RESEARCH ARTICLE

Published Online: June 30, 2024

https://doi.org/10.31893/multiscience.2024301

Evaluation of land value capture policy in toll road

assignment projects to improve investment
performance
Agia Rachmadi Purwaditaa | Remi Fitriadi Kurniaa | Yusuf Latiefa
aDepartemen of Civil Engineering, Faculty of Engineering, University of Indonesia.

Abstract This paper aims to analyze the policy for implementing land value capture (LVC) as an alternative funding scheme
for the toll road assignment project in Indonesia. Currently, Indonesia lacks a specific policy on the implementation of the
LVC mechanism. The LVC implementation policy was evaluated based on a thorough review of literature studies using the
Soft System Methodology (SSM) method. The outcome recommends an action aiming to ensure the sustainability of toll
road assignment projects such as, transforming Regional-Owned Enterprises in the property sector through Joint Venture
between the regional government and the Toll Road Operator (TRO). This transformation would establish the TRO as the
LVC agency responsible for implementing development focused LVC policies.
Keywords: alternative funding mechanism, infrastructure project, land value capture, project sustainability, soft system
methodology

1. Introduction
A toll road assignment project is a toll road construction project assigned to a state-owned enterprise by the Indonesian
government. This initiative addresses the issue of toll roads that, while economically beneficial, lack financial viability. The
primary goal is to stimulate economic growth in the region where toll roads will be developed (Riyanto and Joesoef, 2020). One
of the latest toll road projects is the construction of the Trans Sumatra Toll Road (TSTR). With a total length of 2.704 km, this
toll road connects Aceh to Lampung Province on the island of Sumatra and is divided into 24 road sections. With such an
ambitious plan, this project faces many challenges, such as funding, a low internal financial rate of return, and low average
daily traffic on completed toll road sections.
To overcome these challenges, many studies have proposed alternative solutions, one of which is the implementation
of land value capture (LVC) to enhance project feasibility. Profits generated from the development of the TSTR can be recovered
and captured through the LVC policy (Anjani, 2022). LVC is a mechanism that uses a portion of the proportional increase in the
economic value of the land where activities or government investment policies take place as additional funding outside the
traditional government's or user's pay model (ADB, 2021). The idea behind LVC is to transfer some or all of the increase in land
value (passive income) generated by actions other than those of the landowner, such as public investment in infrastructure or
changes in land use norms and regulations, for the benefit of the wider community (Smolka, 2013). In this context, the land
value gains in additional attributes beyond the basic price of the land itself. These attributes include rising land value due to
investment by landowners, public investment in infrastructure (resulting in changes to land use regulations), and increases in
population and economic development (Suzuki, Murakami, Yong, and Tamayose, 2015).
There are 2 different mechanisms for implementing the LVC method: tax-based LVC and development-based LVC. In the
context of LVC, funding refers to the government’s effort to pay all costs associated with providing infrastructure services and
operational expenses over a certain period. More complex planning and in-depth studies can enable the government to
increase funding through the issuance of bonds based on future tax levies on the increased value of land and property assets.
Meanwhile, the development-based LVC mechanism involves collaboration between the government, landowners, the private
sector, and related parties to enhance land value, increase productivity and promote economic growth, as well as the potential
for significant returns for the private sector and landowners.
The regulatory framework for implementing the LVC policy in Indonesia needs further development. The Indonesian
government has made a large step by formulating the AIAVM regulation to accommodate the implementation of this LVC
method. This draft policy has been discussed in several forums with stakeholders, including regional governments, academics,

Multidiscip. Sci. J. (2024) 6:e2024301 Accepted: June 27, 2024

Purwadita et al. (2024) 2

and toll road operators. The draft regulation has also been disseminated to the public before being taken to the harmonization
phase within the governmental body.
To ensure the sustainability of the toll road assignment project in Indonesia, this study analyzes the possible
implementation of a land value capture policy. This highlights the role of the private sector, which is also involved in these
projects, in the development of such policies. This study draws on the literature about land value capture policy
implementation dimensions to analyze critical success factors and inhibiting factors. Furthermore, the implementation of a
land value capture policy based on soft system methodology (SSM) analysis was evaluated.
2. Materials and Methods
2.1. LVC policy
The implementation of LVC depends on the policy that the government develops. A policy can be analyzed from its
various dimensions. These dimensions are one aspect of a policy framework, in addition to beliefs and policy strategies. In
other words, policy dimensions can also be interpreted as the substance or process underlying a policy (Kuenzler and Stauffler,
2022). There are 12 policy dimensions identified in the implementation of the LVC policy, which need careful consideration, as
described in the following Table 1.
Table 1 LVC Implementation Policy Dimension.
No Policy Dimension Reference
1 Private Sector and Government Synergy Wang et al., 2019
2 Integration of Land Value Capture in the Development Planning Framework Xue and Fang., 2017
3 Appointment of Planning and Implementation Institutions ADB, 2021
4 Negotiation Flexibility with Contributors Zhao et al., 2012
5 Cross-Sectoral Cooperation in Government ADB, 2021
6 Coordination with Tax Authorities Zhao et al., 2012
7 Involvement of Regional Government to Change Regulations Zhao et al., 2012
8 Justification of the Objectives of Implementing Land Value Capture Kresse et al., 2020
9 Efficiency (Value Ratio) of Implementing Land Value Capture Kresse et al., 2020
10 Determining the Time for Policy Implementation Zhao et al., 2012
11 Land Value Capture Contribution from Obligated Parties Zhao et al., 2012
12 Effectiveness of Policies to Finance Development and Improve Investment Performance Kresse et al., 2020
13 Developing Citizen Ownership of Infrastructure using the Public Private People Partnership Thomas Ng, et al., 2013
Scheme.

The critical success factors (CSF) for implementing LVC have also been studied, including in public private partnership
(PPP) projects in Indonesia (Anwar, 2023). Moreover, several studies have indicated the CSF for successful LVC policy
implementation. Specifically, for the TSTR project, studies have sought to identify and analyze the CSF of the implementation
of LVC with the partial least squares–structural equation modeling approach. (Kurnia et al, 2024). The following Table 2
describes the CSF based on the literature review of previous studies.
Table 2 CSF in the implementation of the LVC policy.
No Critical Success Factor in the implementation of LVC Policy Reference
1 Government policy Anwar, A., 2023
2 Land value capture planning and specific project conditions Anwar, A., 2023
3 Limitations of land value capture instrument applications Xue and Fang, 2017
4 Toll Road developer business model Anwar, A., 2023
5 PPP financial mechanism for land value capture Sharma and Newman, 2018
6 Selection of business partners according to project characteristics Li and Love, 2022
7 Business Entity/SPV Strategy Li and Love, 2019
8 Asset/property management Anwar, A., 2023
9 Property price fluctuations Li and Love, 2019
10 Supportive investment environment Zhao et al., 2012

The obstacles to implementing the LVC policy must also be mitigated. One study that identified the major obstacle to
LVC implementation in high-income countries was property owner resistance (OECD, 2022). Moreover, the same study also
revealed that the major obstacle in middle- and low-income countries is the lack of administrative capacity. Other obstacles

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have been studied mostly in Asia, Europe, and the USA based on the LVC policy implementation in each country, as described
in the following Table 3.

Table 3 Obstacles to the implementation of the LVC policy.

No Obstacles in the implementation of the LVC policy Reference
1 Private and government synergy Wang et al., 2019
2 Development planning framework Xue and Fang, 2017
3 Planning and implementation agency ADB, 2021
4 Flexibility to change regional regulations Li and Love, 2022
5 Cross-sectoral collaboration within government ADB, 2021
6 Lack of strong administrative capacity of the government (vulnerable to corruption) OECD, 2022
7 Poor recording of proof of land ownership OECD, 2022
8 Inadequate legal framework OECD, 2022
9 Commitment of decision makers (political will) OECD, 2022
10 Limitations of land value capture instrument applications Wang et al., 2019
11 Development risks that need to be mitigated (market demand, financial stability, etc.) US DoT FHA
12 Excessive fees for developers OECD, 2022
13 Income from LVC that is not according to plan US DoT FHA
14 Lack of public/stakeholder support US DoT FHA
15 Property price fluctuations Li and Love, 2019
16 Refusal from the property owner OECD, 2022

This study aims to examine the policy dimensions, critical success factors, and obstacles in implementing the LVC
policy. Experts from the government, toll operators, policy-making consultants, and academia will provide insights. In the end,
the evaluation of the LVC policy will be analyzed using soft system methodology (SSM).
2.2. Soft system methodology
Soft system methodology (SSM) was first developed by Peter Checkland and his colleagues in the 1970s. SSM is an action
research method that uses models to structure a debate and was developed by trying things out, generalizing from these
experiences, and communicating the results to other people (Pidd, 1996). The application of SSMs to analyze policy has been
used in several studies to provide a clear approach to changes that need to be made to prepare ideal problem solutions
(Vincent, 2017; Dewantoro and Fitrianti, 2021; Sari and Umanto, 2013).
As illustrated in Figure 1, the SSM is divided into seven different stages. The model itself consists of two activities, real-
world activities (Stages 1, 2, 5, 6, and 7) and systems thinking activities (Stages 3 and 4), as described in the following diagram
(Checkland and Poulter, 2006).

Figure 1 Soft system methodology (SSM) stages.

The first stage involves analyzing and exploring the problem situation based on experience or phenomena. A rich picture
can also be developed to provide a more detailed visual representation of a complex system. The second stage entails stating

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Purwadita et al. (2024) 4

the problem situation, which describes the problematic situation through intervention analysis (Analysis One), social analysis
(Analysis Two), and political analysis (Analysis Three). While these first two stages are conducted in real-world analyses, the
next two stages will be performed in systems thinking (logical analysis). Stage three consists of making a root definition, a
statement that concisely describes a system of interest. A root definition usually has six components (CATWOE): customer,
actor, transformation process, worldview, owner, and environment. The next stages consist of comparing the model to the
real world (stage 5), identifying changes that are systemically desirable and culturally feasible (stage 6), and finally, taking
action to improve the problem situation (stage 7). These stages are all conducted in a real-world environment.
The final stage is validation, which will be carried out through in-depth interviews to validate the results of policy
development using soft system methodology (SSM). This involves collecting data through an archive analysis process of the
policy dimension, CSF of LVC implementation, and obstacles to LVC policy implementation, as previously mentioned. The
experts chosen as the related stakeholders in this LVC implementation study are listed in Table 4.
Table 4 Expert profile for verification.
Code Institution Position Experience Education
P1 PT Hutama Karya (Stated Own Vice President Funding and Investment 18 Master
Enterprise) Planning
P2 Universitas Pembangunan Jaya Dean of the Faculty of Technology and Design 30 Doctor
(College)
P3 Ministry of Public Works and Secretary to the Director General of 22 Master
Housing (MPWH) Infrastructure Financing
P4 Indonesian National Development Director of National Priority Infrastructure 30 Doctor
Planning Authority (NDPA) Project Planning and Development
P5 Ernst & Young (Land value capture Director of Strategy and Transactions 24 Doctor
consultant)

3. Results
The SSM will be applied to develop an LVC implementation policy based on validated CSFs and identified obstacles. The
first step is to analyze the problem situation. The rich picture presented by this research focuses on changes and/or the
formulation of legal regulations, which are divided into important issues related to evaluating the implementation of value
capture policies.
The next stage involves intervention and social and political analysis. In the intervention analysis, we identified 3 parties:
the client, the practitioner, and the issue owner. The researcher, Thesis advisor, and UI Civil Engineering Department are
involved in playing the role of client. This study focused on the role of the practitioner, who was the party applying the SSM.
Meanwhile, the issue owner refers to the parties involved in developing the policy model for LVC implementation, such as the
Directorate General of Highways, Toll Road Regulatory Agency (TRRA), Ministry of Public Works and Housing (MOPWH) Toll
Road Business Operator (TRO), Coordinating Ministry for Economic Affairs, National Development Planning Agency (NDPA),
Coordinating Ministry for Maritime Affairs and Investment, Ministry of Home Affairs, Ministry of Finance, Business Services
Agency (BSA), Regional Owned Enterprises (ROE), Regional People's Representative Council where the project is located,
Revenue Agency Regions, Real Estate (Property) and Residential Owners and Developers, and Toll Road Users.
Social analysis focuses on 3 elements: roles (distinct functions and organizational origins of each party), norms (ethical
codes governing activities), and ethics (standards of behavior within roles). Moreover, political analysis explains the power of
decision-making processes. In the context of policy evaluation for implementing land value capture, political analysis has two
main focuses: identifying power structures and examining the process through which actors exert their influence.
Moving forward with policy evaluation for land value capture implementation, the first stage involves determining the
root definition (RD) of the relevant system. This RD describes the transformative process and situational changes taking place
in the real world. RD is a system that is related to the problem that is currently being studied. There is a PQR formula that must
be followed in determining RD. The PQR formula means doing P by Q to achieve R, where PQR will answer the questions of
what, how, and why. The RD for this study can be defined as the system through which the Government has transformed the
functions and institutions of Regional Owned Enterprises (ROE) at the provincial level, which are formed as business entities
from the PPP scheme (P) through formal law in the formulation of policies regarding the function of ROE as institutions
implementing land value capture policies/Acquisition of Increased Area Value Management (AIAVM) Agency (Q) to achieve
alternative funding for assignment toll roads in Indonesia (R).
After carrying out the CATWOE analysis of RD, it is necessary to construct a conceptual model (CM), as described in
Figure 3. This model is founded on the transformative activities of ROE in its role as an AIAVM agency for implementing the
land value capture policy. The input for determining activities is based on the Capacity Building document implementing the
Land Value Capture policy implemented by the Indonesia Australia Partnership for Infrastructure [24] and CSF as well as

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Purwadita et al. (2024) 5

obstacles previously analyzed. The CM is described in Figure 4 as a series of activities that lead to the desired transformation
described in the CATWOE analysis.

Figure 2 Rich Picture of the Development of the LVC Policy.

To test and improve the RDs created, it is important to execute a CATWOE analysis, as explained in the following Table
5.
Table 5 CATWOE Analysis.
Role Description
Customers Directorate General of Highways, Toll Road Regulatory Agency (TRRA), Toll Road Users, Coordinating Ministry
for Economic Affairs, Ministry of National Development Planning/National Development Planning Agency
(NDPA), Ministry of Finance
Actors Coordinating Ministry for Maritime Affairs and Investment, Ministry of Home Affairs, Regional Government,
Regional People's Representative Council, Business Services Agency (BSA), Regional Owned Enterprises (ROE),
Regional Work Units, Regional Revenue Agency, Toll Road Operator (TRO) , Owner and developer of Real Estate
(Property) and Residential, Ministry of Agrarian Affairs and Spatial Planning (MOAASP)
Transformation From not existing to existing. Institutional transformation of provincial-level Regional Owned Enterprises (ROE)
which were formed as business entities from the PPP scheme as institutions for implementing the land value
capture policy
Worldview With ROEs collaborating with TRO under PPP principles as operational business entities, the execution of
development-based LVC policies can be effectively implemented. This can have an impact on increasing
investment performance.
Owner (s) Regional Government, Regional People's Representative Council, Business Services Agency (BSA), Regional
Owned Enterprises (ROE)
Environment Time and cost limitations, the complexity of organizing infrastructure project financing using an assignment
scheme, parties who do not want to implement land value capture on infrastructure projects

The success of CM is measured through 3 criteria, as described in Table 6: efficacy (success of transformation in
achieving its goals), efficiency (success in using minimum resources), and effectiveness (success of transformation in achieving
higher goals or a longer period). These criteria are established based on an analysis of previous research on SSM (Vincent,

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2017) and the Capacity Building document implementing the Land Value Capture policy under the Indonesia Australia
Partnership for Infrastructure (KIAT, 2023).
Critical Success Factor

Land value capture planning and specific project

conditions
Limitations of land value capture instrument
applications
Toll Road Operator business model
PPP financial mechanism for land value capture
Selection of business partners according to project
Activities performed
characteristics
Business Entity / SPV Strategy
Asset/property management

Coordination between government institutions in

Property price fluctuations
preparing the development planning framework

Integration of land value capture-based

Supportive investment environment development schemes in the development
planning framework

Coordination between central and regional

governments with MOU
Establishment of Regional Owned Enerprise
(ROE) with a JV scheme between the regional
government and TRO
Assignment of the AIAVM Agency by the
Obstacles
regional government to the newly formed ROE
Preparation of feasibility study (FS)
Development planning framework Transformation
implementation of land value capture (LVC)
Approval of the LVC project is based on FS
Transformation of ROE as an institution
Private and government synergy with the issuance of a Regional Government
implementing land value capture policies
Decree.
Prepare data to identify catchment areas and
Inadequate legal framework
their boundaries
Issuance of a Regional Government Decree for
the implementation of the LVC mechanism with
Flexibility to change regional regulations exclusive rights to develop outdoor areas
belonging to the Toll Road along the Toll Road
corridor to ROE
Preparation of funding support agreements from
Poor recording of proof of land ownership
regional government and TRO
Income from LVC that is not according to plan LVC property asset management by ROE
Supervision of LVC income distribution and
Cross-sectoral collaboration within government
maintenance of data for the LVC mechanism
Commitment of decision makers (political will)
Planning and implementation agency
Development risks that need to be mitigated (market
demand, financial stability, etc.)
Property price fluctuations

Figure 3 The input from CSF and obstacles to create CM.

Next, the CM can be compared with real-world data, as presented in Table 6. These comparison data are taken from
government resources (KIAT, 2023; Economy Coordinator Ministry, 2022).

Table 6 Criteria for Successful Application of the Conceptual Transformation Model.

Criteria. Definition
Efficacy The presence of formal laws and informal conventions in implementing the transformation of ROE Perseroda
as an institution implementing development-based land value capture/AIAVM Agency policies
Efficiency Minimum use of resources.
Effective Achieving the transformation and institutional function of ROE formed from a regional government JV and ROE
as an institution implementing land value capture/development-based AIAVM Agency

From the comparison result, changes or steps that need to be taken to resolve the problem are formulated. According
to the current system, this can be done by forming a Joint Venture (JV) between the regional government and the TRO to
establish a Regional Limited Liability Company (Perseroda) with a minimum share ownership for the regional government of
51% in accordance with Government Regulation no. 54 of 2017. Culturally, this can be said to be feasible if the regional
government's share ownership is not less than 51%, so that the majority of the control of the company remains with the

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regional government. The next action that might be taken is the formation of ROE as a Perseroda between the government
and TRO as the institution implementing the development-based LVC policy (Table 7).
Table 7 Comparison between the Conceptual Model and the Real-World Model.
Nr. Activity Existence How Who Good/Bad Alternative
1 Coordination between government Yes Meeting Ministry of Economic Good Collaboration
institutions in preparing the Coordination with MOPWH
development planning framework
2 Integration of land value capture- No Meeting, FGD Ministry of Economic Good Collaboration
based development schemes in the Coordination, Ministry with MOPWH
development planning framework of Finance, MOAASP,
NDPA
3 Coordination between central and No Meeting Ministry of Economic Good Collaboration
regional governments with MOU Coordination, NDPA, with MOPWH
Regional Government
4 Establishment of Regional SOE with No Meeting Regional Government, Good Collaboration
a JV scheme between the regional TRRA with the
government and toll operator in Regional Office
the form of Perseroda of the Ministry
of Justice and
Human Rights
5 Assignment of development-based No Meeting Regional Government, Good Collaboration
P3NK Agency by regional Regional People's with MOPWH
government to newly formed Representative Council
Perseroda
6 Preparation of feasibility study (FS) No Meeting Ministry of Economic Good Collaboration
for the implementation of land Coordination, NDPA with MOPWH
value capture (LVC)
7 Approval of the LVC project based No Meeting Regional Government, Good Consultation
on FS with the Issuance of a Regional People's with the
Regional Government Decree (SK). Representative Council Ministry of
Justice and
Human Rights
8 Data preparation to identify No Meeting Regional Government, Good Consultation
catchment areas and their TRRA, MOAASP with the
boundaries Ministry of
Justice and
Human Rights
9 Issuance of a Regional Government No Meeting Regional Government, Good Collaboration
Decree for the implementation of Regional People's with the
the LVC mechanism with exclusive Representative Council Regional Office
rights to develop outdoor areas of of the Ministry
the Toll Road along the Toll Road of Justice and
corridor to the Perseroda Human Rights
10 Preparation of funding support No Meeting Regional Government, Good Collaboration
agreements from the regional TRRA with MOPWH,
government and toll road operator Ministry of
Finance
11 Infrastructure construction No Integrated Regional Government, Good Collaboration
together with property Development TRRA, Regional SOE with MOPWH
construction based on the
development of LVC
12 Land value capture property asset No Establishment Regional Government, Good Collaboration
management by Perseroda of a special TRRA, ROE with MOPWH
division for
asset
management
13 Supervision of LVC income No Regular Regional Government, Good Collaboration
distribution and maintenance of monitoring TRRA, ROE with MOPWH
data for the LVC mechanism

The formation of ROE as an AIAVM agency to manage development-based LVC policy implementation should be
followed by the development of implementation instructions and technical instructions that complement the previous

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presidential decree. This study will serve as guidance for ROE in implementing the development of areas outside the Toll Road
space along the Toll Road corridor. With the policy of implementing development-based LVC, it is expected that TRO can focus
on developing its business to increase the feasibility and sustainability of toll road assignment projects (Figure 4).

Figure 4 The Conceptual Model of the Development of the LVC Policy.

4. Discussion
In toll road assignment projects, SOEs should have an alternative solution to carry out assignment from the government.
Since most of these projects are not financially feasible, alternative funding methods such as land value capture are foreseen
to be a viable solution for overcoming the financial feasibility issues inherent in toll road assignment projects.
The implementation of the LVC suggests establishing a collaborative ROE framework between the regional government
and the relevant TRO. This ROE can be appointed as a development-based AIAVM Agency. With this cooperation between TRO
and ROE, the TRO aims to achieve a sustainable business to support their assignment to develop the toll road project.
This study analyzed many cases of LVC implementation, including the Rail Plus Property method, which has been applied
in Hong Kong by MTR Corporation (Li and Love, 2022). The Rail Plus Property project has been proven successful in Hong Kong
and has been effectively implemented in Shenzhen (Xue and Fang, 2017). Although the LVC project in Shenzen has heavy
involvement of the governmnet to fulfill the residential need, this project can also generate revenue. Another implementation
can be found in the Smith County Texas Reinvestment Zone No. 1 (US DoT FHA, 2024). The Smith County Texas Reinvestment
Zone no. 1 is an LVC-based project that will be developed as a new business park and adjacent property alongside a toll road
corridor. This long-term development project applied a mix of the tax-based LVC and development-based LVC methods.
From the benchmark of those LVC projects, a crucial element of this success has been the involvement of transport
operators in developing the areas surrounding transport infrastructure. This study analyzed this crucial element and proposed
a policy that can be applied in toll road assignment projects in Indonesia. Although the limitation of this study is that it focused
only on the policy of toll road assignment projects, further detailed studies are needed to explore potential LVC implementation
schemes for government-enterprise cooperation, especially for those projects outside the toll road assignment project. These
schemes also aim to increase community involvement through the Public Private People Partnership, enabling better alignment
with community aspirations and accommodating public demands regarding infrastructure planning and policy formulation.
5. Conclusions
To ensure the sustainability of the project, we propose establishing an ROE in the form of a Regional Limited Liability
Company (Perseroda) between the regional government and the TRO as a framework for developing LVC implementation
policies. This ROE will serve as a development-based AIAVM Agency to bridge the implementation of development-based LVC.

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Operating within the property sector, it receives funding support from the TRO and the local regional government. It is also
expected that ROE can increase regional original income by effectively implementing development-based LVC policies.
Integrating the LVC approach into the development planning framework is important for influencing regional development
plans to accommodate the LVC implementation process.
Acknowledgment
We express our deep gratitude to the experts who were willing to participate in the verification of this research,
especially the National Planning and Development Agency, Ministry of General Works and Housing, PT Hutama Karya, LVC
researcher, and LVC study consultant (EY).
Ethical considerations
Not applicable.
Conflict of Interest
The authors of this article declare that they have no conflicts of interest that could influence or influence the research and its
outcomes.
Funding
The research reported in this article was conducted without external financial support. The authors declare that they did not
receive any funding, grants, or financial contributions from any organization, public or private, during the course of this study.
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