NMCO director confident in financial feasibility of large-scale land disposal in Northern Metropolis

Vic Yau Cheuk-hang, the Director of the Northern Metropolis Co-ordination Office (NMCO), affirmed the financial viability of large-scale land disposal projects in the Northern Metropolis. 

The development follows the government's prior announcement to expedite the Northern Metropolis project. The designated pilot areas for large-scale land disposals include the Hung Shui Kiu/Ha Tsuen New Development Area, the Fanling North New Development Area, and the San Tin Technopole, covering approximately 12.5 hectares, 15.9 hectares, and 18.6 hectares, respectively. Each area will feature sites for private residential, industrial, and public facilities.

In an interview today, Yau confirmed that the Hung Shui Kiu/Ha Tsuen New Development Area and the Fanling North New Development Area, which are currently undergoing extensive land disposal, have completed their statutory planning procedures. The land resumption process is nearly finished, and the government is set to invite tenders in the latter half of the next year.

Yau also discussed insights from a government consultant's evaluation, which found the three pilot projects to be financially viable. He expressed his confidence in the success of the forthcoming bids.

Looking forward, Yau revealed plans to introduce additional pilot areas within the Northern Metropolis, employing both land sales and in-situ land exchange models.

He emphasized that the development strategy for the Northern Metropolis would not solely rely on land disposal methods, and there are no plans to extend the development beyond its current boundaries.

Addressing potential concerns regarding the market reception of the project, Yau clarified that the government's financial assessments support the development's feasibility under current market conditions. He assured that continuous market research would be conducted to adapt the bidding content as necessary, ensuring the project's success.