Northern Metropolis gets vote of confidence as heavyweights win tender for HK$1.03b

A consortium made up of mainland Chinese state-owned and private heavyweights together with a major Hong Kong developer has won the first “large-scale land disposal” project in the Northern Metropolis for HK$1.03 billion (US$132 million), with total investment projected at HK$16.8 billion.

The Development Bureau announced the results on Monday, awarding the tender for the 10.5-hectare development project in Hung Shui Kiu to the six-company joint venture, HSK New Development.

It comprises subsidiaries of China Merchants Land, China Resources Land (Overseas), China Overseas Land & Investment, Sino Land, CTG Investment and mainland e-commerce titan JD.com.

“The consortium of the successful tenderer encompasses not only major enterprises that have long participated in local real estate development, but also market leaders that are well-established in other industries,” Secretary for Development Bernadette Linn Hon-ho said.

“This demonstrates that a large-scale land disposal project can facilitate co-operation across different business sectors,” Linn said, while stressing their “undeniable experience and capability”.

“The six enterprises pool their strengths and join forces to cast a vote of confidence in the Northern Metropolis through concrete actions, setting a new course for the diversified development models in the Northern Metropolis,” she added.