Urban Rail Transit in Bangkok: Chronological Development Review and Impact on Residential Property Value (original) (raw)
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Effects of Rail Transit on Residential Property Values
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The impacts of a rail transit system on residential property values have been examined for many metropolitan areas in the United States, China, and other countries, yet there have been few comparison studies between countries. Studies have reported both the positive effects of rail transit resulting from improved accessibility as well as the nuisance effects from noise, pollution, crime, and unsightliness. The net effects of a rail transit system could be mixed, and there has been no agreement on which would dominate. This study used METRORail in Houston, Texas, and the Metro in Shanghai, China, as empirical cases and compared their effects on nearby residential property values. A hedonic price model with ordinary linear regression was used in the case study of Shanghai's rail transit lines. The Houston case study applied ordinary linear regression and multilevel regression techniques to examine the hierarchical structures of spatial data explicitly. The modeling results from bo...
Jurnal Teknik Sipil
Urban area management in developed countries such as the United States and Japan which have implemented "Transit Oriented Development" (TOD), shows that TOD seems capable of increasing the property values and and reducing household expenditure for transportation costs. However, applying the TOD concept in Indonesian cities such as Jakarta, Surabaya, and Medan, is a unique and considerable challenge, considering urban transportation condition in Indonesia that is far different from the conditions in urban areas in developed countries. One of important infrastructure policy issues for Jakarta and other rapidly growing cities in Indonesia is how to raise fiscal revenues through "value capture", in which the increase the property values is due to better access and services from the existances of the railway stations. The research is based on a case study in Serpong, a neighborhood in Jakarta Metropolitan Area (JMA), Indonesia. The focus of this study is to test the basic viewpoint of TOD strategy which is how transport infrastructure such as railway stations influence the property values of a neighborhood. Following Anselin and Lozano-Gracia's (2009) framework, this paper uses a spatial hedonic pricing model that allows to measure both "direct and indirect effects" or "externality spillovers" from the existence of the railway stations.
The impact of rail transit investment on the residential property values in developing countries
Property Management, 2006
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2009
We examined the rent capitalization of access to rail transit station in Bangkok. Because office rents are spatially autocorrelated, OLS estimation of hedonic models yields biased and inconsistent results. Therefore, we used the spatial econometric technique to remedy this problem. We measured access to rail transit stations by street-network distances from property to station. The distances were also the basis on which spatial relations among office rents were defined, and from which spatial weights matrices were constructed. We estimated spatial hedonic regressions from a sample of 85 office properties in Bangkok, using spatial lag and spatial error model structures. The results reveal that the monthly rent premium of being located nearer to a transit station by one kilometer is approximately 19 Baht per square meter, and the elasticity of rent with respect to the distance is -0.06.
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Transit-Oriented Development and Land Use
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The purpose of this work is to support the transitoriented development (TOD) in Thailand. The main research objective is to explore the relationship between ridership demand and TOD indicators, which is expected to be the first question that a developer in Thailand must be able to answer in order to direct their development plan in the right direction. Using existing Bangkok metro stations as a case study, 22 variables categorized into three groups (density, diversity, and design) were collected for an 800-m buffer area around the stations. Results of the correlation analysis between transit ridership and other variables show a significant relation with the volume of transit ridership. Bus services have a stronger influence on transit ridership than railway stations and ferries (pier). Also, the interchange stations and park-and-ride buildings are found to be the main variables that correlate directly with the transit ridership numbers. Results from the principal component analysis are used to evaluate factors of TOD characteristics for the existing Bangkok metro stations, categorized into seven factor groups.
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Urban mass rapid transit-oriented development is increasing in developing Asian megacities. However, there are concerns about whether transit-oriented development attracts and allows transit users to live nearby. This study aims to examine the relationship between quality of life (QOL) and bid rent among socioeconomic groups living near rapid transit stations in Bangkok. The levels of various residential QOL indicators were classified into access, amenity, and safety elements. These indicators and their values by socioeconomic groups were examined in station and no-station areas using data from a questionnaire survey of local residents in Bangkok. The QOL indexes and bids for rent were estimated by socioeconomic group and by residential location. The results showed that low-income residents, who most frequently use mass transit, have higher QOL in station areas than in no-station areas, and high-income residents, who rely more on cars, have the highest bid rent.