Team-up to bear 1,800 flats in Northern Metropolis

Wallis Wang

New World Development is partnering with state-owned developer China Resources Land to build about 1,800 homes in Yuen Long under the Northern Metropolis plan.

Two sites in Yuen Long South will be codeveloped, with construction starting next year under Hong Kong's first "Project Cooperation Agreement regarding the Northern Metropolis" signed by the two developers yesterday.

The sites cover an area of nearly 150,000 square feet with a total buildable gross floor area of about 720,000 square feet, creating some 1,800 residential units, the developers said.

New World and China Resources Land joined forces in October last year to explore the feasibility of utilizing and developing agricultural land in the Northern Metropolis.

The agreement enables both companies to plan a new core business district, offering "a coveted lifestyle, space for emerging industries and a diverse array of cultural and leisure amenities."

The new residential area to be developed will also integrate with the planned "high-end professional services and logistics hub" of Northern Metropolis.

Wang Song-miao, secretary-general of the Liaison Office, attended the signing ceremony of the agreement.

New World chief executive Adrian Cheng Chi-kong said his company owns approximately 15 million square feet of agricultural land within Northern Metropolis and that this is the first project to be developed there.

"In addition to unlocking agricultural land value and creating the greatest return for our shareholders, this project also highlights our commitment to supporting both the nation's development plan and the vision of the Northern Metropolis," Cheng said. "We look forward to contributing to the development of a new core business district in Hong Kong."

China Resources Land chairman of the board Li Xin said the company is "seizing a historic opportunity" and "embracing the mission of promoting Hong Kong's long-term prosperity and stability" as the SAR government has been incentivizing the development of Northern Metropolis since 2021.

"China Resources Land and New World Development have now made a leap forward in the Yuen Long Project. With our strategic partnership with New World Development, we hope to leverage both parties' rich resources and experience in developing high-end and high-quality projects," Li said.

"We are committed to contributing to Hong Kong's economic development and improvement of people's livelihoods as well as supporting the country's overall development."

There will be four major zones in Northern Metropolis - a high-end professional services and logistics hub, an innovation and technology zone, a boundary commerce and industry zone and a blue and green recreation, tourism and conservation circle.

wallis.wang@singtaonewscorp.com