THE IMPACT OF SINGAPORE'S POSITIONING AS THE GLOBAL SCHOOLHOUSE ON THE RESIDENTIAL MARKET

Abstract

This paper examines how the influx of international full-fee paying students affects the status of the residential property market, as Singapore moves towards the branding and positioning of being the 'Global Schoolhouse'. It attempts to look into the details of the different aspects of student accommodations and the proposal by the Singapore government to bring in more international students over a given targeted period. Australia is introduced as a case study given its similarity in its endeavor as the global education hub. Also the difficulties in the process of building up its global education hub status are also faced by Singapore today. This issue is interesting because the lessons and experiences gained from Australia's last twenty years of positioning as a global education hub work as a framework to guide Singapore to move forward to the status of a Global Schoolhouse. The findings from the case study of Australia and Harvard Square lead to the conceptualization of the concept of homestay and campus town as the two but not all the impacts on the residential property market. The concept of homestay and campus town seeks to resolve the issue of accommodation needs of students given the many similarities in the situation and factors of problems Singapore is currently facing. These two concepts serve as sound foundation to the accommodation problems that are due to arise in the near future as Singapore moves on to be the global education hub. As the study is constrained by the past studies and availability of relevant studies, only these two concepts are discussed in greater depth and they do not entail to the entirety of the impact on the residential property market brought about by the implementation of the 'Global Schoolhouse'. This study should serve as a starting framework for future studies in this field.