Construction of the San Tin/Lok Ma Chau development area is expected to start ahead of schedule in 2024, says Secretary for Development Michael Wong Wai-lun.
A feasibility study on the project, which will offer 31,000 units, has largely been completed, said Wong in a blog.
It covers 320 hectares, including more than 80 hectares of brownfield, about half of which is private land.
The Lok Ma Chau Loop, together with the old Shenzhen River section, has an area of about 100 hectares. It was formed as a result of a diversion of the Shenzhen River and is now part of Hong Kong.
The area can support residential projects, and the San Tin station on the Northern Link would help unleash the development potential, Wong said.
Construction of the Northern Link, which will connect the Tuen Ma line and Lok Ma Chau spur line of East Rail, is expected to start in 2025 and end in 2034.
Wong said authorities are trying to get new sites through a multipronged approach. The New Territories North area will provide middle-to-long term land supply.
It includes NT North New Town, Man Kam To and the development node, and covers more than 1,500 hectares, he said, adding that the project is estimated to offer more than 100,000 flats, accommodating 280,000 people.
Meanwhile, the new area will be used to develop technologies, creating about 200,000 jobs, he added.
The area's development potential is unlimited since it is located near Shenzhen's economic belts and benefit from rapid growth in the Greater Bay Area, said Wong.
The New Territories North New Town, to the northeast of Sheung Shui and Fan Ling, covers about 1,100 hectares and is expected to accommodate at least 200,000 people and create 130,000 jobs.
