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" Urban regeneration financing and land value capture in Malaysia "
Eni, Sabariah
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Latin Dissertation
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| Record Number
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1100363
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TLets628539
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| Main Entry
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Eni, Sabariah
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| Title & Author
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Urban regeneration financing and land value capture in Malaysia\ Eni, Sabariah
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| College
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University of Ulster
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| Date
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2014
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| student score
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2014
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| Degree
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Ph.D.
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| Abstract
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Property development is seen as one of the key element in urban regeneration process inhalting decline in town and Cities. Moreover, the regeneration policy is viewed as a keydriver of economic, physical and social growth. Thus, it is an expansive and pervasivemeasure to policy making decisions. Post 2007 sets the challenges as Global FinancialCrisis (GFC) led to the uncertainty and financial constraint for urban regeneration.However, sustainable economic growth demands considerable investment to finance thedevelopment and associated infrastructure. The traditional practice to finance thedevelopment is by way of public investment. This places a huge burden ongovernments in terms of raising sufficient investment. In the face of continuingeconomic crisis, this study examines alternative funding vehicles to fund urbanregeneration projects. One possible alternative financing tool is LVC (LVC). Largepublic investment in infrastructure can substantially increase the value of land in closeproximity to the development. Capturing the value of this benefit through land usepolicy and alternative financing instruments is increasingly important to urbanregeneration projects. This study explores an alternative financing mechanism designedto capture the uplift in land value due to development activity. This study examines theapplication of "value capture" in terms of its prospect and challenges in Malaysia.This thesis provides the first comprehensive empirical investigation in urbanregeneration financing and LVC in Malaysia. The analysis also identifies various LVCmechanisms that are applied around the world and their potential for application inMalaysia. The thesis presents the first substantial Malaysian study that explicitlyexplains the role of key property players in urban regeneration and LVC. Case studies inKuala Lumpur and Johor Bahru are utilised to show the need for urban regeneration. Aqualitative methodology is adopted to gain quality data from the respondents.Interviews with the stakeholders and end user groups in the property industrydemonstrate that there are no proper guidelines hence there is: (1) no urgency to adoptthe urban regeneration concept, (2) no awareness or intention in capturing land value,and (3) no real opportunity to capture value. The results demonstrate that there is aminimal degree of acceptance of urban regeneration concepts and applicability of LVCas a funding model in Malaysia.The outcome of this study comprises recommendations for more viable strategies andpolicies that LVC offers to finance urban regeneration. Firstly, this thesis highlights theopportunities and barriers in implementing LVC. Secondly, to ensure its potential, therewill need to be political will and government agencies will need to implementappropriate regeneration strategies and fiscal reforms including guidelines for LVCimplementation at federal, state and local government levels.
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University of Ulster
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