Property development prospects in Sri Lanka railway upgrade
Aug 17, 2017 18:31 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Sri Lanka’s railway and urban development authorities are to work together to include property development, known as transit-oriented development, in a planned modernisation and electrification of suburban rail.
Palitha Samarasinghe, director of the Railway Electrification and Modernization Project, said the railway department was in talks with the Urban Development Authority on transit-oriented development or TOD, integrating rail and commercial development schemes.
“We are having talks with the UDA on transit-oriented rail operations,” he told a forum. “We asked them to consider railway development when planning urban development.”
He was responding to a question whether the modernisation, involving station upgrades, includes property development with private sector participation, during the 15th John Diandas Memorial Lecture held by the Chartered Institute of Logistics & Transport Sri Lanka.
“We will consider whatever urban development that can be included,” Samarasinghe said.
Transit-oriented development exploits the connectivity between the rail system and the city provided by stations and enables rail operators to earn alternative revenue and generate increased ridership.
The higher revenues, in turn, enable the provision of better services to the public as, in places like Hong Kong whose Mass Transit Railway Corporation earns one-third of its revenue from non-fare sources like profit from retail and property management.
(COLOMBO, August 17, 2017)