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  • 1
    Electronic Resource
    Electronic Resource
    Automated valuation model: an application to the public housing resale market in Singapore (2005)
    Bingley : Emerald
    Property management 23 (2005), S. 357-373 
    Details
    ISSN: 0263-7472
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Purpose - This paper aims to construct an appropriate automated valuation model to value Housing and Development Board resale flats in Singapore. The paper also aims to test the accuracy of the model by comparing the values generated with actual valuations performed by a property firm in Singapore. In addition, it seeks to examine whether models for the sub-markets of Housing and Development Board resale flats based on location or type of flat are more "sufficiently accurate" than the general model. Design/methodology/approach - Using transacted data of 1,483 HDB resale flats, a hedonic price model is used to estimate housing price. The variables adopted include floor area of the housing unit, floor level of the housing unit, age, distance from central business district and distance from the mass rapid transit station. Findings - The study found that the general model provides sufficient accuracy when producing valuations. The models based on sub-markets, namely, "location" and "type of flats" produced reasonable levels of accuracy, although more variables could be added to the "type of flats" model to improve its reliability. Research limitations/implications - The research is limited to a few locations in Singapore. Future studies can include data from all over the island to provide better coverage. Practical implications - The automated valuation model could bring time and cost savings, which could result in higher profit margin for property firms. Thus, valuers could spend more time on complex valuations and issues. The model can also be modified to fit other property markets with appropriate characteristics (for example, high volume transactions). Originality/value - This paper represents an initial attempt to apply the automated valuation model in the valuation of Housing and Development Board resale flats.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/02637470510631492
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  • 2
    Electronic Resource
    Electronic Resource
    Disaggregating the travel components in shopping centre choice: An agenda for valuation practices (2002)
    Bradford, West Yorkshire [u.a.] : Emerald
    Journal of property investment & finance 20 (2002), S. 277-294 
    Details
    ISSN: 1463-578X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Transport mode attributes have often been neglected in the retailing and transportation literature in retail outlets choice studies. Most of the retailing and transportation literature has only adopted the traditional measures of deterrence, namely, travel time, distance and/or travel cost. Similar phenomena exist in real estate research, particularly in real estate market analysis and valuation. However, a few studies have shown that other attributes of the travel component, such as comfort, reliability of transport mode, etc., are significant in affecting shopping centres' patronage. With the heightening of issues such as sustainable development and environmental pollution, many governments are gearing to provide greater choices and better quality public transport modes to shopping centres. Therefore, with more transport options, shoppers are likely to consider the characteristics of each transport option in greater detail in their choice of shopping centres. Therefore, in view of this widespread phenomenon, it is timely to provide greater understanding of the travel components in shopping trips. In the light of the above development, this paper aims to disaggregate the travel components in shopping centre choice. By way of principal component analysis, it presents the salient dimensions of transport attributes and shopping centre characteristics in shopping centre choice. Using the weighted factor rating, it found that, in addition to the shopping centre attributes, as well as the conventional measures of travel components, shoppers consider other travel factors in their choice of shopping centres. This in turn has implications on valuation practices.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/14635780210433508
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