SEMINAR: The value of urban waterways renewal in the Singapore housing market
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The value of urban waterways renewal in the Singapore housing market |
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Abstract:
Water sensitive practices are being widely promoted in many cities with the objective to improve both water quality and liveability. However, to what extent implementing of these practices improves the social welfare of the residents is not known. We contribute to this knowledge gap by using the Singapore’s Active, Beautiful, Clean Waters (ABC Waters) Programme as a case study. Singapore’s National Water Agency launched the programme in 2006. Under the programme, a number of drains, canals and reservoirs have been renovated, restored and integrated with the surrounding environment over the last ten years. To empirically estimate the value of the benefits of urban waterways renewal, we use resale data of Government-built residential units, which account for more than 80% of the housing market in Singapore. We analyse more than 30 thousand transactions within 2 km of 15 canals renovated under ABC Waters programme. We use hedonic pricing method with a difference-in-differences specification and apartment blocks fixed effects. Results indicate that renovation of the canals is capitalised in the value of the units within 600 m of the projects sites. We find that capitalisation of renovations is heterogeneous and depends on the wealth of the residents. The information about welfare change due to renovation and enhancement of urban waterways would be useful to conduct a comprehensive cost-benefit analysis of these programmes.
Speaker(s) |
Maksym Polyakov, ARE, SAgE, UWA
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Location |
AGRI:G013 | Agriculture Lecture Theatre
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Contact |
Maksym Polyakov
<[email protected]>
: 08 6488 5509
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Start |
Fri, 20 Apr 2018 11:00
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End |
Fri, 20 Apr 2018 11:55
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Submitted by |
Maksym Polyakov <[email protected]>
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Last Updated |
Tue, 17 Apr 2018 09:13
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