Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/222010
Title: ANTICIPATION IMPACT OF HIGH-SPEED RAIL ON RESIDENTIAL PROPERTY VALUES: OBSERVATIONS FROM SINGAPORE-KUALA LUMPUR HIGH-SPEED RAIL
Authors: TEO JIE YU, BELLE
Keywords: Real Estate
Qin Yu
2018-2019 RE
RE
Issue Date: 15-May-2019
Citation: TEO JIE YU, BELLE (2019-05-15). ANTICIPATION IMPACT OF HIGH-SPEED RAIL ON RESIDENTIAL PROPERTY VALUES: OBSERVATIONS FROM SINGAPORE-KUALA LUMPUR HIGH-SPEED RAIL. ScholarBank@NUS Repository.
Abstract: High-speed rail creates a shift in economic geography by decreasing travel time between cities. While it differs from the conventional rail in terms of service market and distance, its benefits can be capitalised into higher property values in areas near these stations. However, with varying level of economic development and urban planning models across cities, research findings are not consistent between studies. With Singapore embarking on the high-speed rail project, analysing its development can develop a deeper understanding of the impacts of this relatively new mode of transport. This study investigates the impact of the announcements of Singapore-Kuala Lumpur high-speed rail on housing prices. To capture the impact, the difference-in-difference methodology was employed in the hedonic price model. Three key announcements were analysed – the announcement of the partnership for the high-speed rail project on 19 February 2013; the announcement of the location for housing the high-speed rail terminus on 05 May 2015; and the announcement of the delay of the high-speed rail project on 03 September 2018. The research findings show significant positive anticipation effects for all three announcements of the high-speed rail, where a significant housing premium of 8.62% to 9.95%, 7.70% to 7.92% and 4.66% to 8.60% were identified for the treatment group within 2,800 metres from the high-speed rail terminus for the announcement on 19 February 2013, 05 May 2015 and 03 September 2018 respectively. Furthermore, the positive impact increases as the treatment group decrease in distance at 400 metres intervals to the high-speed rail terminus for all three announcements. This indicates that as accessibility to the high-speed rail station increases, the housing price premium increases.
URI: https://scholarbank.nus.edu.sg/handle/10635/222010
Appears in Collections:Bachelor's Theses

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