> One major difference is Singapore and Japan’s stops are profit centers and not cost centers…meaning they’re not as dependent on debt or fare collection Singa

> One major difference is Singapore and Japan’s stops are profit centers and not cost centers…meaning they’re not as dependent on debt or fare collection Singapore is a bit different. SMRT is operated by a group of private transit operators that don’t really do real estate on the same scale that e.g. JR does in Tokyo, so fares are still their primary revenue source. Hong Kong is a better corollary to Japan. The HK MTR is responsible for a bunch of large real estate projects in the city, including the ICC (the tallest skyscraper in town and one of the two iconic buildings that flank the entrance to the harbor).