COLLIERS INSIGHTS VALUATION & ADVISORY SERVICES | ASIA | DECEMBER 2019

ASIA INFRASTRUCTURE SNAPSHOT

An Overview of Infrastructure Projects across Asia P.4-9 CHINA 37 4 143 FOREWORD AIRPORTS RAIL LINES METRO LINES 57.7M+ 65 2,100 1,754 2,800 additional passenger capacity stations km+ stations km+

During the next decade Asia will see massive investment in transportation infrastructure as cities become more connected and districts within cities P.10-15 become more accessible. The major investment will be in China and India, supported by their large populations, but many of the ASEAN countries are INDIA also investing in their transportation infrastructure. 18 1 18 AIRPORTS RAIL LINE METRO LINES Many of the airports built in Asia in the past 20 years have now reached or exceeded their design capacities leading to a programme of expansion 336M+ 12 508 884 1,130 in many of the leading cites, while the smaller cities are seeing the additional passenger capacity stations km stations km development of new airports either to replaced outdated facilities or to improve their connectivity with the major population centres. P.16-17 High speed rail has proven to be a viable substitute for air travel in China and other markets in the region are now expanding their rail development INDONESIA programmes, but it is mass transit systems in cities that are making the 3 1 5 AIRPORTS RAIL LINE METRO LINES greatest difference to urban travel to both reduce road congestion in city centres, and to open up suburban and fringe areas for new development. 40M 4 142 65 100 stations km+ The common thread across all the projects is real estate. Airport cities and additional passenger capacity stations km developments above and around railway and metro stations are being used to contribute to both the capital cost of development of infrastructure and P.18-23 also the ongoing operation, and no major transport system would now be planned without considering the contribution of real estate. This report sets out the major infrastructure developments in a selection of 6 4 6 AIRPORTS RAIL LINES METRO LINES Asian markets and outlines the investment and development opportunities that are likely to flow from them. 100M+ 59 959 52 89 additional passenger capacity stations km+ stations km

DAVID FAULKNER Managing Director | Valuation & Advisory Services | Asia P.24-29 Tel: +852 2822 0525 SINGAPORE & Email: [email protected] 2 6 11 AIRPORTS RAIL LINES METRO LINES

76M 51 1,548 218 304 additional passenger capacity stations km+ stations km+

Note: All the figures and measurements in this report are approximate and not absolute. ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 5

SHANXI INNER MONGOLIA Shuozhou Airport Zhenglanqi Civil Airport Chifeng Linxi Airport CHINA Xilingol League Dongwuqi Airport SHAANXI Fugu Airport [2022] JILIN Baoji Airport [2021] Siping Airport [2020] Dingbian Airport [2021] HEILONGJIANG GANSU Suifenhe Airport [2020] AIRPORTS Pingliang Airport [2020]

HENAN Lushan Airport 37 Shangqiu Airport [2021] MAJOR AIRPORT PROJECTS 3 XINJIANG Tashkurgan Airport HEBEI Yu Tian Airport Xingtai Airport 57.7M+ ADDITIONAL PASSENGER CAPACITY Airport [2019] Zaozhuang Shanting Airport [2022]

Colliers identified 37 new or expansion airport projects across China, the majority of which ANHUI [2025] are in regional cities with no or limited airlift. CHONGQING Wuhu Xuancheng Airport [2020] Wulong Airport [2018–2020] Haozhou Airport [2022] The development of new airports across China will bring the country closer to CHENGDU becoming the largest air transport market in Chengdu Tianfu International Airport [Stage 1: 2021] the world by 2024. Leshan Airport [2017–2022] Airport [2021] Colliers expects airport projects to provide significant YUNNAN [2020] benefits to the regional economies and real estate Nujiang Airport [2016–2020] markets, including: HUBEI > Support the development of new airport-oriented Huanggang Airport economic zones and logistics centres GUIZHOU Jingzhou Airport [2020] > Promote the economic diversification and regeneration Weining Airport [2022] of peripheral regional cities with limited airlift. Qianbei Airport

> Boost the tourism industry of regional Chinese cities JIANGXI HUNAN Fuzhou Airport [2020] Ruijin Airport [2020] Xinhua Youjia Town Chuntian Airport [2024] Loudi General Airport GUANGDONG Chenzhou Beihu Airport [2020] Shaoguan Airport [2025]

Capital International Regional Domestic Civil-military co-use [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 7

SHENYANG-BAIHE HIGH SPEED RAILWAY New rail line

RAIL 438 km (HIGH SPEED RAIL) 13 stations

> Connecting Liaoning and Jilin

> Economic and residential development opportunities 4 are expected along the new rail corridor, which will RAIL LINE PROJECTS have an upward effect on land values BEIJING-KOWLOON HIGH SPEED New rail line (partial) 65 638 km STATIONS 16 stations

> Beijing-Henan section 2,100km+ > Land values along the railway line TOTAL LENGTH are expected to rise, particularly in the Xiongan New Area (Hebei)

SICHUAN-TIBET RAILWAY New rail line [2027]

403.11 km 18 stations

> Connecting Chengdu to Lhasa

> More development opportunities in Tibet > Local tourism industry enhanced by CHONGQING-KUNMING HIGH-SPEED RAILWAY reduced travelling time by train New rail line [2025]

698.96 km 18 stations

> Connecting Chongqing to Kunming

> Increased rail connectivity is expected to generate economic opportunities in a low-income region, particularly in the logistics sector

Capital Rail line terminals Rail lines (for illustration purpose only) [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 9

> The city express lines are planned > The land values in the sub-centres of Beijing expected to be positively for the city’s expanding development impacted with the reduced commuting time between the core city and beyond the core city to connect the surrounding new towns located northeast of Beijing surrounding areas with the core city > Land value and residential housing market along the new added lines METRO > Land value and residential housing are expected to significantly increase prices along the new lines are > Expansion of the transit system will open up new areas for commercial expected to significantly increase and residential development

> Significant opportunities will emerge for transit-oriented developments 143 17 19 METRO LINE PROJECTS New & expansion [2023] New & expansion [2020] 450.41 km 248.2 km 222 stations 123 stations 1,754 WUHAN BEIJING STATIONS

> Land value and residential housing prices along the new added lines are + expected to significantly increase 2,800km+ > Expansion of the transit system will TOTAL LENGTH open up new areas for commercial 9 and residential development New & expansion [2023] > Significant transit-oriented km 228.1 development (TOD) opportunities will 163 stations emerge around new stations TIANJIN 17 14 New & expansion [2023] New & expansion [2023] > The land value around Pi Town, core 418.06 km 289.19 km city and high-tech zone is expected 11 New & expansion [2023] to increase considerably 231 stations 170 stations 414.2 km > Significant transit-oriented NANJING development (TOD) opportunities CHENGDU 217 stations will emerge around new stations 15 6 New & expansion [2023] New metro lines [2020] 258.1 km 53.77 km 26 New & expansion [2023] 210 stations 104 stations > Shorter commuting time will 465.3 km GUANGZHOU raise residential land values FOSHAN along the Guangfo line 314 stations SHENZHEN

Capital City Bubble size proportional to the number of projects [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 11

PROJECTS [2025–2030]

> Managed by private operators, these airports cater to India’s largest INDIA Amritsar metropolitan regions. While Bangalore and Hyderabad are undergoing significant capacity expansion, Mumbai and Delhi airports are focused on monetizing landside real estate. These airports are expected to create 6-8 million sqm of office, hospitality, retail and entertainment JEWAR AIRPORT developments over the next 5-10 years [PHASE I: 2023]

> 5,000 hectares airport to complement the existing Delhi airport in the PROJECTS National Capital Region. Planned to [2023] AIRPORTS have six runways, making it among the > Recently awarded to the private sector, these airports are expected to world’s largest airports add significant capacity, undergo modernization and create demand for > Zurich Airport recently emerged as landside development the successful bidder to implement on PPP basis. The project will create real Delhi Airport estate development opportunities along 18 the Yamuna Expressway in the State of AIRPORT PROJECTS Uttar Pradesh and the NCR Lucknow Airport Jaipur Airport Guwahati Airport 336M+ Varanasi ADDITIONAL PASSENGER CAPACITY Ahmedabad Airport Kolkata Airport Indore Pune Airport Raipur BHOGAPURAM AIRPORT Mumbai Airport [2024] Nagpur Airport Bhubaneswar > A new airport near Visakhapatnam > The PPP project will open up opportunities NAVI MUMBAI AIRPORT across all sectors in the newly formed [PHASE I: 2022] State of Andhra Pradesh, and also the industrial belt along India’s east coast > A new 1,160 hectare airport > Planned as a secondary airport to Hyderabad Airport decongest Mumbai airport, the project will have connectivity to metro as well PROJECTS as the Trans-Harbour Link. With India’s [2021] largest sea port (JNPT) and the upcoming Bangalore Airport Navi Mumbai SEZ in close proximity, this > The only Government-run airports among India’s major cities, these airports are undergoing significant capacity expansion, new terminal project will create opportunities across Chennai Airport sectors along the region buildings and other amenities

MOPA AIRPORT Trichy PROJECTS [2021] [2020]

> A new approx. 232 hectare airport > The Government is expected to initiate the process of awarding some proposed near Pernum North Goa Thiruvananthapuram Airport of these airports to the private sector in 2020. This will create new investment opportunities for core office and retail asset classes, as > The PPP project is being developed well as drive demand for sectors like warehousing and industrial with a planned capacity of 5 million Mangalore Airport development in these cities passengers – leading to significant hospitality development in the tourist destination of Goa

Capital New (private public participation) Expansion Planned for privatization [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 13

RAIL Sabarmati Junction (HIGH SPEED RAIL) Railway Station

1 RAIL LINE PROJECT 12 STATIONS

508km TOTAL LENGTH

Mumbai BKC Station

MUMBAI AHMEDABAD HIGH SPEED RAIL CORRIDOR New rail line [2023]

508 km 12 stations

> India’s first High Speed Rail project in India, connecting the cities of Mumbai and Ahmedabad

> Create new commercial, retail and residential destinations along the 508km corridor, benefiting from seamless connectivity between the existing International Financial Services Centre (IFSC) near Ahmedabad and Mumbai’s financial district of Bandra-Kurla Complex (BKC)

> Opportunities for transit-oriented development along the 12 stations

Capital Rail line terminals Rail lines (for illustration purpose only) [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 15

> Supplement India’s largest metro network > Create new commercial and retail destinations > Provide mass transportation options in some of India’s servicing the world’s second most populous across these cities, with opportunities for transit- fastest growing cities urban agglomeration oriented developments in central, suburban and > Create new commercial, retail and hospitality destinations, peripheral locations > Enhance last mile connectivity to central, with opportunities for transit-oriented developments suburban and peripheral locations of the > Create new destinations for affordable residential METRO > Improved connectivity will provide more economic three major cities in India’s National Capital development as connectivity improves in opportunities and enhance the ability of these cities to Region (NCR) peripheral locations attract IT/ITES occupiers and talent

New & expansion [2023] New & expansion [2024] 15 km stations New metro line [2023] 18 New & expansion [2024] 104 km 9 METRO LINE PROJECTS 31.55 km 31 km 80 stations NOIDA 30 stations 25 stations DELHI New & expansion [2023] INDORE GURUGRAM 11.1 km 884 12 stations STATIONS LUCKNOW New & expansion [2026] New metro line [2023] 30 km 27.87 km + 32 stations 30 stations km New metro line [2022] 1,130 New & expansion [2024] JAIPUR BHOPAL TOTAL LENGTH 48.3 km 61.73 km 35 stations 50 stations NAGPUR AHMEDABAD

New & expansion [2022] New metro line [2025] [2024] 70 km 29 km New metro line 46 stations New & expansion [2024] 22 stations New & expansion [2020] 54 km KOLKATA 308 km THANE 11 km 53 stations New metro line [2020] 183 stations 10 stations PUNE 26.26 km MUMBAI HYDERABAD 21 stations New & expansion [2023] NAVI MUMBAI New & expansion [2025] 72 km 118.9 km 61 stations > Expansion and new lines to supplement a single 11km line in one of the densest BENGALURU metro corridors in the world 128 stations

> Enhance last mile connectivity to central, suburban and peripheral locations of the CHENNAI three major cities in India’s Mumbai Metropolitan Region (MMR) > Provide mass transportation options in India’s prominent IT destinations > Create new commercial and retail destinations across these cities, with opportunities for transit-oriented developments in central, suburban and peripheral locations > Create new commercial destinations, decongest CBDs and provide more options for occupiers > Create new destinations for affordable residential development as connectivity improves in peripheral locations > Opportunities for transit-oriented developments in both central and New & expansion [2024] suburban locations 11.2 km 11 stations KOCHI

Capital City Bubble size proportional to the number of stations [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 17

JAKARTA-BANDUNG HIGH-SPEED TRAIN INDONESIA New rail line [2021] 142 km SOEKARNO HATTA 4 stations INTERNATIONAL AIRPORT Halim, TERMINAL 4 > The new high speed rail will create opportunities for AIRPORTS [2024] four new transit-oriented developments(TODs) around > The new terminal will support tourism growth the four planned stations across Indonesia by enhancing connectivity > The new TODs will include two mixed-use between Jakarta and emerging tourism developments with residential, retail, office and hotel 3 destinations across the country, with a components and two primarily residential townships AIRPORT PROJECTS considerable increase in passenger capacity > The two new TOD developments will help establish new > Terminal 4 will bring potential for the commercial and business hubs to the east of Jakarta development of an airport city on the landsite which may include new hotel, office and > Land value in the vicinity of the four stations is expected M to rise considerably upon the completion of the high 40 retail/leisure developments ADDITIONAL PASSENGER CAPACITY Tegalluar, Bandung speed rail > As a result, this new development could be established as an attractive and unique mixed-use lifestyle destination on the west side of Jakarta

> The new MRT lines are expected to raise the profile of TB Simatupang area RAIL as the secondary business district in Jakarta, with new office and residential (HIGH SPEED RAIL) BANDARA SYAMSUDDIN developments to be built along the MRT corridor NOOR AIRPORT > The new MRT lines are expected to spur residential developments in locations [2019] not currently served by , thereby materially increasing land value near new MRT stations 1 4 > Syamsudin Noor Banjarmasin is targeted to be able to accommodate 7 million passengers RAIL LINE STATIONS > However, in the short term, the existing restrictions in land use policy and per year. Both passengers on a domestic and regulatory framework will continue to limit development activity, especially international scale for office and other types of commercial developments, as local planning > Increase capacity from 1.5m passengers per authorities do not allow for material densification of existing properties 142km year to up to 7m per year. On the air side, > In the long-term, as the government updates its land-use planning policy and TOTAL LENGTH the expansion of the apron will increase the allows for on-site development intensification within TOD areas, there will capacity from 16 units to 25 units. Syamsundin be material redevelopment opportunities of underutilized commercial and Noor Airport will set a new benchmark for MRT Phase 1 & 2 residential properties located within walking distance from new MRT stations airport services when it is completed New metro line [2024] Phase 1: 16 km | 13 stations METRO Phase 2: 8.6 km | 7 stations LRT Jakarta Corridor 2 JENDERAL BESAR Expansion [2022] SOEDIRMAN AIRPORT > Elevated and underground MRT line that 6 km will connect the North to South Line 5 65 [2020] 6 stations > The construction of the airport was also carried METRO LINE PROJECTS STATIONS LRT Jabodebek Phase 1 > An extension line to connect out in stages, where in phase I has a capacity New metro line [2021] the Jakarta area of 98,812 passengers per year, then phase II km has a capacity of 440,440 passengers per year, MRT Phase 3 Stage 1 & 2 44 km+ then phase III has a capacity of around 600,000 Expansion [2027] 17 stations 100 passengers per year Stage 1: 20 km | 13 stations TOTAL LENGTH > A new LRT that will connect Jakarta, Bogor, Depok, and Bekasi > Play a significant role in boosting the economy Stage 2: 12 km | 10 stations especially of the 5 closest regions namely Banjarnegara, Purbalingga, Banyumas, Cilacap > An extension line to connect the East to West Line and Kebumen

Capital New Expansion Rail line terminals Rail lines (for illustration purpose only) [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 19

PHILIPPINES BULACAN INTERNATIONAL AIRPORT PROJECT (NEW MANILA INTERNATIONAL AIRPORT) A new international gateway airport On-going pre-construction activities as of 30 Sep 2019

> A new international gateway airport

> Will open up the northern part of Manila and provide opportunities for Industrial and residential investments around the airport

AIRPORTS SANGLEY AIRPORT Convert existing airport into an international hub, alternative to NAIA On-going implementation

> Decongest NAIA and increase real estate activity in Cavite area, 6 cementing Cavite’s role as part of expanded AIRPORT PROJECTS

100M+ KALIBO INTERNATIONAL AIRPORT ADDITIONAL PASSENGER CAPACITY A facility upgrade of the International Airport Under evaluation

NEW BOHOL INTERNATIONAL AIRPORT Expansion and enhancement of facilities On-going evaluation by the ICC-TB

> Will further enhance the tourism industry and provide opportunities in this sector

LAGUINDINGAN AIRPORT Airport Expansion Under evaluation

DAVAO INTERNATIONAL AIRPORT Airport Expansion Under evaluation

> Will open up opportunities for Mindanao’s commercial development

Capital New Expansion ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 21

RAIL SUBIC CLARK RAILWAY (HIGH SPEED RAIL) New rail line [2022]

71 km 6 stations 4 PNR SOUTH LONG HAUL RAIL LINE PROJECTS Expansion [Partial in 2022] > A 71-km freight railway > Connecting Subic Bay Freeport Zone 639 km and Clark Freeport Zone, providing a link between Port of Subic Bay and Clark 9 stations 59 International Airport STATIONS > Will provide access to stock and shipments for logistics and industrial companies > A 649-km line that will connect Metro Manila to Southern Luzon provinces

> Provides an easier and faster access to 959km+ the Bicol region TOTAL LENGTH > Agriculture developments are strong in the area

> Shortened travel time from 12 hours by car to only 6 hours NORTH-SOUTH PLAN Expansion [Phase 1: 2022, Full Operation: 2023]

147 km 36 stations MINDANAO RAIL PROJECT New rail line [2022]

> A 147-km railway that will link Clark 102 km Airport to Manila and Calamba City stations > Will improve access Pampanga (already 8 established in the south as an alternative business location other than Manila) > 102-km rail project to traverse around > Logistics and industrial developments will Davao (Tagum-Davao-Digos) be particularly strong in that area > Will provide faster travel and will pass through 8 stations

> Shorten travel time from Tagum, Davao del Norte to Digos , Davao del Sur (3.5 hours to 1.3 hours)

Capital Rail line terminals Rail lines (for illustration purpose only) [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 23

MEGA MANILA SUBWAY MRT-7 New metro line [Partial: 2022, Full operation: 2025] Expansion [2020] 36 km 23 km METRO 15 stations 13 stations

> A 36-km underground mass > A 23-km extension of the MRT transport system > Connects San Jose del Monte Bulacan > Running from to , to the MRT 3 North Avenue Station in Makati, Taguig and Pasay City Quezon City 6 > A lot of development opportunities > Bulacan is already a well established METRO LINE PROJECTS around the stations, all cities will residential area, will enhance the benefit, especially business space development opportunities in this sector 52 STATIONS

LRT LINE 2 WEST EXTENSION LRT LINE 2 EAST EXTENSION Expansion [2023] Expansion [2020] + 89km 3 km 4 km TOTAL LENGTH 2 stations 2 stations

> A 3.02-km extension of the > 4-km extension of the LRT Line 2 LRT Line 2 > Connects Santolan Station to Masinag > Connects the LRT from Recto Junction in Antipolo, Rizal Station to Pier 4 of the Manila > Increase property value with improved North Harbor transportation. Residential, and re- > Provide logistics companies development opportunities access to Manila North Harbor

MAKATI SUBWAY New metro line [2025] LRT LINE 1 SOUTH EXTENSION PROJECT 11 km Expansion [2022] 10 stations 11.7 km 10 stations > A 10-km intra-city subway system > Running across Makati’s business district > A 11.7-km extension of the LRT from the existing to the future > Will give rise to future parking Niyog station in Bacoor, Cavite structures and transport feeders outside the existing business districts > Improves access to Cavite. Opportunities for mixed use development

Capital Metro line terminals Metro lines (for illustrative purpose only) [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 25 SINGAPORE & MALAYSIA

PENANG INTERNATIONAL AIRPORT [2025]

AIRPORTS > The limited airport capacity was a key barrier to Penang’s tourism sector expansion in recent years

> The airport expansion will support tourism MALAYSIA growth which in turn will provide development opportunities in the retail, hotel and leisure sector at Penang Island and in around the existing airport

> The airport expansion – and tourism growth 1 expected as a result - is also expected to have a positive effect on hotel room rates and AIRPORT PROJECT capital values due to land constraints for hotel development and growing tourism 6M+ ADDITIONAL PASSENGER CAPACITY

SINGAPORE CHANGI AIRPORT SINGAPORE TERMINAL 5 [2030]

> The new terminal 5 will expand the airport capacity 1 by 50 million passenger per year by 2030 and up to 70 million if necessary in the future AIRPORT PROJECT > As part of the Terminal 5 programme, a mixed-use airport city development is envisionned on the new terminal’s landside

> The landside development at Terminal 5 will 70M contribute to the transformation of the Changi ADDITIONAL PASSENGER CAPACITY region into a major commercial, employment and leisure destination in Singapore

> The Airport City will provide additional non- aeronautical revenue for Changi Airport which may have support future airport expansion

Capital Expansion [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 27

EAST COAST RAIL LINK (ECRL) GEMAS-JOHOR BAHRU RAIL New rail line [2026] New rail line [2021]

648 km 192 km RAIL 20 stations 11 stations (HIGH SPEED RAIL)

> A railway link connecting Port Kota Bahru, > A continuation of the Singapore - MALAYSIA Klang on the Straits of Malacca to Malaysia Kunming Rail Link to connect to the Kota Bharu in northeast Peninsular Southern tip of the country Malaysia, connecting the East Coast > Will reduce travelling time from Johor to Economic Region states of Pahang, from 6 hours to 3.5 hours, Terengganu, and Kelantan 4 41 which will considerably support growth RAIL LINES STATIONS > Aimed to link Malaysia’s east coast in tourism visitation in Johor Bahru with the Malacca Strait on the west > The new line is expected to spur > Will spur developments of housing demand and prices for residential units and supporting amenities along the near rail stations from Johor Bahru to 1,194km transport nodes the west coast of Malaysia > Expect residential and industrial > Hotel development opportunities are also TOTAL LENGTH property prices near future expected to arise in locations near the stations of the new rail corridor to Kuala Lumpur, new stations as the land-use planning appreciate in the coming future Malaysia policies are adopted for these areas

SINGAPORE Port Klang, Malaysia Gemas, Malaysia HIGH-SPEED RAIL (KL-SG HSR) 2 10 New rail line [2026] Johor Bahru, RAIL LINES STATIONS Malaysia 350 km 8 stations 354km+ Jurong East, Singapore SINGAPORE-JOHOR BAHRU RAPID Woodlands, Singapore TRANSIT SYSTEM LINK TOTAL LENGTH > Will have significant impact on the real estate [2024] development potential of the Jurong Lake New rail line District in Singapore and projects in Kuala Lumpur 4.2 km > Will raise the profile of Jurong Lake District as stations a major business, tourism and lifestyle quarter 2 in Singapore, and support the government objective to turn this district into the city- > A high-volume shuttle service state’s second CBD connecting Singapore and Johor > New nucleus of mixed-use developments Bahru, Malaysia of offices and retail will be created with the > Will support the growth of Woodlands addition of residential townships along the rail Regional Centre as an anchor corridor between Johor and Kuala Lumpur development of the North Coast > Material increase in land values are expected > Will further enhance the accessibility around the future stations in Malaysia, to Woodlands, spurring housing particularly those located in existing demand especially from Johoreans commercial and employment areas who work in Singapore > Existing development centres will also be linked up, boosting the connectivity and value of commercial properties

Capital Rail line terminals Rail lines (for illustration purpose only) [Expected completion year] ASIA INFRASTRUCTURE SNAPSHOT | VALUATION & ADVISORY SERVICES | ASIA | 29

> A new that would be integrated with the KVMRT -Serdang- Line (MRT 2) and KLIA Transit Services of the via the station METRO > Will provide TOD opportunities around future stations, including mixed-use properties with hospitality, commercial and residential components PENANG

> The improved connectivity between the airport MALAYSIA express and the monorail will help position Putrajaya as a key hotel and commercial hub near > A new LRT Line which links the Kuala Lumpur International Airport the Penang International Airport with the heart of > The new infrastructure will complement the George Town 5 126 government’s plans to position Putrajaya as the e-sport hub in Malaysia, opening up opportunities > Will spur developments in METRO LINE PROJECTS STATIONS for new youth oriented real estate development the area and drive demand near the new rail stations for future housing projects KUALA LUMPUR Putrajaya Monorail Bayan Lepas LRT Line New LRT line [2026] 179km+ New LRT line [2024] TOTAL LENGTH Line 1: 13.2 km | 18 stations 29.9 km Line 2: 6.8 km | 7 stations 27 stations

SINGAPORE > The thirteenth rail transit line that will form a part of the Greater KL / Integrated SINGAPORE Transit System Thomson-East Coast Line 6 92 > Expect prices of properties located within walking New metro line [2024] METRO LINE PROJECTS STATIONS distance from future stations to appreciate by circa 10% to 20% in the future as this corridor is 43 km currently not served by rapid transit 32 stations Sungai Buloh-Serdang-Putrajaya (SSP) > Will achieve government’s plan of having 8 in 10 homes to be within a Line (MRT 2) 125km+ 10-minute walk of a train station by 2030 New MRT line [Ph.1: 2021, Ph.2: 2022] TOTAL LENGTH Cross Island Line (CRL) > Will provide significant new TOD (transit-oriented development) km New metro line 52.2 opportunities in areas not currently served by the MRT [Ph.1: 2029, Ph.2: 2031] 37 stations > Some of the new lines will support the development of new precincts 50 km such as the Jurong lake District, Jurong Innovation District and Punggol stations Digital District 30 > The second line of the Klang Valley Mass Rapid Transit (KVMRT) Project to serve a corridor from Sungai Buloh to Putrajaya > Will reduce travelling time and increase connectivity between Singapore’s > New LRT Line to connect Bandar Utama main economic and employment centres and residential areas currently not > Property prices are expected to soar dramatically in established to Klang and extending rail connectivity served by mass rapid transit areas in Klang Valley to the Western Corridor of GKL/KV Jurong Region Line (JRL) New metro line > The residential market in these areas is expected to capture significant > A number of developments have started since the > Will improve accessibility to LRT stations [Ph.1: 2026, Ph.2: 2027 , Ph.3: 2028] interest from both buyers and developers, with considerable capital value announcement of the MRT Line, indicating growing demand for and other transport nodes increases on the horizon km mid to upmarket properties 24 > Expect property prices for developments stations > Expect prices of properties within 500 m to 1 km of the stations in close proximity to these stations to 24 Circle Line (CCL) to increase by circa 5% to 10% on average experience a 5% to 10% increase Downtown Line (DTL) Extension [2025] Mass Rapid Transit Line 3 (MRT 3) Light Rail Transit (LRT) 3 North East Line (NEL) Extension [2030] 4 km New MRT line [2026] New LRT line [2024] Extension [2023] 2.2 km 3 stations 40 km 37 km 2 km 2 stations 11 stations 26 stations 1 station

Capital Project location [Expected completion year] Our Specialists in the Region

Primary Author

JONATHAN DENIS-JACOB Associate Director Valuation & Advisory Services +65 6531 8681 [email protected]

Contributors

ASIA INDIA

DAVID FAULKNER AASHISH AGARWAL Managing Director Senior Director +852 2822 0525 +91 90 2263 0893 [email protected] [email protected]

CHINA PHILIPPINES

FRED FU THERESA TEODORO Director Director +86 10 8541 1096 +63 2 8858 9051 [email protected] [email protected]

YI YOU LILA SANTELICES Assistant Manager Senior Manager +86 10 8541 1107 +63 2 8858 9055 [email protected] [email protected]

VERONICA CABIGAO INDONESIA Senior Analyst +63 917 848 8376 MONICA KOESNOVAGRIL [email protected] Director +62 21 3043 6740 [email protected] MALAYSIA & SINGAPORE

SARITA HERMAN JONATHAN DENIS-JACOB Senior Consultant Associate Director +62 21 3043 6888 +65 6531 8681 [email protected] [email protected]

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