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Article
Publication date: 10 July 2009

Seow Eng Ong and Kah Hwa Ng

While the development of real estate derivative contracts has important implications for real estate as an asset class, it has not been widely accepted in Asia. This paper aims to…

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Abstract

Purpose

While the development of real estate derivative contracts has important implications for real estate as an asset class, it has not been widely accepted in Asia. This paper aims to examine the issues involved in developing the real estate derivative market for Singapore.

Design/methodology/approach

The concept of real estate derivatives is reviewed. The limitations to the extant real estate index are discussed. Different approaches to constructing real estate indices are discussed in particular reference to the features of the Singapore real estate market.

Findings

The Singapore residential market is dominated by public housing, heterogeneity and relatively low turnover. The applicability of repeat sales approach may not be well suited. Geostatistical models appear promising. The commercial real estate market suffers from even lower turnover. The most appropriate commercial real estate index could be similar to that offered by IPD. Several issues were also highlighted. First, the index must pass the stringent scrutiny of academia and experts. Second, the index must be well understood and accepted by the industry. Third, the index must be published in a timely fashion and without biases. Fourth, there must be a trustworthy producer of the index.

Research limitations/implications

For an index to be accepted, it must satisfy the issue of fungibility. International investors looking for exposure or hedging strategies are likely to be familiar with established methodologies such as the repeat sales and appraisal‐based approaches.

Practical implications

Market acceptability of RED. If the experience in Europe is anything to go by, this is not an insurmountable issue that cannot be addressed with education and knowledge dissemination.

Originality/value

While real estate derivatives have immense potential and a tremendous growth in its development in Europe has been witnessed, it is clear that the real estate derivative industry is in its infancy. The paper examines the issues peculiar to Singapore with regard to the establishment of real estate derivative contracts. The paper is of interest to policy makers and industry practitioners.

Details

Journal of Property Investment & Finance, vol. 27 no. 4
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 8 May 2007

Patrick Low Kim Cheng

The purpose of this paper is to highlight that Singaporeans are adopting the value of continuous effort and being resilient. Several explanations are put forth on why Singaporeans…

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Abstract

Purpose

The purpose of this paper is to highlight that Singaporeans are adopting the value of continuous effort and being resilient. Several explanations are put forth on why Singaporeans are resilient. That being the case, Singapore companies can also be said to be resilient.

Design/methodology/approach

Interviewing method.

Findings

Influenced by its geography, history and the value of achievement, Singaporeans and Singapore Companies are adopting “continuous effort” and “are being resilient” as the value they work and live by. Goal‐oriented, they do their homework, plan their work before plunging and work their plan.

Research limitations/implications

Limitation: time and costs constraints, otherwise more interviewing sessions could have been held. Future research, if a budget permits, can employ more inteviewers.

Practical implications

Being resilient is an advantage, it can also lead to strengthen the Republic's economy. In business, being resilient is vital since it gives the people the necessary fighting power. However, it is said that any culture is dynamic, and events may change perceptions and values, and hence, a highlight on whether Singaporeans are, in fact, “becoming softer” is also discussed.

Originality/value

The article provides a new/continuing perspective on cultural value of resilience in Singapore.

Details

Cross Cultural Management: An International Journal, vol. 14 no. 2
Type: Research Article
ISSN: 1352-7606

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