Published papers – NUS Institute of Real Estate and Urban Studies

Published papers of IREUS researchers and affiliated researchers

Expand the panels below for more details.

2025

Abdelrahman, M., Macatulad, E., Lei, B., Quintana, M., Miller, C., & Biljecki, F. (2025). What is a Digital Twin anyway? Deriving the definition for the built environment from over 15,000 scientific publications. Building and Environment, 274, 112748. https://doi.org/10.1016/j.buildenv.2025.112748

Adbi, A., Agarwal, S., & Ghosh, P. (2025). Urban noise pollution and learning in developing economies. Nature Cities, 2(1), 6–7. https://doi.org/10.1038/s44284-024-00189-4

Agarwal, S., Fan, M., & Qin, Y. (2025). Avoid urban development policy that fuels climate risk. Nature Climate Change, 15(8), 804–805. https://doi.org/10.1038/s41558-025-02365-3

Agarwal, S., Ghosh, P., & Zhang, J. (2025). Tax policy transmission and household expenditures. Review of Economics and Statistics, 1–46. https://doi.org/10.1162/rest_a_01584

Agarwal, S., Qian, W., Ren, Y., Tsai, H.-T., & Yeung, B. (2025). The real impact of Fintech: Evidence from Mobile Payment Technology. Management Science. https://doi.org/10.1287/mnsc.2023.03947

Agarwal, S., Qin, Y., Sing, T. F., & Zhan, C. (2025). Sea level rise risks, adaptation strategies, and real estate prices in Singapore. Journal of Public Economics, 241, 105290. https://doi.org/10.1016/j.jpubeco.2024.105290

Cai, C., Li, B., Zhang, Q., Wang, X., Biljecki, F., & Herthogs, P. (2025). Bi-directional mapping of morphology metrics and 3D city blocks for enhanced characterisation and generation of urban form. Sustainable Cities and Society, 129, 106441. https://doi.org/10.1016/j.scs.2025.106441

Fan, Y. (2025). Noise pollution and household sustainability: An economic approach. Oxford Research Encyclopedia of Economics and Finance. https://doi.org/10.1093/acrefore/9780190625979.013.1016

Fan, Y., Gao, Q., Sitoh, Y. E., & Wan, W. X. (2025). Post-flood selective migration interacts with media sentiment and income effects. Nature Climate Change, 15, 619–626. https://doi.org/10.1038/s41558-025-02345-7

Fan, Z., Feng, C.-C., & Biljecki, F. (2025). Coverage and bias of street view imagery in mapping the urban environment. Computers, Environment and Urban Systems, 117, 102253. https://doi.org/10.1016/j.compenvurbsys.2025.10225

Gu, Q., He, J., Qian, W., & Ren, Y. (2025). Housing booms and shirking. Journal of Urban Economics, 149, 103793. https://doi.org/10.1016/j.jue.2025.103793

Ignatius, Marcel, Tong, S., Lim, J., Xu, R., Lu, Y., Tan, E., Biljecki, F., Miller, C., & Wong, N. H. (2025). Campus as a Living Lab: Using the Beam Framework and Digital Twin to Address Urban Microclimate Challenges. https://doi.org/10.5194/icuc12-867

Lei, B., Liu, P., Liang, X., Yan, Y., & Biljecki, F. (2025). Developing the urban comfort index: Advancing Liveability Analytics with a multidimensional approach and Explainable Artificial Intelligence. Sustainable Cities and Society, 120, 106121. https://doi.org/10.1016/j.scs.2024.106121

Liu, P., Lei, B., Huang, W., Biljecki, F., Wang, Y., Li, S., & Stouffs, R. (2025). Sensing Climate Justice: A multi-hyper graph approach for classifying urban heat and flood vulnerability through Street View imagery. Sustainable Cities and Society, 118, 106016. https://doi.org/10.1016/j.scs.2024.106016

Liu, Y., Wang, Z., Ren, S., Chen, R., Shen, Y., & Biljecki, F. (2025). Physical urban change and its socio-environmental impact: Insights from street view imagery. Computers, Environment and Urban Systems, 119, 102284. https://doi.org/10.1016/j.compenvurbsys.2025.102284

Luo, J., Liu, P., Xu, W., Zhao, T., & Biljecki, F. (2025). A perception-powered urban digital twin to support human-centered urban planning and Sustainable City Development. Cities, 156, 105473. https://doi.org/10.1016/j.cities.2024.105473

Neo, J. R., Sing, T. F., & Wenwen, W. (2025). Doing good and doing well: The relationships between ESG and stock returns of REITs. Real Estate Economics. https://doi.org/10.1111/1540-6229.12534

Peng, C., Xiang, Y., Huang, W., Feng, Y., Tang, Y., Biljecki, F., & Zhou, Z. (2025). Measuring the value of window views using real estate big data and Computer Vision: A case study in Wuhan, China. Cities, 156, 105536. https://doi.org/10.1016/j.cities.2024.105536

Wu, Y., & Biljecki, F. (2025). Unraveling the Anthropogenic Impact and Environmental Stress on Net Primary Production of Urban Green Spaces in Singapore. https://doi.org/10.5194/icuc12-711

Yang, S., Chong, A., Liu, P., & Biljecki, F. (2025). Thermal comfort in sight: Thermal affordance and its visual assessment for Sustainable Streetscape Design. Building and Environment, 271, 112569. https://doi.org/10.1016/j.buildenv.2025.112569

2024

Agarwal, S., Ang, S. H., & Sing, T. F. (2024). Kiasunomics©3: Economic insights for everyday life. World Scientific Publishing Co. Pte. Ltd.

Agarwal, S., Chen, S., He, H., Huang, X., & Li, T. (2024). Associations between stock market fluctuations and stress-related emergency room visits in China. Nature Mental Health. https://doi.org/10.1038/s44220-024-00267-5

Agarwal, S., Ghosh, P., Li, J., & Ruan, T. (2024). Digital payments and consumption: Evidence from the 2016 demonetization in India. The Review of Financial Studies. https://doi.org/10.1093/rfs/hhae005

Agarwal, S., Ghosh, P., Ruan, T., & Zhang, Y. (2024). Transient customer response to data breaches of their information. Management Science, 70(6), 4105–4114. https://doi.org/10.1287/mnsc.2021.01335

Agarwal, S., Ghosh, P., & Zheng, H. (2024). Consumption response to a natural disaster: Evidence of price and income shocks from Chennai Flood. Energy Economics, 131, 107323. https://doi.org/10.1016/j.eneco.2024.107323

Agarwal, S., Kuang, W., Wang, L., & Yang, Y. (2024). The role of agents in fraudulent activities: Evidence from the housing market in Beijing. Journal of Urban Economics, 142, 103668. https://doi.org/10.1016/j.jue.2024.103668

Agarwal, S., Li, B., Qian, W., Ren, Y., and Sun, R. (2024). Association Between Bike-Sharing Systems and the Blood Pressure of Local Citizens: A Cross-Sectional Study in China. BMJPublic Health

Agarwal, S., Li, K., Qin, Y., Wu, J., & Yan, J. (2024). The impact of fertility relaxation on the gender wage gap. Journal of Human Resources. https://doi.org/10.3368/jhr.0122-12126r2

Agarwal, S., Qian, W., Yeung, B., & Zheng, H. (2024). Taxing the rich to finance redistribution: Evidence from a permanent tax increase in Singapore. Management Science, 70(4), 2518–2548. https://doi.org/10.1287/mnsc.2023.4823

Agarwal, S., Sing, T. F., Song, C., & Zhang, J. (2024). Liberalizing home-based business. Management Science. https://doi.org/10.1287/mnsc.2021.04232

Agarwal, S., Sing, T. F., & Zhang, X. (2024). Intergenerational bankruptcy risks: Learning from parents’ mistakes. Journal of Financial Intermediation, 59, 101087. https://doi.org/10.1016/j.jfi.2024.101087

Chen, W., Huang, H., Liao, S., Gao, F., & Biljecki, F. (2024). Global Urban Road Network Patterns: Unveiling multiscale planning paradigms of 144 cities with a novel Deep Learning Approach. Landscape and Urban Planning, 241, 104901. https://doi.org/10.1016/j.landurbplan.2023.104901

Chen, W., Tan, Z., Wu, Y., Biljecki, F., Liao, S., Zhou, Q., Li, H., Zheng, Y., & Gao, F. (2024). Decarbonizing megacities: A spatiotemporal analysis considering inter-city travel and the 15-minute city concept. Cities, 152, 105252. https://doi.org/10.1016/j.cities.2024.105252

Dai, F., Diao, M., & Sing, T. F. (2024). A two-dimensional propensity score matching approach to estimating the treatment effect of urban rail transit lines on Vehicle Travel. Transportation, 51(3), 853–873. https://doi.org/10.1007/s11116-022-10360-2

Dai, R., Guo, D., Han, Y., & Qin, Y. (2024). Pollution-induced trips: Evidence from flight and train bookings in China. Journal of Development Economics, 171, 103340. https://doi.org/10.1016/j.jdeveco.2024.103340

Diao, M., Sing, T. F., & Zhang, X. (2024). The political economy of public housing upgrading programs. Journal of Economic Behavior & Organization, 224, 369–389. https://doi.org/10.1016/j.jebo.2024.01.007

Fan, Y. (2024). Predictive Infrequent Activities. Nature Cities, 1(4), 260–261. https://doi.org/10.1038/s44284-024-00056-2

Huang, X., Wang, S., Yang, D., Hu, T., Chen, M., Zhang, M., Zhang, G., Biljecki, F., Lu, T., Zou, L., Wu, C. Y., Park, Y. M., Li, X., Liu, Y., Fan, H., Mitchell, J., Li, Z., & Hohl, A. (2024). Crowdsourcing geospatial data for Earth and human observations: A Review. Journal of Remote Sensing, 4. https://doi.org/10.34133/remotesensing.0105

Ito, K., Bansal, P., & Biljecki, F. (2024). Examining the causal impacts of the built environment on cycling activities using time-series street view imagery. Transportation Research Part A: Policy and Practice, 190, 104286. https://doi.org/10.1016/j.tra.2024.104286

Ito, K., Kang, Y., Zhang, Y., Zhang, F., & Biljecki, F. (2024). Understanding urban perception with visual data: A systematic review. Cities, 152, 105169. https://doi.org/10.1016/j.cities.2024.105169

Lee, K. O., & Khoo, J. R. (2024). ‘Mini’ Singapore in Vietnam? Outcomes of regionalisation and circulation of urban expertise. International Development Planning Review, 46(1), 17–43. https://doi.org/10.3828/idpr.2023.8

Macatulad, E., & Biljecki, F. (2024). Continuing from the Sendai Framework Midterm: Opportunities for Urban Digital Twins in Disaster Risk Management. International Journal of Disaster Risk Reduction, 102, 104310. https://doi.org/10.1016/j.ijdrr.2024.104310

Mikhed, V., Raina, S., Scholnick, B., & Zhang, M. (2024). Debtor income manipulation in consumer credit contracts. Journal of Financial Economics, 157, 103851. https://doi.org/10.1016/j.jfineco.2024.103851

Sing, T. F., & Zou, Y. (2024). Improving search efficiency in housing markets using online listings. Real Estate Economics, 52(4), 1020–1044. https://doi.org/10.1111/1540-6229.12482

Wang, J., Huang, W., & Biljecki, F. (2024). Learning visual features from figure-ground maps for urban morphology discovery. Computers, Environment and Urban Systems, 109, 102076. https://doi.org/10.1016/j.compenvurbsys.2024.102076

2023

Agarwal, S., Amromin, G., Chomsisengphet, S., Landvoigt, T., Piskorski, T., Seru, A., & Yao, V. (2023). Mortgage refinancing, consumer spending, and competition: Evidence from the Home Affordable Refinance Program. The Review of Economic Studies, 90(2), 499–537. https://doi.org/10.1093/restud/rdac039

Agarwal, S., Araral, E., Fan, M., Qin, Y., & Zheng, H. (2023). The effects of policy announcement, prices and subsidies on water consumption. Nature Water, 1(2), 176–186. https://doi.org/10.1038/s44221-023-00028-1

Agarwal, S., Deng, Y., He, J., Wang, Y., & Zhang, Q. (2023). Lenders’ pricing strategy: Do neighborhood risks matter? Real Estate Economics, 51(4), 1011–1047. https://doi.org/10.1111/1540-6229.12421

Agarwal, S., Ding, Y., Kuang, W., & Zhu, X. (2023). Are environmental punishments good news or bad news? Evidence from China. Journal of Environmental Economics and Management, 120, 102847. https://doi.org/10.1016/j.jeem.2023.102847

Agarwal, S., Hadzic, M., Song, C., & Yildirim, Y. (2023). Liquidity constraints, consumption, and debt repayment: Evidence from macroprudential policy in Turkey. The Review of Financial Studies, 36(10), 3953–3998. https://doi.org/10.1093/rfs/hhad024

Agarwal, S., Han, Y., Qin, Y., & Zhu, H. (2023). Disguised pollution: Industrial activities in the dark. Journal of Public Economics, 223, 104904. https://doi.org/10.1016/j.jpubeco.2023.104904

Agarwal, S., Kigabo, T., Minoiu, C., Presbitero, A. F., & Silva, A. F. (2023). Serving the underserved: Microcredit as a pathway to commercial banks. Review of Economics and Statistics, 105(4), 780–797. https://doi.org/10.1162/rest_a_01117

Agarwal, S., Lin, Y., Zhang, Y., & Zhang, Z. (2023). Labor Mobility and Loan Origination. Journal of Financial and Quantitative Analysis, 1–34. https://doi.org/10.1017/s0022109023000649

Agarwal, S., & Mannil, N. (2023). Household financial decision making. Handbook of Financial Decision Making, 375–410. https://doi.org/10.4337/9781802204179.00033

Chia, L. E., & Sing, T. F. (2023). Redevelopment values in multi-family properties: Evidence from en bloc sales in Singapore. Journal of Housing Economics, 60, 101932. https://doi.org/10.1016/j.jhe.2023.101932

Diao, M., Li, Q., Sing, T. F., & Zhan, C. (2023). Disamenities of living close to transit tracks: Evidence from Singapore’s MRT System. Regional Science and Urban Economics, 100, 103894. https://doi.org/10.1016/j.regsciurbeco.2023.103894

Fan, Y., Hu, M. R., Wan, W. X., & Wang, Z. (2023). A tale of two cities: Mainland Chinese buyers in the Hong Kong housing market. Review of Finance, 27(6), 2205–2232. https://doi.org/10.1093/rof/rfad006

Feng, Z., Ooi, J. T. L., & Wu, Z. (2023). Analyzing the impacts of property age on REITs and the reasons why REITs own older properties. Journal of Real Estate Finance and Economics. https://doi.org/10.1007/s11146-023-09961-0

Lee, J., & Lee, K. O. (2023). Online listing data and their interaction with market dynamics: Evidence from Singapore during COVID-19. Journal of Big Data, 10(1). https://doi.org/10.1186/s40537-023-00786-5

Lee, K. O., & Cheng, S.-F. (2023). Neighborhood retail amenities and taxi trip behavior: A natural experiment in Singapore. Habitat International, 131, 102714. https://doi.org/10.1016/j.habitatappint.2022.102714

Lee, K. O., Mai, K. M., & Park, S. (2023). Green space accessibility helps buffer declined mental health during the COVID-19 pandemic: Evidence from big data in the United Kingdom. Nature Mental Health, 1(2), 124–134. https://doi.org/10.1038/s44220-023-00018-y

Li, K., Qin, Y., Wu, J., & Yan, J. (2023). Perceived economic prospects during the early stage of Covid‐19 Breakout. Contemporary Economic Policy, 41(4), 696–713. https://doi.org/10.1111/coep.12616

Lin, Y., Qin, Y., Sulaeman, J., Yan, J., & Zhang, J. (2023). Expanding footprints: The impact of passenger transportation on corporate locations. Review of Finance, 27(3), 1119–1154. https://doi.org/10.1093/rof/rfac049

Sing, T. F., Wang, W., & Zhan, C. (2023). Tracking industry pollution sources and health risks in China. Scientific Reports, 13(1). https://doi.org/10.1038/s41598-023-49586-0

Wang, X., & Liu, T. (2023). Home-made blues: Residential crowding and Mental Health in Beijing, China. Urban Studies, 60(3), 461–482. https://doi.org/10.1177/00420980221101707

Wang, X., & Renne, J. L. (2023). Socioeconomics of urban travel in the U.S.: Evidence from the 2017 NHTS. Transportation Research Part D: Transport and Environment, 116, 103622. https://doi.org/10.1016/j.trd.2023.103622

Wang, Y., Tu, Y., & Fan, Y. (2023). The price of quietness: How a pandemic affects city dwellers’ response to road traffic noise. Sustainable Cities and Society, 99, 104882. https://doi.org/10.1016/j.scs.2023.104882

Xu, N., Chan, K. C., Xie, R., Chen, Q., & Agarwal, S. (2023). The impact of family-based human capital on corporate innovation: Evidence from sibling-chairpersons in China. Management Science. https://doi.org/10.1287/mnsc.2023.4965

Yang, C., Bu, S., Fan, Y., Wan, W. X., Wang, R., & Foley, A. (2023). Data-driven prediction and evaluation on future impact of energy transition policies in smart regions. Applied Energy, 332, 120523. https://doi.org/10.1016/j.apenergy.2022.120523

2022

Agarwal, S., Amromin, G., Chomsisengphet, S., Landvoigt, T., Piskorski, T., Seru, A., & Yao, V. (2022). Mortgage refinancing, consumer spending, and competition: Evidence from the Home Affordable Refinance Program. The Review of Economic Studies, 90(2), 499–537. https://doi.org/10.1093/restud/rdac039

Agarwal, S., Araral, E., Fan, M., Qin, Y., & Zheng, H. (2022). Water conservation through plumbing and nudging. Nature Human Behaviour, 6(6), 858–867. https://doi.org/10.1038/s41562-022-01320-y

Agarwal, S., & Karapetyan, A. (2022). Information salience and mispricing in housing. Management Science, 68(12), 9082–9106. https://doi.org/10.1287/mnsc.2021.4253

Andersen, S., Badarinza, C., Liu, L., Marx, J., & Ramadorai, T. (2022). Reference dependence in the housing market. American Economic Review, 112(10), 3398–3440. https://doi.org/10.1257/aer.20191766

Gaw, L. Y., Chen, S., Chow, Y. S., Lee, K., & Biljecki, F. (2022). Comparing street view imagery and aerial perspectives in the built environment. ISPRS Annals of the Photogrammetry, Remote Sensing and Spatial Information Sciences, X-4/W3-2022, 49–56. https://doi.org/10.5194/isprs-annals-x-4-w3-2022-49-2022

Labetski, A., Vitalis, S., Biljecki, F., Arroyo Ohori, K., & Stoter, J. (2022). 3D building metrics for urban morphology. International Journal of Geographical Information Science, 37(1), 36–67. https://doi.org/10.1080/13658816.2022.2103818

Lee, K. O., & Pang, A. H. K. (2022). Railway sound barriers and housing prices. Real Estate Economics, 50(5), 1282-1306. https://doi.org/10.1111/1540-6229.12379

Pei, W. Y., Biljecki, F., & Stouffs, R. (2022). Dataset for urban scale building stock modelling: Identification and review of potential data collection approaches. ISPRS Annals of the Photogrammetry, Remote Sensing and Spatial Information Sciences, X-4/W2-2022, 225–232. https://doi.org/10.5194/isprs-annals-x-4-w2-2022-225-2022

Song, S., Cheong, J. C., Lee, J. S. H., Tan, J. K. N., Chiam, Z., Arora, S., Png, K. J. Q., Seow, J. W. C., Leong, F. W. S., Palliwal, A., Biljecki, F., Tablada, A., & Tan, H. T. W. (2022). Home Gardening in Singapore: A feasibility study on the utilization of the vertical space of retrofitted high-rise public housing apartment buildings to increase urban vegetable self-sufficiency. Urban Forestry & Urban Greening, 78, 127755. https://doi.org/10.1016/j.ufug.2022.127755

Wang, X., & Liu, T. (2022). Home-made blues: Residential crowding and Mental Health in Beijing, China. Urban Studies, 60(3), 461–482. https://doi.org/10.1177/00420980221101707

Wong, W. C., & Ooi, J. T. L. (2022). Property development activities: Value creation or distraction for REITs? Journal of Property Investment & Finance, 40(3), 311–319. http://doi.org/10.1108/JPIF-10-2021-0079

2021

Agarwal, S., Ambrose, B. W., Yildirim, Y., & Zhang, J. (2021). Risk retention rules and the issuance of commercial mortgage backed securities. The Journal of Real Estate Finance and Economics, 68(4), 684–714. https://doi.org/10.1007/s11146-021-09837-1

Agarwal, S., Chau, K. W., Hu, M., & Wan, W. X. (2021). Tobin tax policy, housing speculation, and property market dynamics. Available at SSRN 3641624.

Agarwal, S., Fan, Y., McMillen, D. P., & Sing, T. F. (2021). Tracking the pulse of a city—3D real estate price heat maps. Journal of Regional Science, 61(3), 543–569.

Agarwal, S., Ghosh, P., & Zhan, C. (2023). Association between a state-level fat tax and fast food purchases. JAMA Network Open, 6(10). https://doi.org/10.1001/jamanetworkopen.2023.37983

Agarwal, S., Huang, P., Luo, C., Qin, Y., & Zhan, C. (2021). Assessment of online food ordering and delivery in Singapore during the COVID-19 pandemic. JAMA Network Open, 4(9). https://doi.org/10.1001/jamanetworkopen.2021.26466

Biljecki, F., & Ito, K. (2021). Street view imagery in urban analytics and GIS: A Review. Landscape and Urban Planning, 215, 104217. https://doi.org/10.1016/j.landurbplan.2021.104217

Fan, G., Pu, M., Sing, T. F., & Zhang, X. (2021). Risk aversion and urban land development options. Real Estate Economics, 50(3), 767–788. https://doi.org/10.1111/1540-6229.12346

Fan, Y., & Sing, T. F. (2021). Macroeconomic policy-induced wealth effects on Chinese foreign housing investments. China Economic Review, 69, 101675. https://doi.org/10.1016/j.chieco.2021.101675

Fan, Y., Teo, H. P., & Wan, X. (2021). Public transport, noise complaints, and housing: Evidence from sentiment analysis in Singapore. Journal of Regional Science, 61(3), 570–596.

Galster, G., & Lee, K. O. (2021). Housing affordability: A framing, synthesis of research and policy, and future directions. International Journal of Urban Sciences, 25(1), 7-58. https://doi.org/10.1080/12265934.2020.1713864

Lee, K. O. (2021). Economic spillover of design awards in the multifamily residential context. Journal of Housing and the Built Environment, 36(4), 1713-1743. https://doi.org/10.1007/s10901-021-09819-y

Lee, K. O., & Galster, G. (2021). Introduction to the special issue of the global crisis in housing affordability. International Journal of Urban Sciences, 25(1), 1-6. https://doi.org/10.1080/12265934.2020.1847433

Lee, K. O., Helble, M., & Arbo, M. A. G. (2021). How (un)affordable is housing in developing Asia? International Journal of Urban Sciences, 25(1), 80-110. https://doi.org/10.1080/12265934.2020.1810104

*The full list of published papers from the last 5 years can be accessed here.

Published papers of IREUS researchers and affiliated researchers

National University of SingaporeInstitute of Real Estate & Urban Studies

National University of Singapore
Institute of Real Estate & Urban Studies