Art Places and Their Impact on Property Prices of Condominiums in Singapore

During its formative years, the designation of spaces for arts was often deemed to be a luxury in Singapore, which is a land-scarce country. As her economy progresses to one of the world’s highest GDP per capita, art development is now deemed as a part of the greater service sector. The idea of how arts have any actual positive impact on the economy is often based on a theoretical discussion but with little data-driven evidence. As art development in Singapore is in a rather early stage, it relies strongly on government policies and support. This paper explores if arts can have a positive impact on Singapore’s condominium projects to quantify the economic benefits rather than to tackle the macro-economic benefits, which might be compounded with other factors. The quantitative methods used in this paper include comparative methods using GIS, single factor regression, and two-factor regression.