Singapore, 09 Jun 2023 Home owners 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.
Balancing urban greenery, such as parks and forests, with Singapore’s development and housing needs can bring about more useful urban ecosystem benefits, said the study’s lead author Teo Hoong Chen, a PhD student from the NUS Centre for Nature-based Climate Solutions.
Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said demand for flats located closer to greenery or nature has always been strong, even from more than a decade ago.
“Greenery is one of the key selling points for many properties, as having green features or being near greenery has always been favoured by Singaporeans.
“While such flats are popular and may be easier to sell, we have not done a study to track if prices are indeed higher than others who do not face greenery,” she added.