Purpose: This study develops an extension of the perceived value model by incorporating perceived product innovativeness. In this study, perceived innovativeness is conceptualized into two constructs: perceived newness and relative advantage. It examines whether these two constructs have an impact on both perceived value and purchase intention. The study also explores the effect of perceived price on perceived value and purchase intention. Design/Approach/Methodology: To test our hypotheses, 498 participants responded to a questionnaire. Structural equation modelling was employed to evaluate the proposed research model. Findings: The results demonstrate that (a) perceived newness plays an important role, having a positive indirect effect on purchase intention through perceived value; (b) perceived price also has a positive effect on perceived value and purchase intention; (c) there is no empirical evidence for the effect of relative advantage on perceived value and purchase intention. Practical implication: Regards to the significant role of perceived newness and perceived price in determining perceived value and purchase intention of green residences, reducing consumers’ uncertainty about the benefits offered by innovative products is a crucial task. Originality/Value: While perceived innovativeness is generally regarded as a critical driver of purchase intention, current studies have paid little attention to the relation between associated benefits and consumers’ perceived value. This is the first of the studies that examine the effect of perceived newness and relative advantage on perceived value and purchase intention in the context of green residences.