Business Commons^™

New Methodology For Constructing Real Estate Price Indices Applied To The Singapore Residential Market, Liang Jiang, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This paper develops a new methodology for constructing a real estate price index that utilizes all transaction price information, encompassing both single-sales and repeat-sales. The method is less susceptible to specification error than standard hedonic methods and is not subject to the sample selection bias involved in indexes that rely only on repeat sales. The methodology employs a model design that uses a sale pairing process based on the individual building level, rather than the individual house level as is used in the repeat-sales method. The approach extends ideas from repeat-sales methodology in a way that accommodates much wider datasets. …

Cointegration Of Matched Home Purchases And Rental Price Indexes: Evidence From Singapore, Badi H. Baltagi, Jing Li

Research Collection School Of Economics

This paper exploits the homogeneity feature of the Singapore private residential condominium market and constructs matched home purchase price and rental price series using the repeated sales method. These matched series allow us to conduct time series analysis to examine the long-term present value relationship in the housing market. Three key findings are obtained. First, we fail to establish a cointegrating relationship between the home purchase price and rental price based on nationally estimated indexes. Second, area-specific indexes demonstrate strong cross-correlations, invalidating the use of first generation panel unit root tests that ignore these cross-correlations. Third, Pesaran's CIPS test indicates …

Data And Analytics In Corporate Real Estate: The Importance Of Talent, Clarence Goh

Research Collection School Of Accountancy

Data and analytics are set to play a more pivotal role incorporate real estate (CRE) over the next three years.As organizations recognize that data-driven insights candramatically improve decision making across a broadrange of business functions, they are seeking to capitalizeon and incorporate data and analytics in their CREprocesses.

Rent Certainty Is Not Rent Control, Tom Dunne

Reports

The housing crisis and the debate about rent control should result in a beneficial change to the regulation of the sector but the opportunity could be lost for want of clarity of thinking about the nature of rent certainty and the distinction between it and rent control. At present rent is regulated by the Residential Tenancies Act 2004 (RTA 2004) which provides that rent can only change once a year and cannot be more than the market rent. Many argue a greater degree of rent certainty is required and that rent should not be allowed to increase by more than …

Singapore’S Housing Policies: Responding To The Challenges Of Economic Transitions, Sock Yong Phang

Research Collection School Of Economics

Singapore has developed its own unique state-driven housing system, with more than three quarters of its housing stock built by the Housing and Development Board and homeownership financed through Central Provident Fund savings. As a result, it has one of the highest homeownership rates amongst market economies. This paper provides a historical perspective of the main housing problems faced by successive prime ministers and their respective policy responses. Under the leadership of Prime Minister Lee Kuan Yew (1959-1990), the government established an integrated landhousing supply and housing finance framework to channel much needed resources into the housing sector to deal …

The Morrison Mercantile, Khalid Alballaa, Kevin Clark, Barbara Fryer, Carly Harrison, A. Synkai Harrison, Liz Hutchinson, Scott Kueny, Erik Pattison, Nate Raynor, Clancy Terry, Joel Thomas

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for 12 properties located on the Central Eastside Industrial District (CEID). These properties are owned by the Pelett Family. Their task was to produce an original development plan, including the development concept, the market analysis, the conceptual design, economic analysis, capital and operations budget, and management plan.

Mountain Monitor - 1st Quarter 2015, Kenan Fikri, Siddharth Kulkarni

Mountain Monitor Quarterly

This analysis of employment, output, unemployment, and house prices finds that the 10 major metropolitan areas of the Mountain West, despite significant economic headwinds, weathered the first quarter of 2015 with robust economic growth. Eight of the region’s 10 major metro areas advanced on all four metrics of economic performance, and the remaining two metro areas slipped only on a single front.

The national economic slowdown that arrived in early 2015 did not entirely bypass the Mountain West, but the region resisted the drag better than any other. As U.S. economic output contracted by 0.3 percent in the first quarter, …

A Royal Problem: Planning Induced Supply Constraints In London, Elizabeth P. Armstrong

Lawrence University Honors Projects

We explore the impact of regulatory supply constraints on house price levels following boom and bust periods in London. We hypothesize that when regulatory restrictiveness increases during a boom period, house prices will be higher in the following year compared to house prices in less restricted areas. We also hypothesize that when regulatory restrictiveness increases during a bust period, house prices will be lower in the following year compared to house prices in less restricted areas. We empirically test our hypothesis using a multilevel mixed-effects model with a panel data set of 32 boroughs of London, ranging from 2001 to …

Renting Trouble: Current Government Policy Of Relying On The Private Rented Sector To Deliver Social Housing Is Unlikely To Succeed, Tom Dunne

Reports

A review of the history of housing in Ireland shows that owner occupancy and social housing were policy choices by successive governments. Owner occupancy was heavily supported through a system of grants and tax breaks and social housing was directly provided through local authorities at subsidised rents. In recent years policy has changed and tenure neutrality is now guiding the government’s attitude to housing. This is a significant change which has not been sufficiently discussed and has consequences which are not appreciated. Relying on the market to provide rental housing for people on low incomes and who may be in …

Residential Property Values And Historic Districts: A Kalamazoo Case Study, Curtis John Aardema

Research and Creative Activities Poster Day

Often cited by proponents as a productive tool for preserving the cultural and physical elements of the American built environment, historic districts are alternatively branded as burdensome and regressive to future development by critics. In order to provide a quantitative assessment of the economic impact of historic districts, this project compares property values from 1990, 2000 and 2010 in both a historically designated and a non- designated neighborhood in Kalamazoo, Michigan. Through tedious sampling techniques and statistical analysis, the results of the project indicated a link between historic districts and higher property values.

Home Prices And Inequality: Singapore Versus Other Global Superstar Cities, Sock Yong Phang

Research Collection School Of Economics

The Global City concept originates from the work of sociologist Saskia Sassen, which dates back to the 1980s. In an age of globalisation, division of labour is international in scope and production activities are distributed across the world. A global city is a significant point where the internationally oriented financial and producer services that make the global economy run choose to agglomerate.

Mountain Monitor - 4th Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

With the national economy gaining steam, the 10 major metro areas of the Mountain West ended 2014 with another quarter of strong economic performance. On the four indicators of economic vitality measured by the Mountain Monitor—employment growth, output growth, changes in unemployment, and house price growth—with only a few exceptions, every metro area registered advances on every indicator. Such widespread progress heretofore eluded the region, where recovery from the Great Recession has been characterized by unevenness.

In aggregate, the 10 Mountain metro areas ended 2014 with their fastest quarter of job growth of the year. Employment increased by 0.8 …

Public-Public And Public Private Partnerships In Transportation, Janet K. Tinoco

Publications

Graduate students at Embry-Riddle Aeronautical University (ERAU), Daytona Beach, FL partook in a research effort for the National Aeronautics and Space Administration (NASA) Kennedy Space Center (KSC), examining partnerships in real property. The students researched relevant public-private partnerships (PPPs) and public-public partnerships PuPs in space, air, rail/road, sea, and utilities -- nationally and globally.

On The Effectiveness Of Housing Purchase Restriction Policy In China: A Difference In Difference Approach, Jerry X. Cao, Bihong Huang, Rose Neng Lai

Research Collection Lee Kong Chian School Of Business

The Chinese government imposed the purchase restriction policy to rein in the housing bubble in 2010. Using a two-stage difference-in-difference approach and a comprehensive dataset covering the real estate markets across 70 cities, we find that the policy triggered substantial decline in the property price and transaction volume. Cities having higher reliance on real estate sector for fiscal revenue and economic growth experienced greater decline in housing prices following the policy implementation. However, the policy had no measurable effects on the nationwide construction boom, hinting the ineffectiveness of the policy to correct the housing bubble.

Reconciling The Characteristics Vs. Factors Models For Explaining Stock Returns, Brian C. Payne Lt Col, Jeffery Scott Bredthauer

Finance, Banking and Real Estate Faculty Publications

Daniel and Titman (DT) (1997) disclaim the Fama-French three factor model in favor of a firm characteristics based model to explain stock returns. Davis, Fama, and French (2000) find this characteristics-based model outperforms their model only for the 20.5 year time period from July 1973-December 1993, but the three factor model is robust for the 68-year period from 1929- 1997. We find the DT period represents a unique macroeconomic environment in that significant interaction effects exist between the default (and term) risk premia innovations and returns. Incorporating these effects into a traditional three-factor model help explain the 1973-1993 “characteristics model …

The Exchange, Adam Boehm, Jurie Lewis, Bryce Payne, Bob Sassa, Jason Wald

Real Estate Development Workshop Projects

For this proposal, we assumed the position of respondents to the RFP that PSU will be releasing for the subject property. This proposal begins with an overview of the context of the site historically, spatially. We analyze the neighborhood and features that will help make the development fit within the broader context. Then, we analyze the outlook for each property type and make assumptions about achievable rents, occupancies, etc. Then, we determine what the vision of the development will be based on the foregoing analysis. Finally, we apply that vision to create a development program and determine financial feasibility. We …

Industry Career Guide Ownership Dwellings And Real Estate, Ma. Concepcion G. Latoja, Denise Serrano

Angelo King Institute for Economic and Business Studies (AKI)

This industry career guide on Ownership Dwelling and Real Estate (ODRE) aims to inform readers of the range of career options that are open to those who want to work in the industry. By presenting an array of occupations typically found in this field, the reader is informed of the basic requirements to land a specific job in this industry, the associated job environment and possibilities for job movement either in terms of promotion and/or moving laterally from one type of job to another within the industry. In the context of discussing job prospects, it lays out the issues surrounding …