THE INTEGRATED “SMART-TOD” APPROACH: CASE STUDY OF PUNGGOL NEW TOWN IN SINGAPORE

Abstract

This research seeks to examine the influences of proximity to smart-TOD on the resale prices of public housing in Singapore. Rapid urbanisation has resulted in the “urban sprawl” phenomenon, causing many cities to face various urban issues, and thus impeding the growth of the city. Moreover, as a small city-state with a dense population, it is even more important for Singapore to make the most effective use of the limited land resources to ensure long-term growth. Therefore, the implementation of effective urban land use and transportation planning such as the Transit-Oriented Development (TOD) model is crucial and relevant to Singapore. A hedonic pricing regression was conducted to analyse the influence of proximity to TOD on the resale transaction prices. A case study using the DID regression model was conducted on Punggol to analyse the influence of proximity to smart-TOD on the resale transaction prices. There was a total of 92,631 transaction data used to conduct the hedonic pricing regression and 3,042 transaction data used in the DID regression case study. The results reflected that the closer proximity to TODs will result in price premiums for housing values, with transaction prices of HDBs in Punggol commanding a slight premium as compared to those in other towns. The DID regression shows that proximity to smart-TOD resulted in a slight premium.