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New World Development (NWD) and China Merchants Shekou Industrial Zone Holdings will jointly develop the largest commercial and residential project in the Fanling North New Development Area, offering no fewer than 2,000 residential units.
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The two giants signed a cooperation agreement on the project on Tuesday (May 7), with the construction scheduled to commence in early 2025.
The mega project - occupying approximately 150,000 square feet of land – is located near the Fanling and Sheung Shui new town with a total buildable floor area exceeding 1 million square feet. Around 180,000 square feet of the floor area will be allocated for commercial use.
The land is the first new development area to enter its construction phase within the Northern Metropolis.
The co-developed project also complements the development of the boundary commerce zone and the emerging industries base, synergizing with San Tin Technopole.
NWD chief executive officer Adrian Cheng Chi-kong noted that the company has a land bank of 15 million square feet in the Northern Metropolis that is adjacent to the San Tin Technopole.
“We will accelerate the release of the farmland value through different means, actively support national planning, and inject energy into the development of the Northern Metropolis,” he added.
Miao Jianmin, the chairman of China Merchants Group, said China Merchants Shekou is committed to becoming the country’s leading city and industrial zone operator, and has actively been cooperating with New World Development for years to seek common development.
As announced in the 2024 to 2025 budget earlier this year, the government plans to issue bonds of about HK$95 billion to HK$135 billion per annum in the next five years to drive the development of the Northern Metropolis and other infrastructure projects.
