Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia
The idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the late 19th and early 20th centuries. Previous studies reported positive, negative, or irrelevant impact of TOD on prices of surrounding real es...
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| Format: | Article |
| Language: | English |
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Sciendo
2024-09-01
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| Series: | Real Estate Management and Valuation |
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| Online Access: | https://doi.org/10.2478/remav-2024-0022 |
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| _version_ | 1846096714749968384 |
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| author | Muhammad Abdulazeez Adam Burhan Burhaida Binti Haji Safian Edie Ezwan Bin Mohammad |
| author_facet | Muhammad Abdulazeez Adam Burhan Burhaida Binti Haji Safian Edie Ezwan Bin Mohammad |
| author_sort | Muhammad Abdulazeez Adam |
| collection | DOAJ |
| description | The idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the late 19th and early 20th centuries. Previous studies reported positive, negative, or irrelevant impact of TOD on prices of surrounding real estate. The study aims to evaluate the impact of TOD on property prices in Kuala Lumpur. It utilizes secondary data obtained from the National Property Information Centre (NAPIC), Malaysia, after data cleaning, Nine Thousand Five Hundred and Forty-Nine (9549) Housing Transactions between the periods 2009 and 2018 were used. The research design was quantitative, and the Hedonic Price Model (log-log model) was used for data analysis. The model revealed a multiple correlation coefficient (R) of 0.891 and an adjusted R2 value of 0.794, indicating that 79.4% of the house price variation is explained by the model. The F value of 996.921, which is statistically significant, indicates that the predictors significantly combine to predict the price of TOD areas in Kuala Lumpur. The coefficient for LnTrainsta is 0.056, indicating that there was a positive relationship between residential house prices and TOD in Kuala Lumpur; this explains that house prices increase by 5.6% for every 100 meter closer to the rail transit station. |
| format | Article |
| id | doaj-art-a121e3dd87de49d4a04afbe3ed395e57 |
| institution | Kabale University |
| issn | 2300-5289 |
| language | English |
| publishDate | 2024-09-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Real Estate Management and Valuation |
| spelling | doaj-art-a121e3dd87de49d4a04afbe3ed395e572025-01-02T06:05:50ZengSciendoReal Estate Management and Valuation2300-52892024-09-01323203010.2478/remav-2024-0022Price Model for Transit-Oriented Developments in Kuala Lumpur, MalaysiaMuhammad Abdulazeez Adam0Burhan Burhaida Binti Haji1Safian Edie Ezwan Bin Mohammad21Department of Real Estate and Facilities Management, Faculty of Technology Management and Business, Universiti Tun Hussein Onn Malaysia, Batu Pahat, Johor, Malaysia1Department of Real Estate and Facilities Management, Faculty of Technology Management and Business, Universiti Tun Hussein Onn Malaysia, Batu Pahat, Johor, Malaysia1Department of Real Estate and Facilities Management, Faculty of Technology Management and Business, Universiti Tun Hussein Onn Malaysia, Batu Pahat, Johor, MalaysiaThe idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the late 19th and early 20th centuries. Previous studies reported positive, negative, or irrelevant impact of TOD on prices of surrounding real estate. The study aims to evaluate the impact of TOD on property prices in Kuala Lumpur. It utilizes secondary data obtained from the National Property Information Centre (NAPIC), Malaysia, after data cleaning, Nine Thousand Five Hundred and Forty-Nine (9549) Housing Transactions between the periods 2009 and 2018 were used. The research design was quantitative, and the Hedonic Price Model (log-log model) was used for data analysis. The model revealed a multiple correlation coefficient (R) of 0.891 and an adjusted R2 value of 0.794, indicating that 79.4% of the house price variation is explained by the model. The F value of 996.921, which is statistically significant, indicates that the predictors significantly combine to predict the price of TOD areas in Kuala Lumpur. The coefficient for LnTrainsta is 0.056, indicating that there was a positive relationship between residential house prices and TOD in Kuala Lumpur; this explains that house prices increase by 5.6% for every 100 meter closer to the rail transit station.https://doi.org/10.2478/remav-2024-0022transit oriented developmentmixed-used centersrail transithedonic price modelr32 |
| spellingShingle | Muhammad Abdulazeez Adam Burhan Burhaida Binti Haji Safian Edie Ezwan Bin Mohammad Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia Real Estate Management and Valuation transit oriented development mixed-used centers rail transit hedonic price model r32 |
| title | Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia |
| title_full | Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia |
| title_fullStr | Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia |
| title_full_unstemmed | Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia |
| title_short | Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia |
| title_sort | price model for transit oriented developments in kuala lumpur malaysia |
| topic | transit oriented development mixed-used centers rail transit hedonic price model r32 |
| url | https://doi.org/10.2478/remav-2024-0022 |
| work_keys_str_mv | AT muhammadabdulazeezadam pricemodelfortransitorienteddevelopmentsinkualalumpurmalaysia AT burhanburhaidabintihaji pricemodelfortransitorienteddevelopmentsinkualalumpurmalaysia AT safianedieezwanbinmohammad pricemodelfortransitorienteddevelopmentsinkualalumpurmalaysia |