Use of Geographically Weighted Regression (GWR) Method to Estimate the Effects of Location Attributes on the Residential Property Values

This study estimates the effect of locational attributes on residential property values in Kuala Lumpur, Malaysia. Geographically weighted regression (GWR) enables the use of the local parameter rather than the global parameter to be estimated, with the results presented in map form. The results of this study reveal that residential property values are mainly determined by the property’s physical (structural) attributes, but proximity to locational attributes also contributes marginally. The use of GWR in this study is considered a better approach than other methods to examine the effect of locational attributes on residential property values. GWR has the capability to produce meaningful results in which different locational attributes have differential spatial effects across a geographical area on residential property values. This method has the ability to determine the factors on which premiums depend, and in turn it can assist the government in taxation matters

Measuring the effects of the light rail transit (LRT) system on house prices in the Klang Valley, Malaysia

This research attempts to estimate the increased value of land in the form of house prices as a result of improved accessibility owing to the construction of Light Rail Transit (LRT) systems. Kelana Jaya Line LRT system is chosen as the case study in this research. Hedonic house price modelling and Geographically Weighted Regression (GWR) are employed to measure the effects of the LRT system on house prices in the Klang Valley, Malaysia (2004 and 2005 transactions). Selling price, structural attributes, land use and socio-economic attributes were collected from the Department of Valuation and Services of Malaysia database, selected maps and reports. Fifty-five factors that are likely to influence house price were identified and used to measure the overall effects of the LRT system on house prices. However, only significant variables were included in the final deliberation and these were identified by using correlation analysis and step-wise procedures. The outcome of this study shows a positive relationship between the existence of the LRT system and house prices. In short, people are willing to pay a higher price in order to live within close proximity to a rail transit station. The hedonic house price model suggests - for houses that are located within two-kilometre radius - prices decrease as the distance increases from the LRT station; for both straight-line-distance and network-distance. However, since hedonic house price models are global, the results produced by the model are applied equally for the entire area, and therefore may hide important local differences in the determinants of house prices. Spatial processes are instead seen to be heterogeneous in which the measurement of a relationship depends in part on where the measurement is taken. The generalisation of the effects of the LRT system on house prices is found to be consistent when it is examined further by employing a GWR model, which reveals that house prices decrease only for majority of houses located in the Petaling Jaya area and high-rise units located in Bangsar and Kerinchi. Yet, the majority of houses located in Wangsa Maju-Maluri area are found to be not affected by the existence of the LRT system. The GWR results indicate a statistical significant improvement over the global model for both straight-linedistance and network-distance models even after taking into account the extra degrees of freedom. The highest significant positive price premiums are found in houses that are located within 1,001-1,500 metres of straight-line-distance and 501-1,000 metres of networkdistance. The findings summarised in the thesis have important implications for policy implementation. Firstly, the research findings provide justification for potential implementation of a Land Value Capture (LVC) policy; a policy that can be implemented in order to provide a funding mechanism for the new transport infrastructure. This is due to the fact that the construction of rail transit systems should not be viewed as a subsidised service for the poor but as an investment that returns a profit through increased land values. Strategies in a LVC policy that may be implemented include property and sales taxes, realestate lease and sales revenues, fare-box revenues, fees on everything from parking to business licenses, join development, tax increment financing, special assessment districts, equity participation and public-private partnership. This approach has become a common practice in some more developed countries such as in the United Kingdom (UK) and United States (US). Finally, having a method to measure the land value premium due to the improvement in transportation service can facilitate alternative options or scenarios to be assessed. For example, different transport schemes for the same route may give rise to different land value capture potential, which may, in turn, help determine which transport scheme to pursue. This study therefore contributes to the growing literature on the positive relationship between the existence of the LRT system and house price by providing more accurate, robust and reliable empirical evidence as shown in the approach and the outcome of this research. In particular, it has produced meaningful results by addressing the nature of spatial process; spatial heterogeneity.EThOS - Electronic Theses Online ServiceSultan Idris University of Education : Newcastle UniversityGBUnited Kingdo

Analysing the local geography of the relationship between residential property prices and its determinants

This paper analyses the local geography of the relationship between residential property prices and its determinants. A semiparametric geographically weighted regression (S-GWR) technique is employed to explore this relationship. Selling prices, structural and locational attributes data were collected from the database of the Department of Valuation and Services of Malaysia, selected maps and reports. The outcome of this paper shows a strong geographically varying relationship between residential property prices and its determinants in which the residential property price determinants have a positive impact on prices in some areas but negative or no impact on the others. The magnitude of the effect is also found to be geographically varied; the capitalisation in residential property prices is found greater in some areas but less or with no effect in some other parts of the areas. The use of S-GWR technique makes it possible to reveal such geographically varying relationships, thus leading to a better understanding of the relationship between residential property prices and its determinants

Is Dirham better performed than Dinar in hedging fluctuated prices? / Dziauddin Sharif , Norlina Hazamuri and Mohd Asyadi Redzuan

Previous researches had shown that the coinage system can make the whole economic system sustainable rather than fiat money system. Of course the reason for that is the Gold Dinar and Silver Dirham are capable of reducing the fluctuation in goods price, thus it can reduce the inflation and deflation. Despite the fact that the both gold dinar and silver dirham are in a same kind, but they are in a different weight age, hence each of them would bring different result in case of stabilizing or hedging the price fluctuation. The question may arise here is which one of these metal can be a better tool to stabilize or hedge the price fluctuation. As a response to this matter, an empirical study would be carried out to find the answer. Therefore, this study is purposely compared the performance of gold dinar and silver dirham in hedging the price fluctuation, and subsequently to identify which one of these commodity monies could be a better hedging tool

Al-Sulh (perdamaian) menurut perspektif al-Qur’an / Mohd Asmadi Yakob

Sulh bermaksud perdamaian apabila satu kontrak diadakan bagi mencapai perdamaian antara dua pihak yang bertelagah. Sulh mempunyai peranan yang besar kepada masyarakat Islam bagi mewujudkan sebuah masyarakat yang aman sejahtera. Menyedari peranan Sulh sebagai satu kaedah penting bagi mencari perdamaian antara pihak yang bertelagah, kertas ini akan membincangkan konsep Sulh menurut perspektif al-Qur’an. Artikel ini merupakan suluhan awal bagi projek FRGS kami yang bertajuk ‘Adaptasi Model Rangka Kerja Sulh menurut Islam di Malaysia’. Kajian ini mengaplikasikan metode kajian perpustakaan dengan meneliti ayat-ayat al-Qur’an yang membincangkan tentang Sulh selain menyoroti perbincangan para mufassir tentang konsep Sulh. Metodologi yang digunakan ini bagi menyiapkan kajian ini sebenarnya adalah berdasarkan metodologi tafsir Mawdu’i yang membuat kajian makna lafaz Sulh berdasarkan ayat-ayat al-Qur’an sendiri

Design and development of a small-scale 12S-14P outer rotor HEFSM

Simulation, prototype experimental, and mathematical modelling is an essential process to provide sufficient evidence before a full-scale development or mass production. Hence, this study focuses on validating a small scale of 12S-14P outer-rotor hybrid excitation flux switching motor (OR-HEFSM) through simulation, experimental, and mathematical modelling. The JMAG-Designer software as finite element solver is used to design and analyse the designed geometry structure. Throughout simulation process, the rotor design with direct drive structure as illustrated in Appendix A is chosen based on optimisation process. Thus, the generated back EMF, torque, and power through simulation at a speed of 1,200 r/min is 6.58 V, 16.4 Nm, and 12.4 kW, correspondingly. The designed model has been fabricated using actual prototype analysis (APA) approach, which is involves five stages, namely 3-D design, material selection, fabrication, assembly, and experimental test. The computer-aided software of SolidWorks is used to implement the first stage of APA while the prototype structure is fabricated using a computer numerical control (CNC) machine. The prototype has been tested experimentally using a measurement tool such as Fluke Analyser and oscilloscope. The back EMF showed a good agreement between simulation and preliminary experimental results with percentage differences approximately 5.1% at a speed of, 1,200 r/min. In contrast with the prediction results based on mathematical modelling using sizing equation, the calculated back EMF, torque, and power is 7.58%, 8.6%, and 8.4% higher than simulation results, respectively. Even so, the results had proven that the concept of three-phase working principle for small-scale 12S-14P OR-HEFSM with direct drive structure remained the same for simulation, experiment, and prediction

The impact of urban light rail transit on double-story terraced property values in the Greater Kuala Lumpur, Malaysia

Introducing a rail transit system into an urban region is expected to increase land values, and subsequently, residential property values. Despite this general belief, there has been limited research on the impact of proximity to urban light rail transit stations in developing countries setting. This study, therefore, investigates the impact of proximity to urban light rail transit on double-story terraced property values in the Greater Kuala Lumpur, Malaysia, using hedonic pricing model. The findings suggest urban light rail transit has a positive and significant impact on surrounding double-story terraced residential property values – estimated at a premium of 12.3% and 9.8% for properties located up to 1000 m and 1001 – 2000 m to the nearest light rail transit station respectively. The findings of the study are useful for investors and developers, namely to build more houses near urban rail transit infrastructure since they lead to significant appreciation in value

Estimating land value uplift around light rail transit stations in Greater Kuala Lumpur: An empirical study based on geographically weighted regression (GWR)

Introducing a rail transit system into an urban region is expected to increase land values, and subsequently, residential property values. Despite this general belief, little is known about the spatial distributional effects of land value uplift. Thus, the goal of this paper is to provide new insights on how proximity to light rail transit stations may affect residential property values in Greater Kuala Lumpur, Malaysia using geographically weighted regression (GWR). The results provide information on spatial variations in the effects of a light rail transit system on residential property values. This study utilises GWR to account for spatial heterogeneity and spatial dependence. The results suggest that residential property values benefit from the provision of a light rail transit system but with considerable spatial variation over a geographical area. Evidently, proximity to the nearest light rail transit station gives positive premiums of up to 8% for a majority of properties located in lower-middle and upper-middle income neighbourhoods such as Wangsa Maju, Setapak, Keramat, Setiawangsa, Ampang and Sentul. In contrast, the impact of proximity to the nearest light rail transit station for properties located in high-income neighbourhoods such as Petaling Jaya was found to be non-significant. These findings can assist policy makers to better understand how properties around light rail transit stations accrue benefits. However, since the benefit of a light rail transit system on nearby properties varies over a geographical area (and where a positive premium can swing from positive to negative depending on the area), it may be difficult for policy makers to impose a single-value tax if there is a land value capture policy to be considered for implementation

Quantifying the Impact of Light Rail Transit on Commercial Property Values: New Evidence From Greater Kuala Lumpur, Malaysia

Evidence shows that improving accessibility through investment in public transport, such as urban rail transit, can have a positive impact on land values and subsequently on property values. This paper, therefore, presents empirical results on the impact of proximity to the nearest Kelana Jaya light rail transit (LRT) station on commercial property values in Greater Kuala Lumpur, Malaysia. Using the hedonic pricing model, the paper attempts to quantify these effects. The sample consists of 399 office transaction data for the years 2014 and 2018, marking more than a decade of Kelana Jaya LRT line operation in the region. The results show that an office unit located within a 400 m radius of the nearest Kelana Jaya LRT station enjoys the highest premium, reaching about 0.637%, which, at the mean, is MYR802,620 (USD200,655). However, the premium appears to decrease rapidly for an office unit located within a radius of 401–800 m from the nearest Kelana Jaya LRT station, reaching 0.232% (MYR292,320 or USD73,080 of the mean office price). From the results of this study, it can be concluded that this paper contributes to the growing literature on the positive relationship between urban rail transit and commercial property values. More importantly, this paper provides the necessary evidence for the potential implementation of a land value capture policy as an alternative source of revenue to fund or partially fund urban rail transit in Greater Kuala Lumpur, which is presently absent