NWD backs Northern Metropolis push, two projects to begin construction this year

New World Development (0017) said it welcomes the government's latest Budget and supports accelerating the Northern Metropolis as a new growth engine for Hong Kong.

The developer holds about 15 million square feet of land, mainly in prime Northern Metropolis areas including near the San Tin Technopole. It supports the government's plan to set up a dedicated company for the project with an initial HK$10 billion capital injection to speed up development.

The group said two major residential projects in the Northern Metropolis will commence construction this year, providing around 3,000 units in total, with sales expected in fiscal 2027.

It also expects to complete land exchange procedures for more than 2 million sq ft of gross floor area within one to two years, including the second parcel of the Yuen Long South residential project and the Yuen Long Lam Hau Tsuen project, while actively seeking strategic partners to enhance development potential.

Cynthia ZHONG