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Articles 1 - 30 of 55

Full-Text Articles in Real Estate

Potential Crime Risk And Housing Market Responses, Seonghoon Kim, Kwan Ok Lee Nov 2018

Potential Crime Risk And Housing Market Responses, Seonghoon Kim, Kwan Ok Lee

Research Collection School Of Economics

We study how information on local (dis)amenities is transmitted and manifested in housing markets. Using nationwide data on multifamily homes in South Korea, we analyze heterogeneity in the effect of a sex offender's presence on sale prices and rents of nearby homes. Our results demonstrate that the price effect of the offender's move-in varies significantly by spatial context. People react more strongly and persistently to the move-in of the offender in places wherein indicators of social connectedness are stronger, such as places with relatively low population density. We also find that, unlike housing prices, rents do not ...


Strategic Sequential Bidding For Government Land Auction Sales – Evidence From Singapore, Sumit Agarwal, Jing Li, Ernie Teo, Alan Cheong Nov 2018

Strategic Sequential Bidding For Government Land Auction Sales – Evidence From Singapore, Sumit Agarwal, Jing Li, Ernie Teo, Alan Cheong

Research Collection School Of Economics

This paper studies the extent to which equilibrium auction prices are pushed up sequentially due to strategic bidding behaviors in government land auction sales. Using a unique dataset that covers the universe of tendering prices submitted by all developers for all residential land auction sales in Singapore, we find that a tenderer’s bids are significantly higher where there was a previous land parcel sold within two years and located within four kilometers. The elevated price margin decreases with time and geographic distance. Tracking sequential bids submitted by same developers over time, we find that the incumbent winner of a ...


Mapletree Real Estate Programme Established At Smu Through S$3 Million Endowed Gift; Smu To Offer Specialisation In Real Estate Investment And Finance From August 2018, Singapore Management University Jan 2018

Mapletree Real Estate Programme Established At Smu Through S$3 Million Endowed Gift; Smu To Offer Specialisation In Real Estate Investment And Finance From August 2018, Singapore Management University

SMU Press Releases

Mapletree Investments (“Mapletree”) and Singapore Management University (“SMU”) are pleased to jointly announce the launch of a multi-faceted Mapletree Real Estate Programme (“Programme”). The Programme, which is a first of its kind, aims to equip students with the necessary knowledge and cross-disciplinary skills to navigate the growing real estate sector in Singapore and globally.

The Mapletree Real Estate Programme has been made possible by a generous endowed gift of S$3 million from Mapletree to SMU. With a 1:1 government matching, the total sum of S$6 million will go towards the establishment of the Mapletree Professorship in Real ...


The Impact Of The Cost Of Car Ownership On House Price Gradient In Singapore, Naqun Huang, Jing Li, Amanda Ross Jan 2018

The Impact Of The Cost Of Car Ownership On House Price Gradient In Singapore, Naqun Huang, Jing Li, Amanda Ross

Research Collection School Of Economics

This paper examines the extent to which a change in the cost of car ownership affects the house price gradient with respect to distance from the central business district (CBD). Theory suggests that if the cost of car ownership increases, then people will shift towards other modes of transportation, thus reducing house prices farther away from the CBD. However, the cost of car ownership is likely to be endogenous and correlated with various unobserved factors that also contribute to a change in the house price gradient. To obtain causal effects, we exploit a unique feature of Singapore’s car registration ...


Determinants Of Urban Land Supply In People's Republic Of China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu Sep 2017

Determinants Of Urban Land Supply In People's Republic Of China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu

Research Collection School Of Economics

This paper explores whether and how corruption and competition-for-promotion motives affect urban land supply in the People's Republic of China. Conditional on demand-side factors, we find that corruption is highly correlated with an increase in land supply. The corruption effects are strongest for commercial land, followed by residential land, and then industrial land. To shed light on the competition motives among prefectural leaders, we examine how the number of years in office affects land supply and distinguish among different hypotheses. Our empirical results show robust rising trends in land sales. These results are consistent with the hypothesis that among ...


Determinants Of Urban Land Supply In China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu Mar 2017

Determinants Of Urban Land Supply In China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu

Research Collection School Of Economics

This paper explores two political factors for their potential effects on urban land supply in China: corruption, and competition for promotion. We find that standard urban economic predictions hold in the sense that both population and income increases are strongly significant determinants for the increase in urban land supply. Conditional on these demand-side factors, we find that the usage of two-stage auctions (as a proxy for corruption) is highly correlated with the increase in land supply. The corruption effects are strongest for commercial land, followed by residential land and then industrial land. To shed light on the competition motives among ...


Sand States And The Us Housing Crisis, Hyunsoo Choi, Harrison G. Hong, Jeffrey D. Kubik, Jeffrey P. Thompson Apr 2016

Sand States And The Us Housing Crisis, Hyunsoo Choi, Harrison G. Hong, Jeffrey D. Kubik, Jeffrey P. Thompson

Research Collection Lee Kong Chian School Of Business

The excesses of the historic US housing cycle of the 2000s were concentrated in the Metropolitan Statistical Areas (MSAs) of Arizona, California, Florida and Nevada. Even controlling for leading explanations of this housing cycle, these Sand State MSAs had more than double the mortgage originations, defaults and price fluctuations than other MSAs. We show that these excesses can be explained by Sand State MSAs having an abnormally low supply of publicly traded firms headquartered there relative to total income. Households in these MSAs are more likely to purchase investment homes nearby rather than stocks, amplifying the housing cycle there.


Housing Policies In Singapore, Sock Yong Phang, Matthias Helble Mar 2016

Housing Policies In Singapore, Sock Yong Phang, Matthias Helble

Research Collection School Of Economics

Singapore has developed a unique housing system, with three-quarters of its housing stock built by the Housing & Development Board (HDB) and homeownership financed through Central Provident Fund (CPF) savings. As a result, the country’s homeownership rate of 90% is one of the highest among market economies. At different stages of its economic development, the Government of Singapore was faced with a different set of housing problems. An integrated land–housing supply and financing framework was established in the 1960s to solve the severe housing shortage. By the 1990s, the challenge was that of renewing aging estates and creating a ...


Are House Prices Driven By Capital Flows? Evidence From Singapore, Hwee Kwan Chow, Taojun Xie Feb 2016

Are House Prices Driven By Capital Flows? Evidence From Singapore, Hwee Kwan Chow, Taojun Xie

Research Collection School Of Economics

This paper investigates whether real house price appreciations can be attributed to the surge in real capital inflows into Singapore. We proxy capital flows by using the amount of foreign direct investments (FDI) to real estate capturing the foreign purchases of property in Singapore which we deflate by the private residential property price index. Notwithstanding the absence of a cointegrating relationship, our results support the hypothesis that lagged short term fluctuations in capital inflows are positively associated with the growth rates of house prices over the last decade. We also provide evidence that macroprudential measures implemented by Singapore reduced the ...


Housing Policies In Singapore, Phang Sock Yong, Matthias Helble Jan 2016

Housing Policies In Singapore, Phang Sock Yong, Matthias Helble

Research Collection School of Economics

No abstract provided.


New Methodology For Constructing Real Estate Price Indices Applied To The Singapore Residential Market, Liang Jiang, Peter C. B. Phillips, Jun Yu Dec 2015

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 Nov 2015

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 ...


Data And Analytics In Corporate Real Estate: The Importance Of Talent, Clarence Goh Oct 2015

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.


Singapore’S Housing Policies: Responding To The Challenges Of Economic Transitions, Sock Yong Phang Aug 2015

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 ...


Home Prices And Inequality: Singapore Versus Other Global Superstar Cities, Sock Yong Phang Apr 2015

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.


The Impact Of Gains And Losses On Homeowner Decisions, Dong Hong, Roger Loh, Mitch Warachka Dec 2014

The Impact Of Gains And Losses On Homeowner Decisions, Dong Hong, Roger Loh, Mitch Warachka

Research Collection Lee Kong Chian School Of Business

Using unique data on condominium transactions that allow for accurately-measured capital gains and losses, we examine the impact of these gains and losses on homeowner decisions. Consistent with the disposition effect, owners with a gain have higher sell propensities than those with a loss. Since real estate prices result from owner negotiations with buyers and tenants, we also examine whether prices vary across otherwise comparable units depending on the owner’s capital gain. Owners with a gain accept lower selling prices, list for sale at lower prices, and accept lower rents from tenants. These pricing implications are sensitive to the ...


A New Hedonic Regression For Real Estate Prices Applied To The Singapore Residential Market, Jiang Liang, Peter C. B. Phillips, Jun Yu Oct 2014

A New Hedonic Regression For Real Estate Prices Applied To The Singapore Residential Market, Jiang Liang, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

This paper develops a new hedonic method for constructing a real estate price index that utilizes all transaction price information that encompasses both single-sale and repeat-sale properties. The new method is less prone to specification errors than standard hedonic methods and uses all available data. Like the Case-Shiller repeat-sales method, the new method has the advantage of being computationally efficient. In an empirical analysis of the methodology, we fit the model to all transaction prices for private residential property holdings in Singapore between Q1 1995 and Q2 2014, covering several periods of major price fluctuation and changes in government macro ...


Further Evidence On The Spatio-Temporal Model Of House Prices In The United States, Badi H. Baltagi, Jing Li Apr 2014

Further Evidence On The Spatio-Temporal Model Of House Prices In The United States, Badi H. Baltagi, Jing Li

Research Collection School Of Economics

Holly, Pesaran, and Yamagata (Journal of Econometrics 2010; 158: 160–173) use a panel of 49 states over the period 1975–2003 to show that state-level real housing prices are driven by economic fundamentals, such as real per capita disposable income, as well as by common shocks, such as changes in interest rates, oil prices and technological change. They apply the common correlated effects estimator of Pesaran (Econometrica 2006; 74(4): 967–101), which takes into account spatial interactions that reflect both geographical proximity and unobserved common factors. This paper replicates their results using a panel of 381 metropolitan statistical ...


Reverse Mortgages Can Help Fund Retirement, Singapore Management University Feb 2014

Reverse Mortgages Can Help Fund Retirement, Singapore Management University

Perspectives@SMU

But a well-designed contract and the education of retirees are important if they are to reap the benefits.


Singapore's Housing Policies: 1960-2013, Sock Yong Phang, Kyunghwan Kim Nov 2013

Singapore's Housing Policies: 1960-2013, Sock Yong Phang, Kyunghwan Kim

Research Collection School Of Economics

The focus of this case study is on the important role of real estate and housing policies in Singapore’s economic development. In the sphere of housing policy, Singapore is known for its high homeownership rates, the very significant role played by the government in housing supply and housing finance, and the wealth that has been created and distributed in the process.


Evaluating The Effectiveness Of Cooling Measures On Property Prices: An Exploration Of Alternative Econometric Techniques, David K. C. Lee, Sock Yong Phang, Kok Fai Phoon, Karol Wee Aug 2013

Evaluating The Effectiveness Of Cooling Measures On Property Prices: An Exploration Of Alternative Econometric Techniques, David K. C. Lee, Sock Yong Phang, Kok Fai Phoon, Karol Wee

Research Collection School Of Economics

To study the degree of success of various government measures to maintain house price stability in Singapore by exploring and determining the effectiveness of various interventions using different econometric models. We find that the May 1996 measures which included capital gains taxation had a clear impact on prices and that many of the recent measures such as additional stamp duties and disallowing various financing arrangements appear not to have had a significant effect on housing prices.


Academic Paper Supports Housing Curbs For Prs, Foreigners, Mindy Tan, David Kuo Chuen Lee Aug 2013

Academic Paper Supports Housing Curbs For Prs, Foreigners, Mindy Tan, David Kuo Chuen Lee

Research Collection Lee Kong Chian School Of Business

No abstract provided.


Improving Housing Status Quo, Sock Yong Phang, David K. C. Lee Aug 2013

Improving Housing Status Quo, Sock Yong Phang, David K. C. Lee

Research Collection Lee Kong Chian School Of Business

No abstract provided.


Evaluating The Effectiveness Of Cooling Measures On Property Prices: An Exploration Of Alternative Econometric Techniques, Kuo Chuen Lee, Sock Yong Phang, Kok Fai Phoon, Karol Wee Aug 2013

Evaluating The Effectiveness Of Cooling Measures On Property Prices: An Exploration Of Alternative Econometric Techniques, Kuo Chuen Lee, Sock Yong Phang, Kok Fai Phoon, Karol Wee

Research Collection Lee Kong Chian School Of Business

No abstract provided.


Housing Policies In Singapore: Evaluation Of Recent Proposals And Recommendations For Reform, Sock Yong Phang, David Kuo Chuen Lee, Alan Cheong, Kok Fai Phoon, Karol Wee Aug 2013

Housing Policies In Singapore: Evaluation Of Recent Proposals And Recommendations For Reform, Sock Yong Phang, David Kuo Chuen Lee, Alan Cheong, Kok Fai Phoon, Karol Wee

Research Collection School Of Economics

The Singapore housing market is unusual in its high homeownership rate, the dominance of HDB housing, and the extensive intervention of the government in regulating housing supply and demand in both the HDB and private housing sectors. Recent rapid population increases in a low interest rate and high global liquidity environment has resulted in accelerated house prices increases in Singapore. Earlier this year, the government launched “Our Singapore Conversation” of which discussion on housing policies constitutes one major component. This “conversation” comes in the wake of several consecutive rounds of measures to stabilize housing prices using various instruments. This paper ...


Reit To Deal With Hdb Demand-Supply Challenges, Chor Hao Ong, David Kuo Chuen Lee Aug 2013

Reit To Deal With Hdb Demand-Supply Challenges, Chor Hao Ong, David Kuo Chuen Lee

Research Collection Lee Kong Chian School Of Business

A group of academics from the Singapore Management University (SMU) and a noted property consultant are making the case for a REIT comprising Housing and Development Board (HDB) residential and commercial units.


Parallels Between The U.S. And Asian Property Markets, Singapore Management University May 2013

Parallels Between The U.S. And Asian Property Markets, Singapore Management University

Perspectives@SMU

U.S. home prices are on an upswing. What does this mean for the Asian property market?


Do Singaporeans Spend Too Much On Housing?, Sock Yong Phang May 2013

Do Singaporeans Spend Too Much On Housing?, Sock Yong Phang

Research Collection School Of Economics

According to a 2011 IMF study, Singapore's level of government intervention in housing finance is the highest in the developed world (Slide 3). This level of intervention in housing finance has correspondingly produced the highest level of homeownership amongst advanced countries. This housing outcome is the result of our very unique HDB-CPF housing framework – an institutional framework that was established in the 1960s during the formative period of our country?s history (Slides 4 and 5). Singapore was, at that particular point in time, faced with a situation of chronic housing shortage, low homeownership rates and an underdeveloped housing ...


Penchant For Property Drives Buoyant Market, Singapore Management University Mar 2013

Penchant For Property Drives Buoyant Market, Singapore Management University

Perspectives@SMU

The catch phrase “location, location, location” is often cited by the real estate industry as crucial to closing a deal. In the case of land-scarce Singapore, its citizens’ penchant for property is giving Mr Patrick Liew, CEO of real estate company HSR Property Group, much cause for optimism as he says he is “very excited” at the opportunities available in the robust property market.


Algorithmic Trading And Changes In Firms Equity Capital, Ekkehart Boehmer, Kingsley Fong, Julie Wu Nov 2012

Algorithmic Trading And Changes In Firms Equity Capital, Ekkehart Boehmer, Kingsley Fong, Julie Wu

Research Collection Lee Kong Chian School Of Business

We use a large sample from 2001 to 2009 that incorporates intraday transactions data from 39 exchanges and an average of 12,800 different common stocks to assess the effect of algorithmic trading (AT) on firms’ capital raising activities. Greater AT reduces net equity issues over the next year, but this is only partly driven by AT’s effect on proceeds from new securities issues. Our findings suggest that the main driver of this relationship is AT’s effect on share repurchases.