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DR Sky SEAH Kiat Ying
National University of Singapore
4 Architecture Drive, Singapore 117566

  Appointment: DEPUTY HEAD
  Office: SDE1/05-05
  Tel: (+65)65163562
  Curriculum Vitae (CV): Click Here
  Research Impact: Google Scholar | Web of Science


Kiat Ying Sky Seah, Ph.D. is the Deputy Head (Academic) and the Program Director of the Msc(Real Estate) programme at the NUS Department of Real Estate with an expertise in real estate finance and urban economics. She oversees undergraduate and postgraduate curriculum matters within the Department of Real Estate.  Dr. Seah's broad research interest covers from examining racial differences in housing markets, social capital investment to studying institutional investment in real estate.  She teaches courses in urban economics and real estate investment.  Her work is published in Regional Science and Urban Economics, Economics Letters, Urban Studies, and Real Estate Economics.

Dr. Seah is an award-winning educator.  She received her doctorate from the University of Wisconsin-Madison and her bachelor degree from the National University of Singapore.  Prior to joining the school, she was a senior officer at the Jurong Town Corporation (now JTC Corporation), served as Secretary of the accreditation committee of the Singapore Institute of Surveyors and Valuers, was a Consultant at the Office of the Chief Economist of Freddie Mac and a visiting lecturer at the Economics Department of the University of Virginia.


Housing, Racial Inequality, Real Estate Finance


Ph.D. in Business, University of Wisconsin-Madison

Master of Science (Estate Management), National University of Singapore

Bachelor of Science (Estate Management), First Class Honours, National University of Singapore

  1. How Big of a Lemons Market is the Secondary Market for Private Equity Real Estate Limited Partnerships?” (with David Barker and James D. Shilling), 2018, Journal of Real Estate Finance and Economics, forthcoming.
  2. The Effect of Localized Density on Housing Prices in Singapore” (with Eric Fesselmeyer and Jonathan Kwok), 2017, forthcoming at Regional Science and Urban Economics.
  3. Individual Payoffs and the Effect of Homeownership on Social Capital Investment,” (with Eric Fesselmeyer), 2017, forthcoming at Journal of Housing Research.
  4.  "Neighborhood segregation and black entrepreneurship" (Eric Fesselmeyer), Economics Letters, Vol. 154 (May) (2017), pp. 88-91, Online version Feb 21, 2017.
  5. "Estimating and Decomposing Changes in the White-Black Homeownership Gap from 2005 to 2011" (with Eric Fesselmeyer and Kien T. Le), Urban Studies 54(1):119-136 01 Jan 2017 .
  6. Changes in the White-Black House Value Distribution Gap from 1997 to 2005” (with Eric Fesselmeyer and Kien T. Le), Regional Science and Urban Economics, Vol 43(1) (2013), pp. 132–141
  7. A Household-level Decomposition of the White-Black Homeownership Gap.” (with Eric Fesselmeyer and Kien T. Le), Regional Science and Urban Economics, Vol 42 (2012) , pp. 52-62.
  8. “Is it what we do or how we do it?  New evidence on agglomeration economies and metropolitan growth.” (with Stephen Malpezzi and James D. Shilling), Real Estate Economics, June 2004. 
  9. “The Third-Party Logistics Services and Globalization of Manufacturing” (with Jieming Zhu, Swee Lean Han) International Planning Studies, Vol. 7(1), February 2002.


Attachment(s): el2017.pdf | urbanstudies2016.pdf | rsue2013.pdf | rsue2012.pdf | ree2004.pdf |


RE6006 Real Estate Finance Seminar.  A PhD-level class.  The objective of this course is to familiarize first year Ph.D. students with research in the area of fi nancial economics that is applicable to real estate.

RE5003 Real Estate Investment  An MBA-Masters in Real Estate class on real estate investment analysis and capital markets.

RE3104 Real Estate Investment Analysis.  An advanced undergraduate class on real estate investment analysis and financing decisions.

Program Director, Masters in Real Estate, MSc(Real Estate), NUS

Currently leading the committee on developing a second major program in Real Estate Finance.

Member, NUS School of Design and Environment, Facutly Curriculum Review Committee, 2018

Member, NUS School of Design and Environment, Faculty Teaching Excellence Committee, 2018

Member, NUS Business School-Department of Real Estate Double Degree Curriculum Review Committee in 2015.

Executive Training Courses: Urban Economics to the following statutory boards: NParks and Singapore Land Authority.

Attachment(s): tea2017.pdf | atea 201415.pdf | award 201314.pdf | award 201415.pdf |


PDF files of Current Working Papers.

Attachment(s): social_capital_wp .pdf | density_wp.pdf | seg_wp.pdf |



How Real Estate Investors Form Expectations Revisited” (with Shilling, J.D. and Sing, T.F),   Revise and Resubmit at Journal of Real Estate Research.


"Spillovers of Non-Fundamental Risks in Securitized Real Estate Companies (with Chen, Zhen,  Sing, Tien Foo. and Wang, Long) 

REITarization Effects on Global Real Estate Investments” (with James D. Shilling, Tien Foo Sing and Long Wang), July 2016.

"The Misuse of Alpha in Private Equity Real Estate Investments"  (with James D. Shilling and Charlie Wurtzebach), June 2015 

“Fall-Out Rate in Pending Home Sales: What Level of Risk Aversion Reconciles the Fall-Out Rate in Pending Home Sales?” (with Jin Man Lee and James D. Shilling) - Revise and Resubmit

Inflation Illusion and Institutional Ownership in REITs” Institute of Real Estate Studies, NUS, Working Paper, Reject and Resubmit.

Pension Plan Allocation to Real Estate when Pension Trustees have Reputational Utility” (with James D. Shilling) Institute of Real Estate Studies, NUS Working Paper, 2010.

“Low-Income Housing Tax Credit Housing Developments and Property Values” (with Richard K. Green and Stephen Malpezzi) University of Wisconsin-Madison Working Paper, June 2002.

  1. The Impact of Crowdedness on Housing Prices” (with Eric Fesselmeyer and Jonathan Kwok), May 17, 2017,
  2. “Differences in income and socioeconomic factors have been more important than subprime lending in explaining the growing gap in homeownership between blacks and whites” invited to write a synopsis of my joint research with Eric Fesselmeyer and Kien Le by the LSE US Center Blog on 13 April 2016. See link:
  3. “Why similar firms choose to locate close to each other”, The Straits Times, Ask: NUS Economists, August 1, 2013 (with Eric Fesselmeyer), link
  4. Guest writer in “Our PDP-T Participants Speak!”, CDTLink,Vol 17(1), pp. 10, March/April 2013,  Centre for Development of Teaching and Learning, NUS.



1.  Feb 2017, Awarded the Annual School of Design and Environment Teaching Excellence Award for Academic Year 2015/2016

2. May 2016, Awarded the NUS Annual Teaching Excellence Award for Academic Year 2014/2015

3. Feb 2016, Awarded the Annual School of Design and Environment Teaching Excellence Award for Academic Year 2014/2015

4. Feb 2015, Awarded the Annual School of Design and Environment Teaching Excellence Award for Academic Year 2013/2014

  Last Modified: 2019-01-31