Impact of Urban Regeneration on the Housing Prices: Wangsa Maju – Maluri

Abstract

Urban regeneration is a planning tool used by the urban planner to improve the environment through generating positive externalities and minimizing negative externalities. In addition, an improved environment can provide benefits on the nearby residential property value via value appreciation that will affect the property price in the long run. Hence in this paper, the impact of urban regeneration on the housing prices in Maluri is empirically investigated. By using the quantitative method, the paper aims to determine the housing attributes that influence the housing prices in Maluri and to investigate the impact of urban regeneration on the housing prices in the selected case study area. A total of 1,376 housing sales transaction data were analyzed via SPSS and Microsoft Excel. For the hedonic pricing model, the results reveal that the number of bedroom attribute has the most influenced on the housing prices in Maluri. The floor level attribute, built-up area attribute and land area attribute are revealed to have a positive influence in affecting housing prices in Maluri. For examining the location-time interaction between the case study area and the different stages of urban regeneration, namely before regeneration, during regeneration and after regeneration; a price gradient analysis is adopted. The findings conclude that there were significant increases recorded in Maluri housing prices between before the regeneration stage and after the regeneration stage although the price difference is varied across zones. This proves that due to the impact of urban regeneration, the housing prices in the case study area boost ahead of the project completion.