Z E M C H 2 0 1 2 I n t e r n a t i o n a l C o n f e r e n c e
128
Table 1. Estimated Result of Hedonic Equations
Dependent Variable
Independent Variables
Property Characteristics
Base
Cross Term:
x
TrD
Base
Cross Term:
x
TrD
Constant
4.122
***
-0.051
***
4.126
***
-0.051
***
Green Label
0.047
***
-0.008
-
-
Green Label X 2005
-
-
-0.009
***
0.037
***
Green Label X 2006
-
-
0.053
***
0.012
Green Label X 2007
-
-
0.056
***
-0.003
Green Label X 2008
-
-
0.048
***
-0.036
***
Unit Characteristics
FA
: Floor Area
0.002
***
0.002
***
FA
2
0.000
***
0.000
***
Studio (Base=Medium-sized)
0.142
***
0.141
***
Upscale (Base=Medium-sized)
-0.063
***
-0.064
***
Building Characteristics
Structure–Steel (Base=SRC)
-0.025
-0.024
Structure–RC (Base=SRC)
-0.005
***
-0.003
***
LA
: Land Area(s)
0.000E+00
***
0.000
***
LA
2
0.000E+00
***
0.000
***
TA
: Total Floor Area(s)
0.000E+00
***
0.000
***
CA
2
0.000E+00
0.000
TS
: Time to Nearest Station (s)
-0.010
***
-0.010
***
TS
2
-0.001
***
-0.001
***
Bus
: Bus Dummy
-0.274
***
-0.274
***
Bus
×
TS
0.001
***
0.001
***
TT
: Time to Terminal Station
0.000
*
0.000
**
Area Characteristics
FAR
: Floor-to-Area Ratio
0.000
***
0.000
***
LAR
: Lot Area Ratio
-0.001
***
-0.001
***
Zoning 1 (Commercial)
0.007
***
0.006
***
Zoning 2 (Industrial)
-0.045
***
-0.047
***
Density of Building Units*
0.000
***
0.000
***
Mean of Floor Area per Bldg*
0.000
***
0.000
***
Std. Dev. of Floor Area per Bldg*
0.000
***
0.000
***
Ratio of 65 years old or above*
0.158
***
0.157
***
Office Worker Ratio*
-0.014
***
-0.014
***
Open Space Ratio*
1.210
***
1.196
***
Latitude, Longitude
Location (Ward) Control
Railway Line Control
Construction Company Control
Developer Control
Time Control
Adjusted R square=
0.845
0.845
Number of Observations=
82,270
82,270
Model 1
Model 2
log
(
PC
/
FS
): log price of condominium unit per square meter
Yes
Yes
Yes
Yes
Yes
Yes
*Significant at 10%, **Significant at 5%, ***Significant at 1%
Significance is based on White Heteroscedasticity Consistent Standard Errors.
An (s) after a variable name indicates that the variable is demeaned.
TrD
: Transaction Dummy
Yes
Yes
Yes
Yes
Yes
Yes
