An empirical study of the effect of strategic placemaking by creative transformation in Tai Koo on the residential price

Abstract

The purpose of this study is to determine whether the relationship between housing price and proximity to placemaking infrastructures in Tai Koo is negative, and whether the implementation of placemaking has a beneficial effect on the before-and-after relationship between residential price and proximity to placemaking infrastructures. Regression Analysis is used to evaluate the hypothesis in this study, which utilizes transaction data from three housing estates located at varying distances from Tai Koo. Hedonic pricing models are developed to evaluate the validity of the aforementioned assumptions, followed by an analysis of the model's output and further implications depending on the analysis. According to the findings of the study of the aforementioned models, it can be determined that the connection between housing prices and proximity to placemaking infrastructures does not have to be negative, which refutes Hypothesis 1. The most dominating placemaking infrastructure to the housing price may have a different orientation towards a particular housing estate with other two infrastructures. Additionally, placemaking brought by Taikoo Place and Quarry Bay Park has a favorable effect on the before-and-after relationship with Taikoo Shing's property prices, which supports Hypothesis 2. When the impacts of three placemaking infrastructures such as Tai Koo Station, Taikoo Place, and Quarry Bay Park are compared, it is clear that Tai Koo Station has the greatest impact on property prices, as shown by the majority of models. Additionally, Taikoo Place had the least influence on pushing up house prices. According to the above, standard placemaking has a greater influence on house prices in Tai Koo than strategic placemaking. When the impacts of three placemaking infrastructures such as Tai Koo Station, Taikoo Place, and Quarry Bay Park are compared, it is clear that Tai Koo Station has the greatest impact on property prices, as shown by the majority of models. Additionally, it can be inferred that, of the three placemaking infrastructures, events planned at Taikoo Place had the least influence on pushing up house prices. According to the above, standard placemaking has a greater influence on house prices in Tai Koo than strategic placemaking.