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Articles 1 - 30 of 117
Full-Text Articles in Real Estate
Research On The Impact Of Digital Transformation On Esg Performance Of Real Estate Enterprises, Lung Tim Tong
Research On The Impact Of Digital Transformation On Esg Performance Of Real Estate Enterprises, Lung Tim Tong
Dissertations and Theses Collection (Open Access)
In the era characterized by the dual carbon goals driving the green transformation of industries and the exponential growth of the digital economy, the real estate sector is at a critical transformation juncture. From a policy-oriented perspective, building codes and energy consumption quota standards issued by the Ministry of Housing and UrbanRural Development and other regulatory bodies have rendered it imperative for real estate enterprises to reduce carbon emissions throughout the entire building life cycle. From the market demand side, consumers' preference for green and intelligent living environments has compelled real estate firms to break through traditional development models. The …
What Does It Take To Make Housing Affordable?, Sock Yong Phang
What Does It Take To Make Housing Affordable?, Sock Yong Phang
Asian Management Insights
Professor Phang Sock Yong’s body of work has shaped conversations around housing affordability both in Singapore and abroad—helping policymakers manage land, supply, finance and market rules as one integrated system.
A Study On The Relationship Between Traffic Spillover And Rental Rates Of Shopping Centre Stores Based On Consumer Movement Data, Hongjun Zhang
A Study On The Relationship Between Traffic Spillover And Rental Rates Of Shopping Centre Stores Based On Consumer Movement Data, Hongjun Zhang
Dissertations and Theses Collection (Open Access)
This study is based on consumer movement trajectory data and examines the relationship between traffic spillover among stores within shopping centres and their rent ratios, responding to the practical limitation that traditional rental pricing mechanisms often overlook the dynamic structure of customer flows. Using micro-level consumer movement data and store rental data from three shopping centres in Shenzhen, Nanjing, and Chongqing, this paper constructs a store transition network reflecting customer movements between stores. Social network analysis is employed to measure stores’ network influence indicators (such as degree centrality, betweenness centrality, and structural holes) as well as traffic spillover indicators derived …
Unpacking Singapore's Leasehold Relativity Table: An Empirical And Legal Analysis, Koon Shing Kwong, Jing Rong Goh, Seng Wei, Edward Ti
Unpacking Singapore's Leasehold Relativity Table: An Empirical And Legal Analysis, Koon Shing Kwong, Jing Rong Goh, Seng Wei, Edward Ti
Research Collection School Of Economics
In Singapore, most land is state-owned, with the state generally issuing leasehold estates via state leases of not more than 99 years1, depending on the intended land use. Naturally, the value of a leasehold estate, which erodes over time as the lease approaches the end of its term, is a key component of the premium charged for lease renewals, or the tax imposed for permission given in relation to a development that would increase the value of the land. By law, the state valuation of leasehold land is prescribed by a leasehold relativity table colloquially known as ‘Bala’s Curve’ or …
Economic Consequences Of Public Pension Accounting Regulation Changes: Evidence From Housing Markets And Local Economies, Grace Haoqing Fan
Economic Consequences Of Public Pension Accounting Regulation Changes: Evidence From Housing Markets And Local Economies, Grace Haoqing Fan
Research Collection School Of Accountancy
I examine whether, and through which channels, government pension accounting regulations affect local housing markets and economies. Using both a contiguous border-county approach across multiple states and a single-state study in California, I find that regions exposed to more severe state-level pension underfunding experience lower housing market growth after the introduction of Government Accounting Standards Board (GASB) regulations 67 and 68, which significantly enhance the transparency of public pension underfunding. The effect is more pronounced in states heavily impacted by the new regulations and in counties more reliant on state funding. Further analyses suggest that the observed effect is driven …
Redesigning Home Reversion Products To Empower Retirement For Singapore's Public Flat Owners, Koon Shing Kwong, Jing Rong Goh, Jordan Jie Xin Lee, Ting Lin Collin Chua
Redesigning Home Reversion Products To Empower Retirement For Singapore's Public Flat Owners, Koon Shing Kwong, Jing Rong Goh, Jordan Jie Xin Lee, Ting Lin Collin Chua
Research Collection School Of Economics
This paper introduces an innovative sell-type home reversion product aimed at monetizing Singapore’s public flats, serving as a new alternative to the existing Singapore Lease Buyback Scheme (LBS). This new product not only retains the LBS’s guaranteed period of residence in the property along with life annuity incomes but also enhances the product features to meet specific homeowner needs, including the ability to age in place, flexibility in retaining part of the property, options for bequests, and guaranteed principal return. By incorporating these additional features, the new product seeks to stimulate greater demand for monetizing public flats among asset-rich but …
Beyond Borders, Beyond Boundaries: How Globalization Affects Real Estate Prices, Ritu Mehlawat
Beyond Borders, Beyond Boundaries: How Globalization Affects Real Estate Prices, Ritu Mehlawat
Dissertations and Theses Collection (Open Access)
In this comprehensive study, we aim to investigate the impact of Globalisation on house prices globally. Our analysis spans annual data from 42 countries, including OECD and some Non-OECD countries, from 1991 to 2021. Our research underscores the role of Globalisation in shaping house prices, with distinct impacts contingent on the type of Globalisation. Financial globalisation, which primarily encompasses capital flow coupled with enabling regulatory environment, is one of the drivers of house price increases. Conversely, Interpersonal, and Informational globalisation, which mainly involves the physical or virtual proximity of people supported by favourable conditions, has a negative effect on house …
Analyzing Racial Disparities In The United States Homeownership: A Socio-Demographic Study Using Machine Learning, Arya Farahi, Junfeng Jiao
Analyzing Racial Disparities In The United States Homeownership: A Socio-Demographic Study Using Machine Learning, Arya Farahi, Junfeng Jiao
Research Collection College of Integrative Studies
While increasing homeownership has been a focal point for policymakers in the United States, the distribution of access to homeownership opportunities across all families within the country has not been equitable. The complex relation between social factors and economic conditions has significantly shaped the journey toward homeownership. Of particular concern is the persistent disparity in homeownership rates among Black households in the United States. Effectively addressing these disparities within urban communities necessitates comprehensive policy interventions and social initiatives. However, the success of such endeavors hinges upon a comprehensive grasp of the underlying causes of these inequalities. Drawing upon machine learning …
Value Capture And Affordable Housing: Insights From Singapore, Sock Yong Phang
Value Capture And Affordable Housing: Insights From Singapore, Sock Yong Phang
Research Collection School Of Economics
To explain the role of value capture in Singapore’s progress, I will first provide some background information on Singapore and its housing sector. I will then take you on a journey back to the 1960s to show how we established our present institutional arrangements for land and housing. I will next describe how housing policies have evolved over the past six decades in response to changing contexts. Finally, I will conclude with the fiscal implications of successful value capture. Where relevant, I will indicate how Singapore’s policies align with George’s views.
Study On The Structural Influence Mechanism Of Robot Construction On Real Estate Project Costs: Moderating Effect Of Management Change, Xiujuan Wei
Dissertations and Theses Collection (Open Access)
Cost control in construction is crucial for the survival of real estate enterprises. Especially in the context of cyclical downturns in the real estate industry, it is essential to achieve cost reduction and efficiency improvement in real estate projects. Currently, the widespread application of robotics technology may hold the key to achieving this goal. Robotics technology is widely recognized for its ability to automate tasks and reduce labor costs. However, it also brings about transformative impacts on management, organization, production, and processes, which can paradoxically increase project costs. Unfortunately, there is a lack of research focusing on the impact of …
Innovating Today To Build A Sustainable Tomorrow, Daryl Ng
Innovating Today To Build A Sustainable Tomorrow, Daryl Ng
Asian Management Insights
Daryl Ng, Deputy Chairman of Hong Kong-based real estate property developer Sino Group, speaks about his ideas and ideals on the built environment, sustainability, and how business and innovation can be a force for good.
Bubbly Booms And Welfare, Feng Dong, Yang Jiao, Haoning Sun
Bubbly Booms And Welfare, Feng Dong, Yang Jiao, Haoning Sun
Research Collection School Of Economics
We show the competing effects of a housing bubble on the real economy by developing a multi-sector dynamic model with housing production. On the one hand, firms can sell or collateralize their housing, so a housing bubble helps firms obtain credit to finance their investment and expand production. On the other hand, a boom in the housing sector crowds out labor in the non-housing sector. We show that housing booms can reduce social welfare both in the steady state and in the transitional dynamics only when the production externalities in the non-housing sector are sufficiently large. We quantitatively evaluate our …
Can A Tobin Tax Curb Speculation In The Housing Market? A Study On The Effect In The Primary Market Of Hong Kong Tax Policy, Dinh Tuan Dang
Can A Tobin Tax Curb Speculation In The Housing Market? A Study On The Effect In The Primary Market Of Hong Kong Tax Policy, Dinh Tuan Dang
Dissertations and Theses Collection (Open Access)
This study examines the effect of Special Stamp Duty (SSD) and Buyer's Stamp Duty (BSD) on Hong Kong’s housing prices in the primary market. Using micro transaction data, I show that the Tobin tax policies were not effective in cooling the primary market. The primary market responded differently when facing the two events. Specifically, SSD Phase 1 led to a 9.4% price increase within 6 to 12 months post-implementation, suggesting a lag effect. The introduction of SSD Phase 2 and BSD initially caused a significant 13.1% price surge in the first 6 months, but was followed by a notable 9% …
Assessing Impact Of Urban Densification On Outdoor Microclimate And Thermal Comfort Using Envi-Met Simulations For Combined Spatial-Climatic Design (Cscd) Approach, Shreya Banerjee, Rachel X.Y. Pek, Sin Kang Yik, Graces N. Ching, Xiang Tian Ho, Dzyuban Yuliya, Peter J. Crank, Juan A. Acero, Winston T. L. Chow
Assessing Impact Of Urban Densification On Outdoor Microclimate And Thermal Comfort Using Envi-Met Simulations For Combined Spatial-Climatic Design (Cscd) Approach, Shreya Banerjee, Rachel X.Y. Pek, Sin Kang Yik, Graces N. Ching, Xiang Tian Ho, Dzyuban Yuliya, Peter J. Crank, Juan A. Acero, Winston T. L. Chow
Research Collection College of Integrative Studies
Future urban planning requires context-specific integration of spatial design and microclimate especially for tropical cities with extreme weather conditions. Thus, we propose a Combined Spatial-Climatic Design approach to assess impact of urban densification on annual outdoor thermal comfort performance employing ENVI-met simulations for Singapore. We first consider building bylaws and residential site guidelines to develop eight urban-density site options for a target population range. We further classify annual weather data into seven weather-types and use them as boundary conditions for the simulations. Comparing such fifty-six combined spatial-climatic simulation outputs by analyzing Outdoor Thermal Comfort Autonomy, we report the influence of …
Within-Development Density And Housing Prices In Singapore, Eric Fesselmeyer, Haoming Liu, Louisa Poco
Within-Development Density And Housing Prices In Singapore, Eric Fesselmeyer, Haoming Liu, Louisa Poco
Research Collection College of Integrative Studies
This paper measures how much more households pay for less density in their immediate surroundings. Using transaction and administrative data and exploiting the introduction of a regulation that restricted the number of housing units for certain land lots, we find that households discount density: a 10% increase in within-development density decreases the price per square meter by 5%. Further, the mean price per square meter of the average development increased by 1%–3% after the regulation was introduced, while the amount of built-up space remained constant. The increase in total revenue suggests developers may underestimate the externality caused by density.
Enhancing Sell-Type Home Reversion Products For Retirement Financing, Koon Shing Kwong, Jing Rong Goh, Ting Lin Collin Chua
Enhancing Sell-Type Home Reversion Products For Retirement Financing, Koon Shing Kwong, Jing Rong Goh, Ting Lin Collin Chua
Research Collection School Of Economics
Loan-type reverse mortgage plans and sell-type home reversion plans for retirement financing are two well-known equity release plans that entitle homeowners not only to release cash from their properties but also to allow them to age in place. Recently, a new hybrid equity release plan was proposed to incorporate the home reversion plan’s features with an option of staying in the property for a fixed period without being subject to survival. This additional option provides flexibility to homeowners to better meet their retirement financial and personal needs by reducing the financial uncertainty of home reversion products. In this article, we …
Shadow Bank, Risk-Taking, And Real Estate Financing: Evidence From The Online Loan Market, Xiaoying Deng, Chong Liu, Eng Seow Ong
Shadow Bank, Risk-Taking, And Real Estate Financing: Evidence From The Online Loan Market, Xiaoying Deng, Chong Liu, Eng Seow Ong
Research Collection Lee Kong Chian School Of Business
This paper examines whether and how individual risk-taking behavior affects real estate financing through shadow banks. Using the loan data from an online platform in China, we show that riskier households tend to employ online loans to meet the increasing down-payment in their home purchase. Individual investors are likely to fund riskier real estate loans with higher expected returns. Real estate loans experience higher ex-post default rates than other types of loans. The effect is more pronounced during the period of credit constraints.
Housing Fever In Australia 2020-23: Insights From An Econometric Thermometer, Shuping Shi, Peter C. B. Phillips
Housing Fever In Australia 2020-23: Insights From An Econometric Thermometer, Shuping Shi, Peter C. B. Phillips
Research Collection School Of Economics
Australian housing markets experienced widespread and, in some cases, extraordinary growth in prices between 2020 and 2023. Using recently developed methodology that accounts for fundamental economic drivers, we assess the existence and degree of speculative behaviour, as well as the timing of exuberance and downturns in these markets. Our findings indicate that speculative behaviour was indeed present in six of the eight capital cities at some time over the period studied. The sequence of events in this nation-wide housing bubble began in the Brisbane market and concluded in Melbourne, Canberra, and Hobart following the interest rate rise implemented by the …
The Impact Of Upzoning On Housing Construction In Auckland*, Ryan Greenaway-Mcgrevy, Peter C. B. Phillips
The Impact Of Upzoning On Housing Construction In Auckland*, Ryan Greenaway-Mcgrevy, Peter C. B. Phillips
Research Collection School Of Economics
There is a growing debate about whether upzoning is an effective policy response to housing shortages and unaffordable housing. This paper provides empirical evidence to further inform debate by examining the various impacts of recently implemented zoning reforms on housing construction in Auckland, the largest metropolitan area in New Zealand. In 2016, the city upzoned approximately three quarters of its residential land to facilitate construction of more intensive housing. We use a quasi-experimental approach to analyze the short-run impacts of the reform on construction, allowing for potential shifts in construction from non-upzoned to upzoned areas (displacement effects) that would, if …
Asset-Rich And Cash-Poor: Which Older Adults Value Reverse Mortgages?, Joelle H. Fong, Olivia S. Mitchell, Benedict S. K. Koh
Asset-Rich And Cash-Poor: Which Older Adults Value Reverse Mortgages?, Joelle H. Fong, Olivia S. Mitchell, Benedict S. K. Koh
Research Collection Lee Kong Chian School Of Business
Home equity represents a substantial share of retirement wealth for many older persons, particularly in Asia where national housing policies have encouraged home-ownership. This paper explored the potential for reverse mortgages to help 'asset-rich and cash-poor' older Singaporeans unlock their home equity while ageing in place. The empirical analysis was based on a nationally representative survey of home-owners age 50+ in the 2018 Singapore Life Panel (N = 6,258). Our analyses showed that the average older home-owner holds some 60 per cent of total net wealth in housing equity, suggestive of high demand potential for reverse mortgage products. Nevertheless, actual …
'99-To-1’ Property Deals: Stamp Duty Avoidance Or Honest Mistake, Vincent Ooi
'99-To-1’ Property Deals: Stamp Duty Avoidance Or Honest Mistake, Vincent Ooi
Research Collection Yong Pung How School Of Law
This article explains in detail the legal issues surrounding the recent ABSD audit and how exactly the general anti-avoidance rule and the stamp duty avoidance surcharge in the Stamp Duties Act 1929 can be invoked by the IRAS.The article highlights the fact that it may not be enough for a property buyer to show that the '99-to-1' holding was intended to enable the buyer to qualify for a home loan and not 'for stamp duty avoidance'. The property buyer must be able to answer the additional question of why the transfer of the property is 'staggered' in two stages and …
Real Estate Assets: To Build Or Not To Build?, Chaik Ming Koh
Real Estate Assets: To Build Or Not To Build?, Chaik Ming Koh
Asian Management Insights
It’s about when, not whether.
Diagnosing Housing Fever With An Econometric Thermometer, Shuping Shi, Peter C. B. Phillips
Diagnosing Housing Fever With An Econometric Thermometer, Shuping Shi, Peter C. B. Phillips
Research Collection School Of Economics
Housing fever is a popular term to describe an overheated housing market or housing price bubble. Like other financial asset bubbles, housing fever can inflict harm on the real economy, as indeed the U.S. housing bubble did in the period following 2006 leading up to the general financial crisis and great recession. One contribution that econometricians can make to minimize the harm created by a housing bubble is to provide a quantitative “thermometer” for diagnosing ongoing housing fever. Early diagnosis can enable prompt and effective policy action that reduces long-term damage to the real economy. This paper provides a selective …
The Value Of Fiduciary Duties: Evidence From En Bloc Sales In Singapore, Jianfeng Hu, Kelvin F. K. Low, Wei Zhang
The Value Of Fiduciary Duties: Evidence From En Bloc Sales In Singapore, Jianfeng Hu, Kelvin F. K. Low, Wei Zhang
Research Collection Lee Kong Chian School Of Business
This paper examines the impact of fiduciary duties on collective asset sales in the case of owners acting as delegates for other owners, thereby potentially inducing conflicts of interests. Our identification strategy exploits a unique legal shock in Singapore, which established fiduciary duties in those transactions in the real estate market known colloquially as en bloc sales. The imposition of fiduciary duties caused the price premium of units sold via en bloc sales to increase over units ineligible for en bloc sale, as well as over units that, although eligible for en bloc sale, are sold individually. In addition, this …
Property In Whose Name? Intrahousehold Bargaining Over Homeownership In China, Jia Yu, Cheng Cheng
Property In Whose Name? Intrahousehold Bargaining Over Homeownership In China, Jia Yu, Cheng Cheng
Research Collection School of Social Sciences
Previous research typically examined homeownership inequality across individuals or households, overlooking the intrahousehold allocation of homeownership. Using couple-level data of the 2016 China Family Panel Studies, our study addresses the gap by examining the bargaining over homeownership between husbands and wives in China. Descriptive results reveal a large gender gap in homeownership: only about one-quarter of couples listed the wife as an owner on the Housing Ownership Certificate, whereas about 92% listed the husband. The gender gap in ownership, however, has narrowed among couples married after 2000. Multivariate analyses show that economic autonomy, relative resources, housing purchase conditions, and modernization …
Do Large Gains Make Willing Sellers?, Dong Hong, Roger Loh, Mitch Warachka
Do Large Gains Make Willing Sellers?, Dong Hong, Roger Loh, Mitch Warachka
Research Collection Lee Kong Chian School Of Business
Using unique real estate data that allow for accurately-measured capital gains, we examine whether sell propensities depend on the magnitude of a seller's capital gain. We find that short-term sell propensities are flat over losses and increasing in gains. Consistent with their higher sell propensities, selling prices are lower for properties with larger gains. Large-sized short-term stock investments also have sell propensities that are flat over losses and increasing in gains, although the sell propensities of typical-sized short-term stock investments are V-shaped (Ben-David and Hirshleifer (2012)). Our findings provide empirical support for the realization utility theories of Barberis and Xiong …
Housing Wealth Shocks, Home Equity Withdrawal, And The Claiming Of Social Security Retirement Benefits, Naqun Huang, Li Jing, Amanda Ross
Housing Wealth Shocks, Home Equity Withdrawal, And The Claiming Of Social Security Retirement Benefits, Naqun Huang, Li Jing, Amanda Ross
Research Collection School Of Economics
This paper examines the impact of changes in house prices on when eligible individuals start receiving Social Security benefits. If house prices increase, financially constrained households may draw upon the additional home equity to finance expenses and delay receipt of Social Security in order to have increased lifetime monthly benefits. To address concerns that house price changes are correlated with unobserved local demand shocks, we use a control function approach and employ two different instrumental variables. We find that individuals delay Social Security claiming when house prices increase during the housing boom. The probability of claiming within two years after …
Declining Discount Rates In Singapore's Market For Privately Developed Apartments, Eric Fesselmeyer, Haoming Liu, Alberto Salvo
Declining Discount Rates In Singapore's Market For Privately Developed Apartments, Eric Fesselmeyer, Haoming Liu, Alberto Salvo
Research Collection College of Integrative Studies
Singapore's market for new privately developed apartments exhibits wide quasi-experimental variation in ownership tenure. We develop an empirical model in which prices are decomposed into the utility of housing services and a factor that shifts with asset tenure and the discount rate schedule, which we discipline to vary smoothly over time. We estimate discount rates that decline over time and, to accommodate the observed price differences, fall to 0.5-1.5% p.a. by year 400. The finding that households making sizable transactions do not entirely discount benefits accruing centuries from today is relevant, with the appropriate risk adjustment, for evaluating climate-change investments.
Estimating Financial Information Asymmetry In Real Estate Transactions In China: An Application Of Two-Tier Frontier Model, Ganlin Pu, Ying Zhang, Li-Chen Chou
Estimating Financial Information Asymmetry In Real Estate Transactions In China: An Application Of Two-Tier Frontier Model, Ganlin Pu, Ying Zhang, Li-Chen Chou
Research Collection School Of Computing and Information Systems
This study applies the two-tier stochastic frontier model to estimate the distribution of housing transaction information in Hangzhou, Wenzhou, Ningbo, and Jinhua (four cities in Zhejiang Province, China) during the year 2018, to analyze the difference in the price information acquired by the buyers and sellers in the transaction, and the effect of information asymmetry on the transaction price. The empirical results show that in each city, during the housing transaction process, the supplier has more complete information about house prices than consumers, and can therefore implement price discrimination strategies in setting service prices. Due to the disadvantage in acquired …
Forced Moves And Home Maintenance: The Amplifying Effects Of Mortgage Payment Burden On Underwater Homeowners, John Harding, Li Jing, Stuart Rosenthal, Xirui Zhang
Forced Moves And Home Maintenance: The Amplifying Effects Of Mortgage Payment Burden On Underwater Homeowners, John Harding, Li Jing, Stuart Rosenthal, Xirui Zhang
Research Collection School Of Economics
Although the adverse effect of high loan to value ratios (LTV) on mortgage default is known, the potential amplifying effect of high payment-to-income (PTI) ratios that can force families out of their homes has received limited attention. High PTI and LTV can also add to default costs by discouraging home maintenance. Using the 1985-2013 AHS panel, we show that high PTI prompts families to move and especially so for households with LTV above 120%. This lends support for policies like HAMP and HARP that seek to reduce forced moves and mortgage default by lowering mortgage payment burden for financially stressed …