IMPACT OF INTEGRATED RESORT ON PRICES OF APARTMENT UNITS IN DOWNTOWN CORE

Abstract

This study investigates the impact of the development of Integrated Resort (IR) on the prices of private apartment units in Downtown Core planning area. Many will unanimously agree that residential properties near the Integrated Resort (IR) might rise as investors see a higher rental potential. The objective of this study is to determine the impact of Integrated Resort (IR) on the prices of private apartment units in Downtown Core. Through literature reviews and hedonic price models, the findings generally shown that investors and buyers see the development of Marina IR as the Downtown reinventing itself. They believe that there will be an enhancement or upswing in prices of private apartment units in the area. It also support the notion of apartment units located nearer to the IR have enhancement of value. However, the positive impact of apartment units is not solely due to the IR factor. It is also supported by the recovering economy, growth in the wealth and financial services sector and the new downtown in the works.