Over 30 farmlands and wetlands have been transformed into high-density residential zones, with The Standard's sister publication, Sing Tao Daily, estimating that the areas could build at least 58,600 new homes.
Among those projects, Sun Hung Kai Properties (0016) accounts for the largest share, with 8 projects and a potential supply of approximately 18,000 units, representing about 30 percent of the overall total. The largest among these is a site comprising the former Tam Mei shelter hospital, a wetland buffer zone, brownfield sites, and a soy sauce factory site, which received approval for residential redevelopment early last year.
The project covers a total site area of approximately 2.13 million square feet and will be developed into a comprehensive project integrating residential, school, and commercial facilities, comprising 36 residential blocks ranging from 10 to 29 stories and providing 9,940 units. The total residential gross floor area is approximately 4 million sq ft.
New World Development (0017) has 6 projects totaling 9,427 units, including a residential site on Kung Um Road in Yuen Long. Given the reallocation of the basement car park to the ground level, the building height limit has been increased to 94.95 meters above Principal Datum for the development of two residential towers of 26 stories, providing a total of 1,035 units with an average flat size of approximately 428 sq ft and a total gross floor area of about 443,200 sq ft. The planning rezoning process was approved by the Town Planning Board earlier this month, and the entire project is expected to be completed in 2030.
Separately, NWD's in-situ land exchange project at Area 14 in Fanling North, a former shelter hospital, will involve the construction of four 32-story residential towers, with a building height limit of 144.14 meters above Principal Datum, providing approximately 2,300 units with an average flat size of about 417 sq ft and a total gross floor area of approximately 1.12 million sq ft. The project completed its land premium payment at the end of 2024 for HK$1.82 billion, equivalent to approximately HK$1,627 per sq ft of gross floor area.
As for the Nam Sang Wai site in Yuen Long, held by Kowloon Development (0034) and related parties, it covers approximately 576,700 sq ft. In 2023, approval was granted for the construction of 14 residential towers providing 3,556 flats, together with 9 houses, offering a total of 3,565 units. The residential gross floor area amounts to approximately 1.67 million sq ft, with an additional 57,600 sq ft of non-residential floor area. Separately, the company's Ngau Tam Mei project, covering a site area of approximately 1.04 million sq ft, proposes constructing 22 residential towers ranging from 30 to 50 stories, along with 22 houses, for a total of 6,276 units.
Meanwhile, Kwu Tung Station on the MTR East Rail Line is expected to be completed and put into service in 2027, while the Northern Link main line and its branch line projects are targeted to commence operations by 2034 or earlier.
According to government documents, the Northern Metropolis is expected to produce 900 hectares of developable land over the next five years, providing approximately 70,000 residential units and 10.76 million sq ft of economic floor area. Over a 10-year horizon, the supply of developable land is set to double to 1,800 hectares, delivering about 240,000 units and approximately 100 million sq ft of economic floor area.
