Urban Megaprojects from Isolation to Integration: A Property Market Perspective on Flagship Buildings

This study investigates how the simultaneous development of multiple urban megaprojects creates synergistic effects in residential property markets, with significant implications for urban planning and policy. Through an enhanced hedonic pricing model incorporating inter-project interaction terms, the research quantifies both individual and collective impacts of concurrent developments on property values. Analysis of comprehensive transaction data (2016–2022) reveals complex patterns of complementary and competing effects between proximate megaprojects, demonstrating that their combined impact differs substantially from the sum of their individual effects. The findings highlight the critical importance of coordinated planning approaches that consider inter-project dynamics when designing urban regeneration strategies. This research provides the first empirical measurement of megaproject synergy effects, offering valuable insights for policymakers and investors in optimizing the economic outcomes of transformational flagship buildings.