Financing Transit-Oriented Development with Land Values

Chapter 3: Rail Plus Property Program, Hong Kong SAR, China

Map 3.3 Tung Chungâ&#x20AC;&#x2122;s master layout plan: Integrating MTR station, properties, pedestrian network, and amenity podiums in the comprehensive development area Airport

Exp

AIRPORT

s res

RECLAMATION AREA

ine gL un Ch ss re xp tE r o irp

g Tun

North Lantau Highway

Housing Authority Development

50 0

250 100

500 m

Legend MTR Tung Chung Station Planning area Commercial, amenity podium and pedestrian bridge Town square Residential property Office property Hotel property Community facility

Source: Data from Cervero and Murakami 2009. Note: MTR = Mass Transit Railway.

Photo 3.2 Pleasant public place of Tung Chung Station

Source: ÂŠ Jin Murakami, 2014. Used with permission. Further permission required for reuse.

Financing Transit-Oriented Development with Land Values

Published on Jan 14, 2015

World Bank Publications

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"Cities in developing countries are experiencing unprecedented urban growth. Unfortunately, this is often accompanied by the negative impacts of sprawl as a result of rapid motorization such as congestion, air pollution, greenhouse gas emissions, inefficient use of energy and time, and unequal accessibility. As these cities are often under severe fiscal constraints, they face great challenges in financing capital-intensive mass transit systems to reverse the course of these negative trends. Development-based land value capture (DBLVC) financing schemes being practiced in Asian megacities like Hong Kong SAR, China, and Tokyo have helped them not only to generate funds for transit investment and operational and maintenance costs but also to promote sustainable urban development through transit-oriented development (TOD). Many rapidly growing cities in developing countries have the conditions for introducing DBLVC †“ namely, strong economic growth, rising real incomes and increased m

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