Shi Ming Yu

Public housing and ethnic integration in Singapore

Abstract Prior to 1960, various immigrant ethnic groups were concentrated in different parts of Singapore, forming enclaves. The immigrant population was thus spatially segregated, with different ethnic concentrations in different parts of the island. Since 1960, the Singapore Government has used public housing as a policy instrument to integrate the multi-ethnic population spatially. This paper examines the implementation of this policy over the past four decades and evaluates its success. Using geographic information system technology, the ethnic composition of public housing estates can be traced on maps. The spatial distribution of the main races is shown at constituency level (i.e., division) but discussion includes the individual block level. The findings show that public housing has succeeded in reducing the intensity of the ethnic enclaves while increasing social integration.

Modeling the Value of View in High-Rise Apartments: A 3D GIS Approach

Views, being a qualitative and subjective variable, are difficult to measure and quantify for valuation purposes. In order to quantify view in a variable, there is a need to reflect the influence of the height of surrounding buildings, the surrounding topography, and the height and orientation of the subject property itself. Such influences could be captured only through the use of 3D modeling techniques. Few studies have explored the use of 3D modeling for valuation and mass-appraisal purposes. In this paper we demonstrate the use of 3D geographic information systems and regression analysis to estimate the value of views in high-rise apartments. We focus on the value of sea views in private high-rise residential properties located near the eastern coast of Singapore. Our results show that an unobstructed sea view will add an average premium of 15% to the property price. In addition, we further illustrate the application of our model in a simulation exercise to maximize the sea view of a redevelopment project in the same neighbourhood. We further suggest the implications of pricing strategies of private developers in pre construction sales.

Information systems in public housing management: case study of a town council in Singapore

Rapid development of information technology (IT) has posed constant challenges to business information management. By using a case study, this paper discusses the main components and development of an information system (IS) for public housing management in Singapore. It was found that the IS has evolved around a core of transaction processing system, with value‐adding sub‐systems which reflect the use of the latest IT. The paper not only contributes to the understanding of IS for public housing management, but also to the planning of IS for business management.

Do retail firms benefit from real estate ownership

In this study, we investigate the role of real estate as a contributor to retailers’ corporate wealth. Employing a sample of 556 retail firms and data from 2001–2006, we first estimate and compare five popular stock market performance measures: median return, total risk, systematic risk, Sharpe Index and Jensen abnormal performance return index for the ‘composite’ and ‘business’ retail firms across three geographical regions and nine retail segments. Then we investigate if there is a statistically significant linear relationship between the relative property levels and incremental stock market performance measures. Overall, the results indicate that, although higher levels of real estate ownership are associated with better stock market performance, these incremental positive performance benefits are subject to diminishing return to scale. As retail firms do generally hold some form of real estate, these findings are significant for their strategic investment decisions.

Dynamics of property value distribution in an Asian metropolis

This paper seeks to explore the dynamics of the spatial distribution of landed residential property values in Singapore in the 1990s. Topics covered include: spatial patterns that can be discerned in the distribution of landed property values; how property values change over time; and how government intervention influenced this dynamic property value surface. Data are collected from the Singapore Institute of Surveyors and Valuers property transaction database, and are analysed by using the geographic information system, parametric and non‐parametric statistics. Findings of this paper contribute to the understanding of the urban dynamics of an Asian metropolis, especially in terms of its residential property market and internal spatial structure.

A long run initial yield for offices: a panel cointegration test

Initial yields are traditionally used to capture the relation between rentals and capital values. However, this relation changes over time since the markets are not continuously in equilibrium. The idea of reversion toward an equilibrium suggests that a long run contemporaneous cointegrating relation should exist between rents and prices for income-producing properties. However, empirical work in ascertaining long run cointegrating relations is often limited by the scarcity of data as well as insufficiently long data sets. This paper extends current work by simultaneously testing for heterogeneous panel cointegration between office rents and prices. The concept of heterogeneous panel cointegration advocated by Pedroni (Working paper, Indiana University, 1995; Oxford Bulletin of Economics and Statistics, 1999) allows information from heterogeneous panels to be aggregated over time and across panel members. While the traditional bivariate Engle-Granger cointegration results are somewhat inconclusive, the empirical evidence from the heterogeneous panel cointegration test clearly shows that a long run initial yield or present value relation persists in office markets in Singapore.

EMAPS – a GIS application in town council management in Singapore

Discusses a geographic information system (GIS) application, known as EMAPS, in public housing management in Singapore’s town councils. EMAPS is a recent addition to town council information systems, contributing to the management and analysis of spatial information. The development and implementation of EMAPS highlight a number of challenges that are faced by facility management professionals in their efforts to build up a competitive edge for their businesses in this dynamic high‐tech age.