E-ISSN: 2528-388X
P-ISSN: 0213-762X
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INNOVATION IN RAILWAY INVESTMENT FINANCING
THROUGH THE LAND VALUE CAPTURE EARMARKS
SCHEME
Fery Safaria a, *.
Carunia Mulya Firdaus b.
Najid a Civil Engineering.
Universitas Tarumanagara.
Jl.
Let.
Jend.
Parman No.
Jakarta 11440.
Indonesia.
Faculty of Economics.
Universitas Tarumanagara.
Jl.
Let.
Jend.
Parman No.
Jakarta 11440.
Indonesia.
ABSTRACT
Keywords:
Land Price Earmarks Hedonic The government of Indonesia is currently working to improve infrastructure, with a particular focus on the railway sector, in order to make transportation more accessible and affordable for all citizens.
Therefore, this study aims to determine the reliability of alternative financing for the Land Value Capture (LVC) scheme, especially through earmarks .
and tax increas.
This scheme is very interesting to examine due to its great implementation potential in Indonesia.
this study, the primary data were obtained from direct measurements in the field of information derived from accessibility factors.
Meanwhile, the secondary data were in the form of land price data in the NJOP (Tax Object Sale Valu.
, as well as site structure, and its environment.
From this context, the land price forecasting model used the Hedonic method developed into a LogLog equation and was analyzed by using multiple regression statistical techniques with iterations, to obtain the best model.
The LVC calculation also used the calculation formula for Land and Building Tax (PBB), as stated in Governor of Jakarta Regulation No.
77 of 2014.
Based on the results, the development stage of the land price forecasting model showed that the independent variables with the most significant contribution ( > 0.
were dominated by accessibility-related factors.
In the residential, office, and commercial areas, the maximum increase in land value ranged from IDR 696.
8 thousand/m2-IDR 30.
5 million/m2.
IDR 1.
million/m2-IDR 41.
4 million/m2, and IDR 595.
9 thousand/m2-IDR 24.
4 million/m, respectively.
These estimations were observed with an average increase in the earmarks of all stations at Regarding the initial year of the project operation, the LVC value also obtained the maximum coefficient of the tax difference scheme from 21 stations at IDR 471,941,540,397/year.
This is an open-access article under the CCAeBY license.
Introduction The railway sector presents a significant investment challenge because it requires a large amount of initial These projects are considered long-term assets and have difficulty generating profits .
This makes it difficult to meet the criteria for an investment project .
Additionally, there is a large gap between the income generated through user payment and the costs of investment (CAPEX) and operation/maintenance (OPEX).
According .
the difficult situation encountered caused a weak investment climate in the railway sector.
This was mainly because the private investors were not enthusiastic about participating in the development of the railway networks due to the profile of the project investment.
However, trains are one of the vital transportation modes that should reach all layers of society .
Based on these *Corresponding author.
E-mail: fery.
328211012@stu.
https://doi.
org/10.
21831/inersia.
Received January 28th, 2023.
Revised May 29th, 2023.
Accepted May 29th, 2023 Available online May 31st, 2023 arguments in the process of determining tariffs, especially urban trains, the role of the government as a regulator is very dominant.
For example, the determination of integrated tariffs for Transjakarta.
MRT, and LRT, which were regulated through Governor of Jakarta Regulation No.
733 of 2022.
This condition specifically triggers a very wide gap between the railway investment value and the income obtained through the user charges .
set by the government.
To overcome these problems, a ticket tariff subsidy scheme, namely PSO (Public Service Obligatio.
instruments, need to be implemented as the general solution effort in most countries around the world, especially developing nations.
This effort is solely performed to provide mass transportation services to the general public at affordable prices .
The government is also responsible for the performance of similar actions Fery Safaria, et.
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May 2023 through the Governor of Jakarta Regulation No.
46 of 2022, regarding the subsidy for Transjakarta, as well as Integrated Rail (MRT) and Cross-Line (LRT) Transportations.
investment capital through an increase in land prices, regarding the development of new public facilities for commercialization purposes .
Also declared that a region or country considered the need for an integrated development concept in adopting the LVC model .
This consideration emphasized an optimal urban environment, as well as institutionally and societally reconsidering the valuation of the public transportation benefits.
Based on .
, the imbalance between supply and demand in the Indonesian transportation system triggered the potential for railway projects to increase significantly.
Bapennas (National Development Planning Agenc.
also stated that the railway sector programs in the country consisted of 247 line, 23 electrification system signal, 9 overflow power transmission, and 2 electrical substation projects .
However, proved that during the 2015-2019 RPJMN (National Medium Term Development Pla.
, the railway sector experienced difficulty in achieving its development targets, as shown in Table 1.
In LVC financing schemes, one of the popular instruments is the management of tax increase differences .
, which emphasizes a Tariff & Fee-Based tool .
According to .
, the earmark mechanism was successfully applied in several countries through the various land price increase benefits caused by transportation infrastructure development.
This instrument reportedly has a long history, including in Colombia .
Portugal .
England .
, and Mexico .
Moreover.
LVC is a non-traditional financing instrument for public facilities, where land is the main economical factor.
This prioritizes the change in land use after being combined with infrastructure investment projects, which promotes economic value and productivity .
Regarding the success targets of the LVC scheme, .
introduced "Triple Win LVC", as shown in Figure 2.
This tool consists of better urban mobility increase, subsidy use reduction, and additional fiscal space.
Table 1.
Achievement of the main targets of the 2015-2019 RPJMN .
Achievement No Infrastructure Type Status Generator capacity Difficult to Electric radio Achieved Consumption per capita Achieved Steady road conditions Achieved National Road Development Achieved New Road construction since 2010 Achieved Highway construction Achieved Railroad length Difficult to Port Development Achieved Harbour dwell time Achieved Number of new airports Achieved On-time flight performance Difficult to Reachable regencies/cities by Achieved - Land Value Increase - Development Opportunities New Station - Development Opportunities Terminus Capturing this by .
he railwaysAo.
managing the The development of railways in Indonesia is also expected to be continuously difficult without appropriate management systems .
Meanwhile, neighbouring countries such as Malaysia and Singapore have reportedly had well-integrated mass transportation systems .
Based on .
, one of the innovations in infrastructure investment financing was observed through the TransitOriented Development (TOD) integrated with urban railway systems.
As shown in Figure 1, the integrated development of the TOD-based railway transportation system is observed to increase accessibility to and from the area, leading to land price increase .
The development of the TOD-based rail network concept with an identical financing scheme is also conducted through the Land Value Capture (LVC) model, according to .
, this LVC scheme is used to monetize infrastructure Figure 1.
TOD-based Rail Network Development .
Figure 2.
Virtuous Value Cycle Concept .
The success of the LVC scheme was explained, especially the earmarks instrument .
The scheme was INERSIA.
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LVC calculation.
To explain the simulation step with the previously compiled mathematical model.
This calculation led to the difference in land value before and after development.
Subsequently, the next step is conducted by adopting the calculation formula for Land & Building Tax (PBB) and is modified for LVC estimation with an earmarks mechanism.
implemented in railway infrastructure financing, especially the MTR (Mass Transit Railwa.
in Hong Kong, through a comprehensive integrated partnership between the property sector and the transportation mode.
also stated that the LVC scheme was applied in two great potential Indonesian regions, namely Jakarta and Makassar, by using earmarks.
This showed that both regions had a significant Regional Original Revenue (PAD), which was obtained from taxes.
In addition, .
believed that the country had a great opportunity to implement LVC schemes through the earmarks instrument.
According to .
, this implementation opportunity was not supported by the presently available instruments, such as the TDR .
ransfer development righ.
with land consolidation, including the inadequate comprehensive harmonization blueprint for TOD in urban areas.
This was subsequently exacerbated by the unclear definition of institutional TOD authority, especially when linked to the cross-administrative issues caused by regional autonomy.
1 Location & Sampling To produce the analysis reflecting the real situation, a specific actual KPBU (Government Cooperation with Business Entitie.
project was selected as the case study, namely the Jakarta Loopline.
In this analysis, only a population of 21 stations was used, as displayed in Figure Based on these descriptions, an analysis is needed regarding the exploration of implementing the LVC scheme, especially the earmarks instrument.
This urgent need is due to the government's lack of fiscal capacity in achieving the infrastructure development capable of improving the national economy.
The urgent experimental need is also because of the limitations of the previous reports to only the conceptual analysis and modelling of land price forecasting around the station.
Therefore, this study aims to determine the reliability of alternative financing for the Land Value Capture (LVC) scheme in Indonesia, especially through earmarks.
The results obtained are expected to fill the problematic gaps observed from previous literature.
It is also expected to ultimately provide input to the government, to increase trust in exhibiting new funding sources through the development of railway infrastructure project areas.
This leads to the ability to attract state/private investors, toward active participation in the development of the national railway network.
Figure 3.
Study Sample Population The obtained sample also emphasizes previous reports, such as the area most affected by the presence of railway transportation .
Regarding the impact of the metro station on the property prices around the area within a radius of 500 m, the calculation is shown in Figure 4.
Method To calculate the potential value of LVC through the increase in earmarks, the following steps were used.
Land Price/NJOP forecasting model development.
To analyze the data through direct measurement, field survey, and secondary data, by using statistical methods to develop a forecasting model for NJOP The result obtained is a mathematical equation model for each station.
Figure 4.
Sampling The number of samples obtained also aligned with the analyses of .
, where greater selection values from Fery Safaria, et.
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However, a minimum limit was considered, especially through statistical analysis methods, namely 30 samples.
From this context, the total number of samples selected for this experimental performance is 630.
This is quantitative deterministic analysis, which uses numerical calculations to determine the decisions made by To be more systematic in experimental performances.
Figure 5 is presented as a derivative of analytical questions, which are in the following forms, .
data sources, .
data collection patterns, and .
the methods used in conducting the analysis.
2 Study Stages Prelinimary Study Lterature Review.
Research Questions.
Research Aims.
Scope of Research.
Best Practice of International LVC Implementation Research Methodology Research Location.
Population & Sampling.
Research variables Data Suryey, data Analysis Case Study:
Project of Loopline Jakarta
The Development of Land Price/NJOP Forecasting Model
STAGE I
STAGE II
STAGE i STAGE IV Determination of variable dependent and Independents Design Survey dan Respondents Data Collection Data Analysis Derivative from Hedonic Equation Primary & Secondary Data Field Survey.
Google earth, tataruang DKI.
Statistical Analysis Log-log Regression Area Development Simulation Development Scenario taken from Generic TOD model ATR/BPN Ministry Regulation No 16 year 2017 and TOD Model Calthrope, 1993 LVC Earmark Calculation Capturing from Tax Different before and after development Figure 5.
Study Stages derived from these factors in the HPM equation, by using the field survey/measurement method.
3 Data Source According to .
, the Hedonic Pricing Model (HPM) method estimated the contributions of different predictor variables to a measurable land price indicator.
Based on Equation 1, the HPM model is a function containing 3 main factors, which function in determining land prices, namely physical/structural (S), environmental (N) and location (L) ycy = yce.
a, ycI, ycA) The data collection technique was divided into 2 .
types, namely primary and secondary.
Firstly, the primary data were obtained based on direct field measurements, such as the distance from the land to the station and the road width.
Besides this, the land area was measured by using Google Earth.
Secondly, the secondary data included the land prices around the station, which originated from the NJOP values within the surroundings in 2021, according to the Regional Revenue Agency of Jakarta.
Other data subsequently included the parcel form, the KLB (Floor Area Rati.
value, and the site zone obtained by Likert Figure 6 shows the sample derived through a radius of 500 m from each station's central point.
where p is land market price.
L is location of land and buildings.
S is Structure/Physical land and buildings.
N is Environment.
Some experimental variables were also derived from the three main factors and were appropriately explained until the measurement process.
Table 2 presents the variables INERSIA.
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Table 2.
Experimental Variables for Land Price (NJOP) Forecasting Modeling HPM Factor Research Variable Description - (X.
Residential Distance, - Distance of residential parcel to the station central point .
- (X.
Office Distance, - Distance of office parcel to the central point of the station .
Accessibility - (X.
Commercial Distance, - Distance of commercial parcel to station central point .
(X.
Road Width -Width of the access road to the station .
- (X.
Area, - Perceel area .
- Perceel Shape (Scale 1-.
, where scales 5 and 1 show a square and an irregular form, respectively.
- (X.
Perceel shape, - Floor Area Ratio (Scale 1-.
, where scales 5 and 1 indicates shows a high and low KLB value.
Structural Environment (X.
KLB (X.
Zone - Land Use Zone (Scale 1-.
, where scales 5 and 1 are the commercial and residential areas, 4 Data Analysis Logistic regression was used as the analytical method because the data types were mixed.
This was similar to .
, where the log of the dependent variable was regressed against that of the independent determinant.
Meanwhile, the non-metric variables expressed with Likert scale values were not transformed as logs.
Also indicated that in relative conditions, the logarithmic model enabled the calculation and measurement of the independent variable effects on the dependent factor .
The coefficient of the independent variable transformation into a logarithmic expression also emphasized its elasticity value, although the constant estimation .
of the model occurred when all the rates of this factor = were 0.
Based on the results and experts such as .
a forecasting model was formed for the land prices around the station, through the following regression Equation 2.
Log (NJOP) = a b1log (Residential distanc.
b2log(Office distanc.
b3log(CBD distanc.
oad widt.
b5log(Perceel Are.
b6(Shap.
b7(KLB) b8 (Environmen.
Figure 6.
Plotting Determination of Sample Data .
& Activity Data Survey .
Figure 7 illustrates the steps to obtain the best multiple regression model.
This indicates that the linear regression analysis step is used to analyze the direct impact of one or more independent variables on a dependent factor, through SPSS version 22.
0 (Statistical Package for the Social Scienc.
Where a is constant, b1,.
,5 is elasticity, b6,.
,8 regression coefficient, e is error.
Fery Safaria, et.
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5 or <=1? And VF<10 Yes Model Validation Finish Figure 7.
Model Development with Multiple Linear-Log Regression values contained in the land value are appropriately ideal.
This is to determine the level by which the LVC value of the highest earmarks was contributed to replace the Public Service Obligation (PSO) coefficient subsidized by the Therefore, the analysis of the policy combinations capable of maximizing the substitution rate of PSO was possible at the end of the experiment.
5 LVC Value Calculation This step was used for calculating the value obtained through the development of areas around the stations.
this case, the value was observed to automatically change the land use in each of the station surrounding regions.
The scenario of the regional design was also modified from the Transit Oriented Development (TOD) concept found in the Minister of Agrarian Affairs and Spatial Planning/National Land Agency Regulation No.
16 of 2017.
It was also modified from the generic land enhancement concept of Transit Oriented Development (TOD) developed by .
as shown in Figure 8.
Housing Zone Office Zone Business Zone Centre of Station Figure 9 illustrates the systematic steps of the regional development simulation, to obtain maximum values due to the enhancement program around the station.
From this context, the use of the term, "maximum", shows that the Figure 8.
TOD Area Development Scenario INERSIA.
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Land Price/NJOP Forecasting Model of Each Station 30 data of each station Land Price/NJOP1 .
Based on Model Area Development Scenario:
- Distance of Business Zone: 150 m.
- Distance of Office Zone: 250 m.
- Distance of Housing Zone: 350 m.
- Road Width : 16 m.
- Parcel Shape: 5.
- FAR Category: 5.
Land Price/NJOP2 .
Based on Area Development Value Capture .
= .
Ae .
- Average of VC Housing zone.
- Average of VC Office zone.
- Average of VC Business Zone.
Parcel Area (Calthrope, 1.
- Housing Zone Area.
- Office Zone Area.
- Business Zone Area.
DKI Governor Regulation No 77 Year 2014 - Tax Tariff : 0.
- NJOPTKP: Rp.
Value of LVC (Earmark.
Figure 9.
Simulation Stages To Obtain LVC Values The calculation of LVC value prioritized the estimation in Governor Jakarta Regulation No.
77 of 2014, by using the land tax increase difference management mechanism, as shown in Equation 3.
PBB = TP y Ocycu1(.
cAyaycCycEycN y yaycN)) Oe ycAyaycCycEycNyaycE) .
Widt.
057log(Plot Are.
521(KLB)
267(Environmen.
From Equation 5, some variables were interpreted as follows, .
a = 12,910.
This indicated that the Land Price/NJOP was 12,910 units .
n logarithm for.
when the independent variable was zero .
From this context, the NJOP was IDR 404,335 when the units were converted into a normal and constant value in the equation.
b2 = 0.
This proved that the Land Price/NJOP decreased by 1% when the office distance increased by one unit, with the other variables constant.
In this process, an inversely proportional relationship was observed between the distance of the office to the station and NJOP.
From this context, the closeness of the office to the station caused a more expensive land price.
b3 = - 0.
This result demonstrated that the Land Price/NJOP decreased by 4% when the CBD distance increased with other constant variables.
In this case, an inversely proportional relationship was found between the distance of the CBD to the station and NJOP.
From this interpretation, the closeness of the CBD led to a more expensive land price.
b4 = 1.
This confirmed that the land price/NJOP increased by 103.
3% when the road width was elevated with other constant variables.
Regarding this context, a directly proportional relationship was observed between the width of the road and NJOP.
In this case, wider road access to the station caused a more expensive land price.
Since this analysis only assumes land, the LVC calculation equation then becomes the following.
LVC = TP y Ae ((Zone VC Average y Zone Are.
NJOPTKP)
Where PBB is the amount of PBB tax.
TP is percentage tax rate .
3%), n is n-th station.
NJOPT is value of taxable objects for land.
AT is land area.
NJOPTKP
is selling value of non-taxable objects .
et at IDR 15,000,.
Result Based on the results, the following equation is an example of the final land price/NJOP forecasting obtained as the best model.
This emphasized the experimental data for Mangga Dua Station, after conducting all the required iteration stages.
Log (NJOP) = 12.
910 Ae 0.
101log (Office Distanc.
114log(CBD Distanc.
033log(Road Fery Safaria, et.
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Meanwhile.
Table 4 provides the validation stage including the analysis of significance through the T-Test on the models at each station.
The simulation of regional development also showed that its pattern was regulated by the zone network in the Concentric Zone Theory, as shown in Figure 8.
This simulation was carried out by using the site establishment concept regulated by the TOD model in the Minister of Agrarian Affairs and Spatial Planning/National Land Agency Regulation No.
16/2017.
The establishment also complied with the Transit-Oriented Development (TOD) principle developed by .
wide difference was observed from one neighborhood to another, with the highest being in the Karet Semanggi area at IDR 137 million/m2/year.
In reality, the land use in Sudirman station is very complete, including the residential areas, especially in the form of apartments, luxurious offices, and business/trade centres, such as SCBD (Sudirman Central Business Distric.
Moreover, the lowest NJOP value in this area was about IDR 16 million/m2/year within the Karet Kuningan The reason for the high-Value Capture (VC) is also due to the wide range of NJOP values.
In the simulation stage, the independent variable model of land forecasting was subsequently filled with a similar maximum value, leading to the present connection of Sudirman station to the MRT terminal and all transportation modes in Jakarta.
This station was close to the Transjakarta Busway corridors 1 (Blok M-Cit.
, 4 (Dukuh Atas-Pulogadun.
, and 6 (Dukuh Atas-Raguna.
Its connection to the LRT Dukuh Atas station through a multi-use bridge was also planned in 2022.
Based on Figure 10, the regional development around the station had the greatest impact on the VC values in Sudirman.
Kemayoran.
Kampung Bandan, and Kampung Melayu, at IDR 96 million.
IDR 77 million.
IDR 54 million, and IDR 52 million, respectively.
In historical data of NJOP value in the Sudirman station area .
, a Table 3.
The Model of Land Price (NJOP) Forecasting for Each Station Independent Variables Name of Station Coefficient Housing Distance (X.
Office Distance (X.
CBD
Distance (X.
Road Width (X.
Parcel Area (X.
Parcel Form (X.
FAR
(X.
Environment (X.
Mangga Dua Angke Duri Gedong Panjang Jati Negara Kampung Bandan Kampung Melayu Karet Kemayoran Kober Manggarai Menteng New Kota Pondok Jati Pramuka Rajawali Sentiong Sudirman Tanah Abang Tebet Tomang INERSIA.
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Table 4.
The Summary of T-Test and Validation for Each Model Stasiun Significance Name of Station Adjusted Mangga Dua 42%/Class 1 Angke 02%/Class 2 Duri -4,00%/Class 1 Gedong Panjang 27,52% / Class 3 Jati Negara 3,14% / Class 1 Kampung Bandan 22,05% / Class 3 Kampung Melayu 15,44% / Class 2 Karet 9,19% / Class 1 Kemayoran 17,21 % / Class 2 Kober 15,99% / Class 2 Manggarai 21,90% / Class 3 Menteng 15,35% / Class 2 New Kota 9,16% / Class 1 Pondok Jati 8,51% / Class 1 Pramuka 7,16% / Class 1 Rajawali 12,00% / Class 1 Sentiong 10,05% / Class 1 Sudirman 3,95% / Class 1 Tanah Abang 23,48% / Class 3 Tebet 10,37% / Class 1 Tomang 20,08% / Class 3 Validation Test Housing Distance (X.
Office Distance (X.
CBD
Distance (X.
Road Width (X.
Parcel Area (X.
Parcel Form (X.
FAR
(X.
Environment (X.
Figure 10.
VC Value from Largest to Smallest The increase in the land value/NJOP generally emphasizing each site use zone was obtained with the following range, .
Increase in land prices for residential zones at IDR 696.
8 thousand/m2-IDR 30.
5 million/m2.
Increase in NJOP for office zones at IDR 1.
25 million/m2Ae IDR 41.
4 million/m2.
Increase in land prices of trade zone at IDR 595.
9 thousand/m2AeIDR 24.
4 million/m2.
According to these results, the office zone occupied the highest position, accompanied by the residential and commercial/business areas.
This was because of the far distances of the office and residential zones, compared to the closeness of the commercial zone.
Therefore, a significant increase was found in land value/NJOP when the reorganization is observed, indicating that the two zones are closer to the station centre .
alking distance This was not in line with the business zone, which is already close to the centre.
Fery Safaria, et.
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Summary of LVC Values for Each Station in the New Jakarta Loopline Station Name LVC Value (Earmark 0.
% Tax
Incremental Angke
10,687,517,230
Duri
7,028,537,397
Gedong Panjang 16,658,830,200 Jati Negara
17,474,789,545
Kampung Bandan
41,154,370,867
Kampung Melayu
42,266,347,037
Karet
25,866,428,483
Kemayoran 51,129,698,550 Kober
8,775,979,089
Mangga Dua 16,334,752,874 Manggarai 25,852,384,651 Menteng
11,567,122,731
New Kota
9,656,991,474
Pondok Jati
12,545,151,887
Pramuka
26,002,537,509
Rajawali 19,535,850,478 Sentiong
2,056,612,664
Sudirman 78,168,862,494 Tanah Abang
21,311,193,680
Tebet
24,288,043,917
Tomang
3,579,537,640
Total
471,941,540,397
From these results.
Indonesia had a large potential to implement the LVC scheme through earmark instruments.
In the country, taxes such as PBB.
PBHTB, as well as hotel, entertainment, and parking tariffs were also applied as sources of LVC.
However, preparations are highly needed, including a joint commitment between the Ministry/ Agency/regional government.
The preparation of a longterm plan was also needed for the development of areas related to railway infrastructure development.
This should be carried out through a transportation Master Plan having a clear land use strategy and VC .
alue captur.
tax The plan also needs to be committed to multiyear budget allocation for project financing.
Conclusions Based on the results, the following conclusions were obtained, that the land price forecasting model development stage showed that the dominant independent variables with the most significant contribution ( > 0.
to land price/NJOP were accessibility-related factors.
The maximum value of the tax difference scheme from 21 stations had the potential to generate LVC earmark rates of IDR 471,941,540,397/year, for the New Jakarta Loopline route in the initial year of the project operation.
Besides this, an average earmark of 39.
84% was also found in all These results proved that Indonesia had a large potential to implement the LVC scheme through earmark However, the protective regulations of the scheme application are needed, especially the institutional issues focusing on the capabilities of each agency in their respective region.
It also emphasizes coordination issues due to the regional autonomy regulations causing policy implementation differences.
Based on Table 5, the regional development around the station had the greatest impact on LVC value, in Sudirman.
Kemayoran, and Kampung Melayu areas.
In the NJOP data from 2015-2021, the land value in Sudirman station was very different from one neighborhood to another, with the highest value observed in the Karet Semanggi area at IDR 137 million/m2/year.
This was because the land use in the station was very complete, including the residential areas, especially in the form of apartments, luxurious offices, and business/trade centres such as SCBD (Sudirman Central Business Distric.
Meanwhile, the lowest NJOP value in the Sudirman station was about IDR 16 million/m2/year and was observed in the Karet Kuningan neighborhood.
These two contrasting situations encouraged the highValue Capture (VC) estimation, leading to the present connection of Sudirman Station to the MRT terminal and various transportation modes in Jakarta.
Subsequently, this station was close to the Transjakarta Busway corridors 1 (Blok M-Kot.
, 4 (Dukuh Atas-Pulogadun.
, and 6 (Dukuh Atas-Raguna.
Its connection to the LRT Dukuh Atas station through a multi-function bridge was also planned in 2022.
The potential of the LVC value should be used as an elimination rate or a substitution for the tariff subsidies (Public Service Obligatio.
often issued by the government through the Regional Budget.
The best practices in the implementation of LVC earmark schemes were also successful in financing railway infrastructure networks, such as the MTR (Mass Transit Railwa.
in Hong Kong.
In this case, the funding process was performed through an integrated partnership concept between the property and the railway sectors, leading to a comprehensive master plan.
From this context, the concrete impact indicated that the MTR in Hong Kong became the backbone of urban transportation infrastructure, through the performance of 5.
8 million trips per day.
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World Bank, 2015.
doi: 10.
1596/978-1-46480149-5.
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