{"id":2004,"date":"2014-11-11T04:37:02","date_gmt":"2014-11-11T04:37:02","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=2004"},"modified":"2021-06-04T14:13:14","modified_gmt":"2021-06-04T07:13:14","slug":"walking-back-to-happiness","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/walking-back-to-happiness\/","title":{"rendered":"Walking back to happiness"},"content":{"rendered":"

Major urban centres are getting back on their own two feet<\/i><\/strong><\/p>\n

A city\u2019s walkability is becoming an increasingly significant driver of property investment, as a growing demographic prefer to live, work and move around in sustainable and livable urban environments.<\/p>\n

According to a new study conducted by the Center for Real Estate and Urban Analysis (CREUA) at George Washington University in the United States in collaboration with Smart Growth America, a rising number of metropolitan areas are realising the importance of walkable spaces and their positive impact on real estate values.<\/p>\n

\"\"
Shibuya Crossing, the world\u2019s busiest crosswalk in Tokyo<\/figcaption><\/figure>\n

\u201cWalkability translates into ease of commuting and having convenient access to retail shops and restaurants, which translates into price premiums,\u201d said research professor of urban real\u00a0estate and CREUA chairman, Professor Christopher B. Leinberger, who also co-authored the\u00a0Foot Traffic Ahead: Ranking Walkable Urbanism in America\u2019s Largest Metros<\/i>\u00a0report.<\/p>\n

Citing Washington DC and New York City as the two most walkable metropolitan areas in the US, the report highlights the economic potential of districts and recommend they concentrate on expanding their existing walkable districts to benefit residents and visitors.<\/p>\n

\u201cIn the US, the pent-up demand is definitely for walkable urban residential product,\u201d Leinberger said. \u201cThe price premiums on a per square metre basis for walkable urban product is 40 to 200 percent higher than comparable drivable suburban product in many metropolitan areas. The major reason for this price premium is due to land prices; America does not have enough walkable urban land so that inflates housing prices.\u201d<\/p>\n

Asian cities such Tokyo, Singapore and Hong Kong\u2014which, like New York City, densely populated, land-scarce and are home to some of the world\u2019s most expensive real estate\u2014already have a reputation for being pedestrian-friendly. But many other major urban centres in the region, whether due to poor infrastructure or a lack of urban planning, can be difficult to navigate on foot and seemingly there\u2019s a long way to go before the concept of walkability gains traction in these destinations.<\/p>\n

\u201cThere are a number of factors that probably determine why walkability is not a significant trend here: pollution, the aspirational status of owning a car, planning systems that are not as developed as the West, rapid urbanisation (pushing cities outwards) and high humidity and temperatures, especially in Southeast Asia,\u201d commented Singapore-based Nicholas Holt,\u00a0<\/b>Asia Pacific head of research at Knight Frank.<\/p>\n

Holt added that although a highly urbanised metropolis like Singapore has many navigable streets and modern neighbourhoods designed for pedestrians, the sub-tropical climate there might not always be conducive to walking as, say, urban areas in the US or Europe. \u201cWalkability in terms of access to\u00a0transport nodes\u00a0is probably more of a key market driver in many parts of Asia.\u201d<\/p>\n

Nevertheless, some developers in Asia\u2019s emerging global cities, Jakarta and Manila, and to a lesser extent Ho Chi Minh City, have started to factor in walkability in their latest urban projects.<\/p>\n

\u201cIn some of these cities, there are pockets of new township developments, such as Bonifacio Global City in Manila, or Phu My Hung in Ho Chi Minh City, that are relatively more pedestrian-friendly, with more spacious walkways and more organised traffic flow than compared to the rest of the city\u2014having had the benefit of being planned from the ground up,\u201d Cushman & Wakefield managing director for Asia Pacific research Sigrid Zialcita said.<\/p>\n

One of the owners and developers of the bustling Bonifacio Global City, Ayala Land recognises its consumers\u2019 preference for walkable developments. Recently the Philippine developer announced plans to replicate its \u2018Global City\u2019 success in a new, large-scale development at the 74-hectare, master-planned township in southern Metro Manila, dubbed \u2018Arca South\u2019, which will be characterised by its dynamic and organic living environment.<\/p>\n

Yet, experts note that creating a truly walkable neighbourhood involves extensive urban planning and execution over time, as well as other considerations.<\/p>\n

\u201cThis is more than just having enough shops and amenities within walking distance.\u00a0There are several other factors that affect if an area is walkable or not,\u201d according to Adam Davies, founder of United Kingdom-based start-up Walkonomics, which developed a mobile application of the same name that determines a location\u2019s pedestrian-friendly features.<\/p>\n

\u201cFor instance, how easy is it to cross each street?\u00a0Are there a lot of steep hills and are the streets beautiful and clean? Is it safe to walk or are you likely to be a victim of crime? ‘Fear of crime’ is one of the factors that Walkonomics measures and our research shows that new home buyers value this in a property,\u201d Davies explained. \u201cAnother study in the UK showed that improving the walkability of a street\u2014including features that discourage crime\u2014can add as much as GBP30,000 (USD47,000) to a home\u2019s value.\u201d<\/p>\n

Tapping into the growing interest for walkable products, developer Dubai Holding recently announced plans to develop a 743,000 sqm, temperature-controlled, integrated pedestrian complex called \u2018Mall of the World\u2019. Set to be located on the outskirts of Dubai, the enclosed, mixed-use development, which will comprise commercial, retail, hospitality and residential components, is more like a small city that could embody the concept of walkable urbanism in the future.<\/p>\n

\u201cDubai is a remarkable experiment in\u00a0\u2018green field\u2019 real estate development, building where nothing had been built in the past, as well as\u00a0\u2018brown field\u2019 redevelopment, where obsolete structures are removed and new high density is built in its place,\u201d Professor Leinberger noted.<\/p>\n

\u201cThe challenge in Dubai is creating the street life needed for a great walkable urban\u00a0place to emerge, like Mayfair in London or the left bank in Paris. Much\u00a0of the new\u00a0developments have been inward facing and not pedestrian-friendly,\u201d he said. \u201cOn the other hand, Rome was not built in a day. Great walkable urbanism takes time and a layering of complexity over many generations.\u201d<\/p>\n

Whilst the Emirate can accommodate and sustain an ambitious development such as Dubai Holding\u2019s futuristic city, other Asian cities do not have the capacity. Instead, simpler and significantly less expensive schemes exist elsewhere to improve walkable urbanism and allow residents to breathe, such as Jakarta\u2019s car-less day programme, which aims to promote a healthier urban lifestyle via walking or biking, and reduce the congested city\u2019s reliance on motor vehicles.<\/p>\n

Professor Leinberger stresses that, although walkable cities would probably be positioned for a high level of success in these rankings and enjoy better price premiums for real estate in the long run, a balance is necessary and \u201cmetropolitan areas need to offer a choice,\u201d because walkable urbanism is not for every segment of the property market and demand varies around the world.<\/p>\n

\u201cIn the walkable urban places, every conceivable\u00a0transportation conveyance needs to be offered to get one to the place, but once you are there, it should be walkable,\u201d he said. \u201dIf walkable\u00a0urban places do not exist, then the metropolitan area is only\u00a0satisfying one market type: drivable suburban. It is important to\u00a0offer both walkable urban and drivable suburban to the market place.\u201d<\/p>\n

Still, he adds: \u201cThe heart and soul of\u00a0the metro area is generally in the walkable urban places.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

A city\u2019s walkability is becoming an increasingly significant driver of property investment, as a growing demographic prefer to live, work and move around in sustainable and livable urban environments.<\/p>\n","protected":false},"author":2,"featured_media":19903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-philippines","news_country-singapore","news_author-richard-allan-aquino"],"acf":[],"yoast_head":"\nWalking back to happiness | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/walking-back-to-happiness\/\" 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