City-owned mass rapid transit (MRT) project operator PT MRT Jakarta plans to establish a subsidiary company to develop its property business once it is operational.
PT MRT Jakarta finance director Tuhiyat said recently that the establishment of a subsidiary company would be carried out simultaneously with MRT construction.
“We aim to prepare for the establishment of a subsidiary company while construction is ongoing so that everything will be ready once it is operational,” he said during a visit to MRT construction sites in Singapore recently.
Such a move was necessary, he said, so that MRT Jakarta, as the parent company, could focus on building infrastructure.
Tuhiyat, however, declined to explain details regarding its business plan or whether the company should get a business concession to develop commercial areas near MRT stations.
“We have yet to go that far. We’ll see,” he said.
Tuhiyat was upbeat that the presence of an MRT station in an area would add to its value hence, “buildings can be built higher, creating a promising commercial area”, he said, adding that the company hoped it could also benefit from profits earned.
During a visit to Malaysian MRT Corp, the operator of Malaysia’s first MRT line, PT MRT Jakarta operational director Albert Tara said that the subsidiary company might also work with other city-owned or private property developers to build commercial areas near MRT stations and utilize the profit to support its operations.
“We might build apartments, office building or shopping centers above the MRT stations. That way, we can reduce the MRT ticket fares,” he said.
Albert, however, refused to discuss the ideal MRT fares.
“It’s still too early to discuss and the governor is the one authorized to determine the MRT fares.
“We would calculate the operational costs and determine the actual fares. There will be a difference between actual fares and those set by the city administration. The difference can be covered by profits from the property business or government subsidies,” he explained.
Despite its plan to develop and run commercial areas near MRT stations, Albert pointed out that the commercial areas had yet to be integrated in the MRT basic engineering design (BED).
“Our MRT costs Rp 1 trillion [US$81.87 million] per kilometer, lower than Malaysia’s MRT, which costs Rp 2 trillion per kilometer. This is because we have yet to include commercial areas in our BED, while Malaysia has included all details in its design,” Albert said, adding that MRT Jakarta has suggested that the project consultant include commercial areas in the detail engineering design (DED).
Regarding the company’s assets, Albert cited that he proposed that PT MRT Jakarta own the MRT depot and rolling stock to reduce maintenance costs. “Meanwhile the city administration can own the remaining assets like railway and MRT stations,” he said.
The first MRT line — which will connect Lebak Bulus and the Hotel Indonesia traffic circle — will have six underground stations, seven elevated stations and will be able to accommodate 173,000 passengers per day.
Construction of the first phase of the MRT project will be funded by a ¥125 billion soft loan from the Japan International Cooperation Agency (JICA) and another $143 million from the city budget.
The first MRT line is expected to start operating in 2017.
MRT to establish subsidiary
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