“…However, these issues are not addressed in Tsai's (2014) study. Fesselmeyer, Seah, and Kwok (2018) have found that, in Singapore, the increase in housing density, measured in terms of the number of apartments in a housing project per acre of land, tends to decrease property value. The depressing effect on housing values is higher when the housing project density is lower because “buyers who seek out less dense projects may be especially sensitive to variations in density, and buyers who accept more dense living environments may be relatively more accepting of increases in density” (Fesselmeyer et al, 2018, pp.…”