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Sustaining Transit Investment in Asia's Cities

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Sustaining Transit Investment in Asia's Cities JAKARTA Southeast-Asian-Transformation-Cover-Web.pdf 1 04/04/2019 8:41 AM JAKARTA Sustaining Transit Investment in Asia’s Cities A Beneficiary-FundingJAKARTA and Land Value Capture Perspective BANGKOKJAKARTA This report explains how proven methods of land value capture can help fund sustained urban transit investment in developing countries in Asia. It provides a primer on the importance of land value capture in urban planning and growth and identifies challenges to its use in Southeast Asian megacities like Bangkok, Jakarta, and Manila. The report combines technical analysis of land value increases arising from public mass transit investments with policy recommendations on the use of land value BANGKOKcapture mechanisms in a developing country context. JAKARTABANGKOK About the Asian Development Bank ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its eorts to eradicate extreme poverty. Established in 1966, it is owned by 68 MANILAmembers—49 from the region. Its main instruments for helping its developing member countries are JAKARTA BANGKOK policy dialogue, loans, equity investments, guarantees, grants, and technical assistance. MANILA SUSTAINING TRANSIT INVESTMENT IN ASIA’S CITIES A Beneficiary-Funding and Land Value Capture Perspective BANGKOKISBN 978-92-9261-572-7 ASIAN DEVELOPMENT BANK 6 ADB Avenue, Mandaluyong City APRIL 1550 Metro Manila, Philippines 9 789292 615727 www.adb.org SUSTAINING TRANSIT INVESTMENT IN ASIA’S CITIES A Beneficiary-Funding and Land Value Capture Perspective Abdul Abiad, Kathleen Farrin, and Chris Hale Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2019 Asian Development Bank 6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines Tel +63 2 632 4444; Fax +63 2 636 2444 www.adb.org Some rights reserved. Published in 2019. ISBN 978-92-9261-572-7 (print), 978-92-9261-573-4 (electronic) Publication Stock No. ARM190085-2 DOI: http://dx.doi.org/10.22617/ARM190085-2 The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions and terms of use at https://www.adb.org/terms-use#openaccess. This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material. Please contact [email protected] if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo. Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda. Notes: In this publication, “Rp” refers to Indonesian rupiah, “₱” refers to Philippine peso, “B” refers to Thai baht, and “$” refers to United States dollar. ADB recognizes “China” as the People’s Republic of China; “Hong Kong” as Hong Kong, China; “Korea” as the Republic of Korea; and “America” as the United States. Cover design by Chris Hale and Rhommell Rico. iii Contents Tables and Figures ..................................................................................................................................................................................................................................................................iv Foreword ...................................................................................................................................................................................................................................................................................v Acknowledgments ..................................................................................................................................................................................................................................................................vi Abbreviations .........................................................................................................................................................................................................................................................................vii Executive Summary ................................................................................................................................................................................................................................................................ix Introduction ............................................................................................................................................................................................................................................... 1 1. A Tale of Three Megacities in Developing Asia: The Need for Sustained Mass Rapid Transit Investment in Bangkok, Jakarta, and Manila ......................... 3 Bangkok, Thailand .........................................................................................................................................................................................................................................................6 Jakarta, Indonesia ..........................................................................................................................................................................................................................................................8 Manila, Philippines ..................................................................................................................................................................................................................................................... 10 Key Statistics for Selected Global Comparator Cities ......................................................................................................................................................................................... 13 2. Land Value Capture and Beneficiary Funding—Concept and Principles ......................................................................................................................................16 3. Property Value Increases Due to Transit—Evidence from Southeast Asia and the World .........................................................................................................21 Bangkok—the increasing value of being close to mass rapid transit stations ................................................................................................................................................. 24 Jakarta—comparing land value changes in rail-served Dukuh Atas and bus-served Harmoni ................................................................................................................... 26 Manila—how MRT-3 affects land values ............................................................................................................................................................................................................... 28 Project phasing and value impacts .......................................................................................................................................................................................................................... 30 4. Land Value Capture in Action—Strategies and Successes .............................................................................................................................................................32 5. Proven Land Value Capture Mechanisms .........................................................................................................................................................................................38 6. Adapting Proven Land Value Capture Mechanisms to Southeast Asian Megacities: Progress and Challenges .......................................................................43 7. Moving Forward with Land Value Capture .......................................................................................................................................................................................46 References ................................................................................................................................................................................................................................................................... 51 iv Sustaining Transit Investment in Asia’s Cities: A
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