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How MTR Builds and Connects Communities in Hong Kong

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How MTR Builds and Connects Communities in Hong Kong How MTR Builds and Connects Communities in Hong Kong David Tang Property Director, MTR Corporation Hong Kong 21 June 2018 MTR Corporation 27/6/18 Page 1 Introduction MTR Corporation 27/6/18 Page 2 Where is Hong Kong? MTR’s projects outside of Hong Kong Operate & Maintain model Barcelona Hong Kong MTR Corporation 27/6/18 Page 3 About Hong Kong (Source: Wikimedia Commons, 2011) Land Area 1 104 km2 (43% Country Park) Built-up Area 265 km2 Population 7.39 million Car ownership 1 vehicles / 4 households Public Transit % 90% MTR Corporation 27/6/18 Page 4 About MTR Establishment of MTR Merger with (1975) KCR (2007) 1975 1980 1985 1990 1995 2000 2005 2010 2015 1st railway MTR was listed line opened in Market Cap (1979) Stock Exchange HK$265 of billion Hong Kong (31 May 2018) (2000) MTR Corporation 27/6/18 Page 5 Railway Serves as Backbone of Transport Land Uses % Within 500m of a Railway Station Housing Units 42% Commercial & 75% Office GFA (Source: Planning Department, 2013) MTR Corporation 27/6/18 Page 6 Life in Hong Kong Revolves Around Railway (5.8 million daily passenger trips) School Office Railway Railway Home Home BUS STOP Shopping Mall Public transport 90% Rail market share 49.1% Efficient train service at affordable fare Country Park No direct Government subsidy on rail MTR Corporation 27/6/18 Page 7 How is this possible ? MTR Corporation 27/6/18 Page 8 Planned by Government as a Connected City l Railway as the transport backbone l High density development along railway lines l Property development integrated with railway to support railway construction MTR Corporation 27/6/18 Page 9 Transit-oriented Development (TOD) Approach for Planning of New Railway Corridors Comprehensively planned and implemented Good connection to TOD development above and around a station station by walkways & provision of convenient public transport interchange for feeders MTR Corporation 27/6/18 Page 10 MTR Provides the First and Last Mile to Daily Trips • Station site as Origin and Destination of travel • Rail + Property Model à Sustainable Communities MTR Corporation 27/6/18 Page 11 Why Rail + Property Model? MTR Corporation 27/6/18 Page 12 The Challenge of Railway Funding MTR Corporation Page 8 Rail + Property Funding Model Railway Initial Replacement Fare/ CAPEX CAPEX OPEX Other Revenue Funding $ Gap (NPV) Cash OUT Cash IN Property development profit to fill new railway project funding gap MTR Corporation 27/6/18 Page 14 Financial Functions of Rail + Property Model: Capture “Value-Add” and Increase Ridership Property (Source:(Source: Google Google Earth Earth ,2015) ,2015) Seamless Connectivity Natural Customers àEnhance Land Value Enhanced Value + Increased Ridership àIncrease Ridership = Funding Gap Railway MTR Corporation 27/6/18 Page 15 Rail + Property Model Implementation Process 3) Land premium to Government • Land premium based 5) Property on ‘Greenfield Site’ (i.e. value increases 1) Ascertain rail pre-railway basis) with railway funding gap • Payable to Government presence at time of land development 6) MTR• Assess 2) Assess 4) Developer’s Corporation’samount of amount of land contribution benefitland rights • Share of property rights required to • All or a portion of land required to development profits – bridge funding premium usedbridge to fund funding new gap • Construction and gap other development railway costs Coordinated R+P Project Implementation Property Railway Institutional Mechanism MTR Corporation 27/6/18 Page 17 Vertical and Horizontal Integrated Development Residential Offices Shopping Malls Schools Green Spaces Public Facilities PTI Railway MTR Corporation 27/6/18 Page 18 People- Centric MTR Corporation 27/6/18 Page 19 Seamless Integration MTR Corporation 27/6/18 Page 20 Examples of Rail + Property Developments MTR Corporation 27/6/18 Page 21 Rail + Property Case Study 1 – Airport Railway Five mixed-use communities along the line Total GFA (sqm) Hong 415,900 Kong Kowloon 1,090,010 Olympic 667,650 Tsing Yi 291,870 Tung 1,028,910 Chung Total 3,494,340 Office: 612,000 sqm Commercial: 308,000 sqm Residential: 28,000 units MTR Corporation Page 22 R+P Development – Kowloon Station Kowloon Station - Hong Kong Station - International Commerce Centre International Finance Centre MTR Corporation 27/6/18 Page 23 Kowloon Station - Comprehensive Development Residential Buildings Hotel / International Commerce Centre Hotel / Service Apartment Regional Shopping Mall, Railway Station Public Transport Interchange MTR Corporation 27/6/18 Page 24 Kowloon Station Development Station Area: 13.5 ha Mixed Use Development ICC • Super Grade A office tower (118-storey ICC) • Regional shopping mall • Two 5 / 6-star hotels & service apartments • 6,400 flats • Total gross floor area: 1,090,000 sq.m. MTR Corporation 27/6/18 Page 25 Kowloon Station Development MTR Corporation 27/6/18 Page 26 Rail + Property Case Study 2 – Tseung Kwan O Line Four mixed-use communities along the line Total GFA (sqm) Tiu Keng Leng 253,700 Tseung Kwan 289,400 O Hang Hau 142,100 LOHAS Park 1,652,800 Total* 2,338,000 Commercial: 153,980 sqm Office: 5,000 sqm Residential: 34,300 units • MTR Corporation Page 27 LOHAS Park – Biggest R+P Project l Site Area: 32 hectares l Total GFA: 1.6 M m2 (Plot Ratio about 5) l 50 residential towers (25,500 units) l 45,000 m2 shopping centre l Community facilities Station l Transport interchange facilities l Extensive landscaped open space Depot A township for 68,000 people above a railway depot & station MTR Corporation 27/6/18 Page 28 Building a Self-sufficient, People-first Community MTR Corporation 27/6/18 Page 29 25,500 Homes Connected to Everything Needed To LOHAS Park Station Walkway to Shops To regional open space and soccer school To other residential development Grade-Separated Design Walkway to Connect Buildings MTR Corporation 27/6/18 Page 30 Convenient, Comfortable & Green Living • Page 31 • 27/6/18 Key Benefits • MTR Corporatio • MTRPage Corporation32 • 27/6/18 • 27/6/18 • Page 32n Benefits of Rail + Property Model GOVERNMENT Financial benefits Finance construction & improve ridership SYNERGY of Property RAIL + Railway ImprovePROPERTY accessibility & land value Sustainable urban living & enhanced quality of life SOCIETY & ECONOMY MTR Corporation 27/6/18 Page 33 Contributions to MTR Underlying Profits (2017) HK Transport Operations & Station Commercial Mainland of China & Int’l 8,4% 40,8% HK$ 32,4% 10.5B 18,4% Property Development HK Property Rental & Management Recurrent Income from Investment Properties Total Rental Portfolio: Value and Income ~ 275,400 sq. m. Lettable Floor Area (HK$ billion) Others 6% 17,764 sq.m. Office 14% 39,410 sq.m. Retail 80% 13 Shopping Malls – 218,251 sq.m. Telford Plaza (Retail) Elements (Retail) PopCorn (Retail) Two IFC (offices) Help to Finance Enhanced Passenger Service l Replacement of signalling system ) l Replacement of existing 93 8-car trains ) l Purchase of 40 light rail vehicles ) Over HK$ 10 Billion l Purchase of 68 new double-deck buses ) l Other improvement projects ) Affordable fare Efficient Service Increased mobility affordability MTR Corporation Enable Affordable Rail Fare From 2008 – 2016: l MTR fare increase on average: 2.9% per annum l Hong Kong inflation rate: 3.4% per annum l Average increase in household income: 4.5% per annum Affordable fare Efficient Service Increased mobility 2017Average Fare (HK$): l Domestic service: $7.84 l Cross-boundary service: $29.11 l Airport Express (35 km): $64.75 MTR Corporation Optimise Utilisation of Valuable Land Conveniently located land above railway station being used multiple times for: l Railway transit/ transport interchange l Residential/ commercial uses l Community uses / public realm MTR Corporation 27/6/18 Page 38 Build Self- sufficient Communities (e.g. LOHAS Park) Educational K 2 Kindergartens K P P 3 Primary Schools S 2 Secondary Schools U R Social/ Recreational E T T Early Education & Training Centre I O Centre for Community Care and Support Services for C Elderly H Supported Hostel for Mentally or Physically Disabled Handicapped Persons H K E Residential Care Home for the Elderly P T S I Integrated Children & Youth Services Centre O C Community Hall K R Indoor Recreation Centre Others S P K T Police Post (inside MTR Station) U Public Transport Interchange MTR Corporation 27/6/18 Page 39 Provide a Greener Living Environment • Bigger transport capacity • Higher energy efficiency • Reduce carbon footprint • Maximum 2-way passenger flow/hr (Source : UITP) Page 40 17 June 2016 MTR Corporation Conclusion • Rail +Property model is proven to work well for Hong Kong in the financing of capital intensive railway projects • Vibrant, self-sufficient communities are built along railway lines to provide people with all the needed facilities and services • Building and connecting communities under the R+P model contributes to green and sustainable urban living MTR Corporation 27/6/18 Page 41 caring for life’s journeys MTR Page 42 27/6/18 Corporation .
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