Abstract
While there has been continued efforts to expand the Park Connector Network (PCN) in Singapore, not much is known on how much residents value PCNs as an amenity. This paper uses a hedonic price analysis of HDB’s resale flat price data in Singapore to empirically estimate the effects of proximity of PCN on sale prices. A global regression model shows that, overall, residents viewed PCNs as a disamenity as flats closer to PCNs are cheaper than flats further away from PCNs. However, by including maturity of housing estate as an interaction term to allow for the effects of proximity to PCNs to vary with location-specific characteristics, the second regression model shows that PCNs are valued as amenities in non-mature estates, while the converse is true for mature estates. A third model that codes distance variables as dummy variables for different walking distances also reveals a similar trend, which indicates the robustness of the models. These provide strong justification for policymakers to focus on mature estates when attempting to change residents’ perceptions of PCNs and hence encourage greater use of PCNs. The type of programming conducted in PCNs located in different types of estates could also be tailored to better suit the needs of residents in each estate. As a key strategy of Singapore’s sustainability agenda, it is important to ensure that PCNs are valued and well-utilised, and this paper provides a good starting point and some insights to aid policymakers in achieving that.