Resale flats with views of greenery fetch higher price: Study
SINGAPORE - Homeowners place an increasing value on greenery, with a new study showing that resale flats located close – but not too close – to tree cover have been able to fetch higher prices over the past three decades.
The study, which compared long-term land use changes from 1990 to 2019 to resale flat sales over the years, found that flats located close to tree cover – urban forests, street trees, woodlands and nature reserves – were more popular than those near grass patches. This could be because green views can be enjoyed from further distance and the cooling effects are more apparent, but being closer to parks and green spots could involve putting up with noise from exercise groups and children, more encounters with pests, as well as greater humidity, said Mr Teo.
“The Singapore government has made concerted efforts to integrate green spaces into housing estates, potentially minimising the disparity between homes in this respect. The scale of natural spaces also significantly influences their perceived value,” said Dr Lee. On the other hand, a 1 per cent increase of tree cover from 200m to 1km from a flat could bring about a price increase of up to $883.
This is still above the World Health Organisation’s recommendation of having 9 sq m of accessible green space per person – crucial for one’s physical and social wellbeing, it added.Upcoming Bayshore precinct to have a central park, green network linking its housing projects
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