Economic Valuation of Bukit Kiara Federal Park using the Hedonic Pricing Approach
2024
Samad Nur Syafiqah A. | Mohammad Afandi Syamsul Herman | Sidek Syamsuriana | Hasbolah Hazrina | Shaari Nur Fatihah
Urban Green Space (UGS) is a part of urban modern cities living. The significance of the UGS has been outlined in Sustainable Development Goals 11 and 15. Nevertheless, the economic benefits of UGS are often overlooked due to a lack of understanding of their monetary value. This study estimates the economic value of Bukit Kiara Federal Park using the hedonic pricing model. The estimation was conducted by regressing the prices of 599 properties surrounding the park. The change in house pricing could estimate the marginal implicit price which represented the economic value of the park due to the change in its distance to the park (environmental attribute). The results show that reducing the distance by 100 meters increases the house price between RM1,800 and RM54,000 indicating the economic value of Bukit Kiara Federal Park. The study proved that the existence of environmental attributes, in this case, the proximity of a park, influences the house price in the vicinity. Recognizing these economic values will support the justification for developing and maintaining parks which may provide long-term benefits to the community and the environment.
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