REDEVELOPMENT OF RESIDENTIAL BROWNFIELD SITES: VALUE ENHANCEMENT AND SHARING

Abstract

The need to have an effective management system when utilizing land as a scarce resource is essential to keep pace with the country's growing requirements. In Singapore, private developers can access land in two ways: Government Land Sale (GLS) or collective sales (en bloc) of strata-titled private properties. Using hedonic regression, the paper's objectives aim to quantify value-chains for different stakeholders in the residential brownfield redevelopment process. Collective sale is an exit strategy for owners in decaying buildings on top of being a land source for developers and a means of urban redevelopment. Thus, they are highly significant to all players in the residential market. In combining the supply of land with the subsequent demand for units, this study provides insights on the pricing mentality for developers when considering collective sale (brownfield) sites versus GLS (greenfield) sites and sheds light on the way developers and individual owners perceive these developments.