Many residential projects that receive publicly recognized awards for their architectural design and are built alongside monotonous public housing in Singapore present a unique opportunity to analyze the economic spillovers of design awards in the multifamily residential context. The difference-in-differences approach is utilized to estimate the design award’s effects on market prices of nearby public housing. Analysis results show that prices fell by 2% for public housing units within a 300-m radius of award-winning residences and sold during the first year after awards were given. In contrast, neither actual completion of award-winning residences nor the completion of non-awarded condominiums with good design led to a significant price change. These results provide suggestive evidence that the dominating channel for negative economic spillovers is winning an award rather than congestion from new residential developments or good design itself. Furthermore, price reduction was significant only for newer public housing units with better design attributes compared to older ones. This suggests that the economic spillover of design awards is negative when surrounding housing units are potentially comparable and substitutional with award-winning residences and have a limited possibility for self-improvement through upgrades or redevelopment. A potential explanation is that envy based on the comparison with a neighboring residence receiving a publicly recognized design award may play an influential role in conspicuous housing consumption.

许多住宅项目因其建筑设计而获得公众认可，并与新加坡的单调公共住房一起建造，这为分析多户住宅环境中设计奖的经济溢出带来了独特的机会。差异法被用来估计设计奖对附近公共住房市场价格的影响。分析结果表明，在获奖住宅半径300米范围内的公共住房价格下降了2％，并在授予奖项后的第一年内出售。相反，获奖公寓的实际竣工和设计优良的非奖励公寓的竣工都不会导致价格的重大变化。这些结果提供了暗示性的证据，表明负经济溢出的主导渠道正在赢得奖项，而不是新住宅开发或良好设计本身的拥挤。此外，降价仅对具有较旧属性更好设计属性的新型公共住房有意义。这表明，如果周围的住房单元具有可比性，并且可以替代屡获殊荣的住所，并且通过升级或重建进行自我完善的可能性有限，那么设计奖的经济溢出效应将是负面的。一个可能的解释是，与邻居获得公共认可的设计奖后的比较使人羡慕，这可能会在明显的住房消费中发挥影响力。