New World Development's (0017) Ma Sik Road residential project in Fanling, in partnership with China Merchants Shekou, is expected to be launched next year, according to Cannas Ho Ka-yan, director of sales and marketing at New World Development.
The project will have a gross floor area of over 1.1 million square feet, and will include a large shopping mall, Ho said, believing that the project will attract both local residents and investors.
The project will be developed in four phases, each offering 504 to 655 units, totalling 2,290 units.
NWD reached an agreement with the government in 2024, with a land premium of HK$1.82 billion for the project's gross floor area of approximately 1.12 million square feet, translating to a land premium of approximately HK$1,627 per square foot.
The project aligns with the sustainable development direction outlined in the government's first Five-Year Plan, striving to build a vibrant and innovative future community, said Johnson Wai, executive director & general manager at China Merchants Shekou.
The developer plans to launch its Hankow Road project by the end of this year, offering about 100 small to medium-sized units, Ho added.
In addition, NWD has partnered with China Merchants Shekou to host "The First Ever Pavilia Nothern Metropolis Photo Contest X AI Ideal Living Creation Contest," to raise public awareness on the development of the Northern Metropolis.
Meanwhile, Advisory Committee on the Northern Metropolis member Tony Tse Wai-chuen stated that the Northern Metropolis is a new engine for Hong Kong's future development and a source of future housing and land supply.
