Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/223849
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dc.titlePRICE DISCOVERY BETWEEN SHOEBOX AND NON-SHOEBOX HOUSING MARKETS IN SINGAPORE
dc.contributor.authorHO CHEE MUN
dc.date.accessioned2013-04-26T03:51:12Z
dc.date.accessioned2022-04-22T20:43:56Z
dc.date.available2019-09-26T14:14:13Z
dc.date.available2022-04-22T20:43:56Z
dc.date.issued2013-04-26
dc.identifier.citationHO CHEE MUN (2013-04-26). PRICE DISCOVERY BETWEEN SHOEBOX AND NON-SHOEBOX HOUSING MARKETS IN SINGAPORE. ScholarBank@NUS Repository.
dc.identifier.urihttps://scholarbank.nus.edu.sg/handle/10635/223849
dc.description.abstractThis paper examines whether shoebox housing market Granger cause the non-shoebox market and the overall private residential market, given the proliferation of shoebox units in the past few years. A pseudo-Urban Redevelopment Authority (URA) price index is constructed for the shoebox market so as to formulate a common basis for comparison. Empirical analysis reveals that the overall private property market in fact leads the shoebox market by up to two quarters in addition to the long-run cointegrating relationship which both markets share. In contrast, no lead-lag relationship is found to exist between shoebox and non-shoebox housing markets even though both markets are integrated in the long run. The paper also attempts to investigate the process of price discovery between new sale and secondary sale sub-markets of shoebox units. Results show that a unidirectional causality runs from the secondary sale market to the new sale market, but not the reverse. Moreover, evidence of speculation is discovered in the shoebox market during the residential market boom. More interestingly, a high correlation is found to be present between the realised investment returns of shoebox units and the transaction volume of shoebox properties under new sale.
dc.language.isoen
dc.sourcehttps://lib.sde.nus.edu.sg/dspace/handle/sde/2236
dc.subjectReal Estate
dc.subjectRE
dc.subjectOng Seow Eng
dc.subject2012/2013 RE
dc.subjectGranger causality
dc.subjectPrice discovery
dc.subjectProperty speculation
dc.subjectShoebox units
dc.typeDissertation
dc.contributor.departmentREAL ESTATE
dc.contributor.supervisorONG SEOW ENG
dc.description.degreeBachelor's
dc.description.degreeconferredBACHELOR OF SCIENCE (REAL ESTATE)
dc.embargo.terms2013-06-06
Appears in Collections:Bachelor's Theses

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