Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/223992
Title: ECONOMIC IMPACT OF CONSERVATION STATUS OF SHOPHOUSES
Authors: LIU JOU HSUAN
Keywords: 2020-2021
Real Estate
Bachelor's
BACHELOR OF SCIENCE (REAL ESTATE)
Sing Tien Foo
Issue Date: 12-Apr-2021
Citation: LIU JOU HSUAN (2021-04-12). ECONOMIC IMPACT OF CONSERVATION STATUS OF SHOPHOUSES. ScholarBank@NUS Repository.
Abstract: Over the years, there is increasing interest in built heritage conservation given the notable political, social, and economic benefits that come along. Heritage preservation is a long-term investment that benefits the current generation and leaves behind invaluable resources for future generations. Despite the continued interest in the topic, there is lack of quantitative empirical research determining economic values of historic assets in Asian cities. Furthermore, little is known with regard to the impact of strict renovation policies on shophouse prices. As such, this study aims to fill in the current gap in built heritage research by examining whether the designation of conservation status on shophouses will generate any price effects and the extent of impact the renovation work has on the value of shophouses Key results of the regression analysis unveiled that conservation status has an overall negative impact on transacted shophouse prices. Conserved shophouses suffer from a price discount of 20.9% as compared to non-conserved shophouses. This contradicts the expected outcome that conservation shophouses tend to fetch a price premium, thus uncovering new opportunities for further studies. Interestingly, the study also suggests that shophouses located within the conservation boundary command a 16% premium over shophouses located outside the conservation zones. This could be due to the positive neighbourhood effects associated with the conservation areas. These areas appeal not just from the heritage perspective, but usually also have strong attraction to tourists. Finally, the difference-in-differences (DID) model shows that shophouses will suffer a discount of 20.6% after undergoing renovation that is in compliance with the stringent conservation guidelines.
URI: https://scholarbank.nus.edu.sg/handle/10635/223992
Appears in Collections:Bachelor's Theses

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