Issue |
BIO Web Conf.
Volume 131, 2024
6th International Conference on Tropical Resources and Sustainable Sciences (CTReSS 6.0)
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Article Number | 02005 | |
Number of page(s) | 11 | |
Section | Environmental Economics | |
DOI | https://doi.org/10.1051/bioconf/202413102005 | |
Published online | 15 October 2024 |
Economic Valuation of Bukit Kiara Federal Park using the Hedonic Pricing Approach
1 Department of Business, Faculty of Entrepreneurship and Business, Universiti Malaysia Kelantan, 16100 Pengkalan Chepa, Kelantan, Malaysia
2 School of Business and Economics, Universiti Putra Malaysia, 43400 Serdang, Selangor, Malaysia
3 Department of Economics, Faculty of Business and Management, Universiti Teknologi MARA (UiTM), Cawangan Johor Kampus Segamat, 85000 Segamat, Johor, Malaysia
* Corresponding author: syamsulhma@upm.edu.my
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.
© The Authors, published by EDP Sciences, 2024
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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