THE IMPACT OF A CONVERTED GREENWAY ON PRIVATE, NON-LANDED RESIDENTIAL PROPERTY VALUES IN SINGAPORE: THE RAIL CORRIDOR PROJECT

Abstract

The objective of this paper aims to measure the impact of a greenway on the surrounding private non-landed residential properties through quantifiable means. Following the cessation of the Keratapi Tanah Melayu rail service, the Singapore Government announced the conservation of several train stations and structures of the railway, while exploring the possibility of redeveloping the railway into a greenway. The announcement of Urban Redevelopment Authority’s Request for Proposals confirmed the direction of redevelopment, based on the criteria it set. Using the announcement date as the point of treatment, the study employed hedonic pricing models to quantify the impacts of the greenway on properties within a 600-metre boundary, using a difference-in-difference approach – prior and post announcement (temporal variation) and the distance boundary of the property (spatial variation). Results showed that the initial, raw, undeveloped greenway does not command a significant influence on the transaction prices of properties at this point in time. However, if we were to look at the research done on the comparisons that the plans for the greenway have drawn (New York City’s Highline Park and Seoul’s Cheonggyecheon), it is highly likely that the properties within the proximity of the access points will feel the impact of the greenway once it is fully-developed.