Bernadette Lim not bearish on long-term income from land sales, mulling Northern Metropolis "area model" development

Secretary for Development Bernadette Linn Hon-ho said during an interview on Monday that the land sales revenue for this fiscal year is lower than the forecast, but she is not pessimistic about the long-term land sales revenue.

During the interview today, Lim stated that she is not worried about the land sales for the year, despite failing to meet expectations, as she thinks that as long as the economy is well, she believes that land sales revenue will be satisfactory. 

During the same interview, she also said that they hoped to learn from the experience of some new development areas on the mainland and adopt the "area model" to develop large-scale projects such as the Northern Metropolis, where different sections of land in the area are handed over to developers through bidding. 

The relevant project expenses for land formation, infrastructure, and development will be reflected in the land price, which can reduce the government's financial expenditure. 

It is initially believed that Ping Che, Ta Kwu Ling New Development Area, Lau Fau Shan, and San Tin Technopole, which have announced their planning uses this year, have opportunities to adopt the "area model."

There are opinions in society that, given the financial constraints, resources should be concentrated on developing the Northern Metropolis, and the Kau Yi Chau artificial island project should be postponed. 

The development chief pointed out that projects should not be halted when the economy is in bad times, as there will be a lack of land supply when the economy improves and society needs it. 

She stressed that the government is absolutely determined to promote artificial islands and strives to begin land reclamation next year at the latest.