest premium. This shows that Singapore homeowners have a higher threshold of the negative externalities such as noise, pollution and traffic congestion generated by the shopping centres than their counterparts in the ‘West’ where similar studies have been carried out. The study also shows that the price-distance relationship for the shopping centre proximity factor is likely to stretch beyond 500m. Furthermore, the findings show that flats within a town centre with a shopping mall commands a higher premium (6.1%) than those centres without a shopping mall. Finally, the proximity factor is highest (23.8% premium) in Marine Parade Estate and the lowest (1.7% premium) in Bedok Estate.
URI: https://scholarbank.nus.edu.sg/handle/10635/221972
Appears in Collections:Bachelor's Theses

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