Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/234442
Title: FAIR PRICING IN THE SINGAPORE PRE-SALES MARKET
Authors: TRAN THI HANH QUYEN
Keywords: Pre-sale
Forward contract
Pricing model
Singapore
Issue Date: 2006
Citation: TRAN THI HANH QUYEN (2006). FAIR PRICING IN THE SINGAPORE PRE-SALES MARKET. ScholarBank@NUS Repository.
Abstract: The forward pricing models have been widely tested in the financial and homogeneous commodity markets. However, similar studies in the real estate market were rare due to the heterogeneous characteristics of real estate. Most property forward contracts in developed markets are in the form of index futures and thinly transacted. In contrast, real forward contracts of uncompleted properties (i.e. selling before completion) are commonly and actively traded in physical form in many Asian pre-sales markets such as Hong Kong, Taiwan, Singapore and China. From this common practice questions arose about the fairness of the pricing of those pre-sale properties. This study applies the forward pricing models to test whether the Singapore pre-sale properties are fairly priced. It concludes that the pre-sales in Singapore were, in general, priced unfairly and more expensive compared to normal properties. Reasons and implications of this result are also discussed at the end of the study.
URI: https://scholarbank.nus.edu.sg/handle/10635/234442
Appears in Collections:Bachelor's Theses

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