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The MRT effect
What actually happened to HDB resale prices when a station opened nearby:
every opening since 1993, measured against each block's own town, with the
beyond-1200 m placebo on the same chart. Not a "near MRT!" badge.
How it is measured
- The outcome strips out the market. Each resale is compared to the
median of the same town, flat type and quarter, so a town-wide boom cannot pose as a
station effect. Remaining lease is controlled for separately, because blocks near
older stations are older blocks whose leases decay faster.
- Each distance band is measured against its own pre-opening level
(years -5 to -2; the year just before opening is left out as a buffer). The
beyond-1200 m band of the same towns is the placebo: if it moves too, the
station did not do the moving.
- Only first arrivals count. Blocks already within 1.2 km of
open rail are excluded from a "new station" event. MRT and LRT are graded
separately: a feeder LRT stop does not make a later MRT opening any less new.
- Thin events are shown, not hidden. A station needs 30 nearby
resales before opening and 30 after to earn a number. The ones that fail stay in
the tables, marked "too little data".
- Values are shown as percentages converted from log points, so
+5% means roughly five percent above the block's expected town-relative level.
Sources: HDB resale transactions (1990 to present) via data.gov.sg and the LTA MRT
station exits dataset. Station opening dates are a curated table compiled into the
server, one public source URL per row. The same data behind the map.
Raw JSON at /api/mrt_event_study
(see the API docs).
Questions
Anything that looks off: feedback@resalemap.sg.
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