New World Development Company Limited (“New World Development”) and China Resources Land Limited (“CR Land”), announced the signing of Hong Kong’s first “Project Cooperation Agreement regarding the Northern Metropolis” (“the Agreement”). Under the Agreement, New World Development and CR Land will jointly develop a residential project that will create approximately 1,800 homes in the Northern Metropolis, with construction scheduled to commence in 2024. The Agreement enables both companies to plan out a new core business district that not only offers a coveted lifestyle, space for emerging industries, and a diverse array of cultural and leisure amenities, but it also integrates seamlessly into the Northern Metropolis’ plan of creating a “High-end Professional Services and Logistics Hub”.
Two Giants Driving Northern Metropolis Development; Realising Agricultural Land Value
The Agreement bears great significance to Hong Kong’s long-term economic development as two leading enterprises are joining forces to advance the development of the North Metropolis. Witnessing the signing of the Agreement were Mr. Wang Song-miao, Secretary-General of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region; Mr. Wang Xiang-ming, Chairman of China Resources Group; Dr. Adrian Cheng, CEO, New World Development; Mr. Li Xin, Chairman of the Board of China Resources Land Limited; and Mr. Ma Siu-cheung, Executive Director of New World Development, and it was signed by Mr. Chang Ying, Vice President of CR Land and Mr. Sitt Nam-hoi, Executive Director of New World Development, penning a new chapter in the future growth and development of Hong Kong.
Dr. Adrian Cheng, CEO, New World Development, said, “New World Development owns approximately 15 million square feet of agricultural land within the Northern Metropolis. We are delighted to partner with CR Land to develop Hong Kong’s first project in the Northern Metropolis. 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. We look forward to contributing to the development of a new core business district in Hong Kong.”
Mr. Li Xin, Chairman of the Board of China Resources Land Limited, stated, “China Resources embraces the mission of promoting Hong Kong's long-term prosperity and stability. The HKSAR Government has been putting forward the development of the Northern Metropolis since 2021. Seizing the historic opportunity, CR Land and New World Development signed a Strategic Partnership Agreement in October 2022 with a vision to jointly explore prospects for cooperation in the development of the Northern Metropolis. CR 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. We are committed to contributing to Hong Kong’s economic development and improvement of people's livelihoods, as well as to supporting the country’s overall development.”
Joint Development Spans 150,000 sqft with 720,000 sqft of Buildable GFA
Since the signing of the Strategic Partnership Agreement in October 2022, New World Development and CR Land have jointly explored the feasibility of utilising and developing agricultural land in the Northern Metropolis. The new Agreement strategically sets out a framework for the co-development of two sites in Yuen Long South in the designated "high-end professional services and logistics hub" zone. With a site area of nearly 150,000 square feet and a total buildable gross floor area of about 720,000 square feet, the above-mentioned residential project is expected to create approximately 1,800 residential units for Hong Kong. Project construction is set to commence next year.
In October 2023, the HKSAR Government unveiled the “Northern Metropolis Action Agenda”, which outlines the development positioning of the four major zones in the Northern Metropolis, namely the “High-end Professional Services and Logistics Hub”, the “Innovation and Technology Zone”, the “Boundary Commerce and Industry Zone”, and the “Blue and Green Recreation, Tourism and Conservation Circle”. The project enjoys full connectivity with the railway system and other transportation networks. It is roughly six minutes by car to the MTR Long Ping Station, and a mere 30 minutes of commute to Hong Kong Island, Kowloon and Shenzhen. And thanks to a comprehensive suite of infrastructure and ancillary facilities, the project promises great potential in the future.