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Keywords: Real Estate
Li Qiang
2018-2019 RE
Issue Date: 8-May-2019
Citation: TING LI QI, PEARLIE (2019-05-08). EFFECT OF URBAN PARKS ON HDB RESALE PRICES. ScholarBank@NUS Repository.
Abstract: In Singapore, there has always been an emphasis on the presence of greenery in the environment. In 2009, the government announced plans to provide a park within 400-metres walking distance for 90% of the country’s households by 2030. Therefore, this paper studied the effect of urban parks on public housing flats from April 2017 to June 2018 to examine whether there is a continued appreciation of the proximity to a park by homebuyers today. The amount of price premium or discount in the property resale prices that can be attributed to a park serves as a proxy for the value of parks to homebuyers. The results of this study suggest that there is a 0.00835% price discount for a one-metre increase in straight-line distance between a public housing flat and its nearest park. Distances between the properties and their nearest parks were then categorised into 100-metre intervals for further investigations, and results showed that properties within 301 metres to 600 metres of its nearest park commanded a price premium relative to properties that within the 901 metres to 1000 metres band. It was also found that homebuyers tend to avoid living within 300 metres to a park as there may be certain drawbacks such as noise generated by park users. Finally, it is surprisingly revealed that park sizes are negatively correlated with property prices, whereby a one hectare increase in park size will result in a 0.404% price discount for the property. From these empirical findings, it seems that the various park characteristics do play a part in homebuyers’ decision-making processes. In general, these research findings provide a better understanding of homebuyers’ sentiments towards residing in close proximity to a park. Policy makers can take these results into consideration to guide future actions and plans in relation to urban parks.
Appears in Collections:Bachelor's Theses

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