"Public leasehold systems: how to finance an equitable and sustainable development with land values?"
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2024-08-30
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en
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According to CCFLA (2017), more than one trillion U.S. Dollar is missing each year for urban investments, greatly limiting cities’ greening efforts. This investment gap is especially severe in developing economies due to their budget constraints. Land value capture (LVC) promises to overcome this financial problem, as it enables governments to capture increased property values resulting from public investments. When Singapore and Hong Kong were rapidly developing between the 1950s and 1990s, they successfully captured land value increments through public leaseholds (Alterman, 2012; Hui et al., 2004). However, it is important to assess whether their practices were also equitable and sustainable. This research aims to explore the potential (and limitations) of public land leasing in balancing planning goals such as equity and sustainability. Based on a LEED ND assessment of six neighbourhoods, three in Singapore and three in Hong Kong, recommendations for developing countries today can be drafted. The assessment is complemented by a literature review into the equity of public leasehold systems. Both approaches to new town development can be recommended. The choice should be based on a developing country’s current position. If the government does not yet possess land, powerful land acquisition legislation is recommended. However, special attention should be paid to some of the shortcomings of both new town development programs, such as environmental issues and the timely delivery of essential public facilities.
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Faculteit der Managementwetenschappen