The MTR Corporation kicked off its ambitious Northern Link railway project with a ceremony on Friday, unveiling a HK$31.4 billion first-phase plan that the company will fully fund, including land acquisition costs, as part of an agreement with the government to bolster Hong Kong’s transport network.
The Northern Link’s initial phase, outlined in the project agreement, will see MTR covering all expenses, from construction to land-related fees, as the company pushes to expand connectivity in the city’s northern region.
MTR Corporation CEO Jacob Kam Chak-pui emphasized MTR’s robust financial strategy, noting that the company maintains flexibility through various funding mechanisms tailored to market conditions, operational needs, and investor confidence.
This approach, he suggested, ensures the project’s viability while allowing MTR to adapt to economic shifts as it plans for the long term.
Discussions with the government are already underway for the project’s second phase, with MTR aiming to align construction of the main line and its branch to meet a completion target of 2034 or earlier.
This synchronized timeline is designed to streamline development and deliver seamless service to commuters in the New Territories.
When pressed on progress for the planned Tsuen Wan West Station on the East Rail Line, Kam highlighted MTR’s active collaboration with the government to lay the groundwork for its construction.
He underscored the success of MTR’s “rail-plus-property” model, which has long fueled railway investments by integrating property development to offset costs, a strategy that has underpinned many of the city’s rail lines.
The ceremony comes in the shadow of a tragic incident last month at MTR’s Siu Ho Wan depot, where a fatal accident involving a works train claimed a life.
Kam noted that the Labour Department’s investigation is ongoing, stressing that safety remains the cornerstone of MTR’s operations and construction efforts.
