Infrastructure investments have long been a key factor driving the economic and urban development of a country. These investments usually require a large amount of funds, but funding for such investments is often limited to catching up with the growing urban population, especially for cities in emerging economies. As a result, finding alternative funding for infrastructure investment is increasingly important. Land value capture (LVC) is one of the mechanisms that can be used to fund infrastructure investment. An important policy question for the land value capture is determining how much of the increment land values are due to infrastructure investment. This research aims to assess the land value increment due to proximity to public transit, using Bangkok as a case study. The analysis employs hedonic regressions of low-rise residential real estate projects from 2009 to 2017 in the Bangkok Metropolitan Region. The results suggest that the proximity to the nearest mass transit stations has driven up the land values of residential lands in real estate development projects. In addition, the bid-rent coefficients over time have increased in magnitude in the latter years as more transit stations have opened, suggesting the presence of temporal effects from various stages of mass transit investments on land values. The analysis also assesses the value that can be captured through a tax-based LVC mechanism around a new mass transit station.

长期以来，基础设施投资一直是推动一个国家经济和城市发展的关键因素。这些投资通常需要大量资金，但是用于此类投资的资金通常仅限于赶上不断增长的城市人口，特别是对于新兴经济体的城市。结果，为基础设施投资寻找替代资金变得越来越重要。土地价值获取（LVC）是可用于为基础设施投资提供资金的机制之一。土地价值获取的一个重要政策问题是确定多少增量土地价值归因于基础设施投资。这项研究旨在以曼谷为例，评估由于靠近公共交通而导致的土地增值。该分析采用了曼谷大都会地区2009年至2017年低层住宅房地产项目的享乐回归。结果表明，邻近最近的地铁站已经拉高了房地产开发项目中住宅用地的土地价值。此外，随着更多公交站点的开放，投标租金系数随时间的流逝在数量上也有所增加，这表明了大规模公交投资各个阶段对土地价值的暂时性影响。该分析还评估了可以通过围绕新的大众运输站的基于税收的LVC机制获取的价值。结果表明，邻近最近的地铁站已经拉高了房地产开发项目中住宅用地的土地价值。此外，随着更多公交站点的开放，投标租金系数随时间的流逝在数量上也有所增加，这表明了大规模公交投资各个阶段对土地价值的暂时性影响。该分析还评估了可以通过围绕新的大众运输站的基于税收的LVC机制获取的价值。结果表明，邻近最近的地铁站已经拉高了房地产开发项目中住宅用地的土地价值。此外，随着更多公交站点的开通，投标租金系数随着时间的流逝在数量上也有所增加，这表明了大规模公交投资各个阶段对土地价值的暂时性影响。该分析还评估了可以通过围绕新的大众运输站的基于税收的LVC机制获取的价值。