CONNECTIVITY OF SINGAPORE'S MULTI-MODAL PUBLIC TRANSPORT SYSTEM

Abstract

While there is a large volume of literatures focusing on understanding the relationship of transport accessibility to property prices, the impact of connectivity on property prices has been neglected. Given that various initiatives have been proposed to enhance and expand the public transport networks in Singapore, it raises the question on the relevance of accessibility to transport. Connectivity, defined as the ease of mobility within the transport network, will then be more relevant in the real estate and transport fields. Thus, this paper seeks to explore the connectivity of the entire multi-modal transport system, comprising of MRT, LRT and buses, and to examine their respective impacts on HDB resale prices. By adopting suitable measures, the connectivity levels of all existing transport nodes are computed and illustrated on a thematic map using ArcGIS. Thereafter, the connectivity indices are incorporated into a hedonic regression model to determine the impact of each transport mode connectivity on HDB resale prices. The study revealed that there is a statistically significant positive impact of MRT, LRT and bus connectivity on HDB resale prices. Specifically, a 1% increase in MRT, LRT and bus connectivity will result in a 0.02%, 0.008% and 0.004% increases in property value respectively. These results have helped to provide greater insights on the overall connectivity of the public transport networks and aid transport planners in shaping future transport plans and policies. Furthermore, it helps developers and homebuyers to recognize the significance of transport connectivity on property prices.