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MTR Corporation Limited : MTR Awarded for Rail plus Property Development Model

06/18/2013 | 04:37am US/Eastern

PR045/13
18 June 2013

MTR Awarded for Rail plus Property Development Model

MTR Corporation received the International Business Model Award at the recent International Association of Public Transport (UITP) World Congress for its rail plus property development model. The honour recognises the Corporation's innovation in adopting the integrated development model for Shenzhen Metro Longhua Line.
"We are very honoured and pleased to receive this award," said Mr Jay Walder, Chief Executive Officer of the MTR Corporation. "I must thank the many MTR colleagues who brought creativity and ingenuity to this complicated project."
"But the honour should really be shared with the Shenzhen Municipal Government. They have been true partners along the way and the project would not have been possible without the tremendous support we received from government officials. We are very excited as it is not only a pioneering business model on the Mainland, but it also brings us the opportunity to contribute to sustainable urban development in Shenzhen," he added.
The MTR Corporation won a bid in 2011 for a site above the depot of Shenzhen Metro Longhua Line which is operated by its wholly-owned subsidiary MTR Corporation (Shenzhen) Limited. The innovation in the development project lies in modifying the company's well-proven rail plus property model in Hong Kong to suit the local context in Shenzhen.
The development site is physically integrated into the metro line as future residents living above Longhua depot will enjoy convenient and seamless access to public transport. The site has a total developable gross floor area of 206,167 square metres and is currently being constructed by a subsidiary of MTR. The project will offer about 1,700 flats when completed in 2016.
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Photo Captions:

1. MTR Corporation's Chief Executive Officer Mr Jay Walder (far left) received the lnternational Business Model Award at the UITP World Congress in Geneva.

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2. Depot ofShenzhen Metro Longhua Line


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