Sgp public transport needs vs Private operated transport companies

Despite the high profits reported by the two main transport companies;
SMRT and Comfort Delgro, our Transport Minister said that this year
MRT and bus fares must be increased so as to 'encourage' the transport
companies to improve their efficiency.  In the meantime, energy costs
has drop by more than half since early 2014.

The main argument by the Minister is that it is the rental of the MRT
shop spaces that generate the profitability while the MRT operation is
suffering an operational loss.  As such, fares have to increased so
that the MRT operational loss can be reduced.  On the other hand, if
it is not for the MRT operation, the MRT shop spaces will not be able
to achieve the high rental profit.  In economic term, these are the
positive externalities that the shop spaces derived from the MRT
operation.  Beside the shops around the MRT stations, the land prices
around the MRT stations also rise significantly.  In short, the MRT
stations greatly enhance the value of these surrounding land and MRT
shops' spaces.

If these private companies, operating as virtually monopolies (no
alternative supplier), are allowed to make extra ordinary profits from
these positive externalities without contributing to the operational
costs of the MRT, then these companies are ripping off the MRT
commuters who are paying almost full price for the MRT operating
costs.  Why should the public commuters be paying the full costs of
the MRT operations while the MRT positive externalities are creamed
off by private companies that also own the MRT shop spaces?

At the same time, how can Singaporeans be sure of these transport
companies optimum  operating performance when there is no yearly
publication of comparative studies of similar operations and business
environment, example, HongKong MTR operations in term of service
reliability, frequency, timeliness,...etc against the fares charged?