Pricing a scenic view: The case of Singapore’s east coast park

Abstract

Landscapes and scenic views are often changed by economic development. This paper uses a contingent evaluation survey to determine the total economic value of a major park in Singapore—the East Coast Park. Given the small size of Singapore, the paper shows how values for option, existence and use can be derived from the frequency of visits to the park. It highlights the socio-economic characteristics of environmentally conscious Singaporeans. The results show that the value of the East Coast Park is 0.1% to 0.3% of Singapore's 1997 GDP. When the estimates are assumed to grow with income, the present value of this perpetual flow of benefits amounted to between S$2.1 to S$7.2 billion. The feasibility, usefulness and applicability in an Asian setting of the contingent valuation method is demonstrated. © 1999 Taylor & Francis Group, LLC.