Six-company consortium wins Northern Metropolis tender for HK$1.03 billion
A consortium of mainland Chinese firms and a local property company has been awarded a HK$1.03 billion tender for the first major land parcel to be developed as part of the Northern Metropolis mega project in the northern New Territories. However, the fact that the consortium will operate only one of the three tech parks […]
A consortium comprising mainland Chinese firms and a local property company has secured a HK$1.03 billion tender for the initial land parcel to be developed as part of the Northern Metropolis mega project in Hong Kong's northern New Territories. The six company joint venture, HSK New Development, includes subsidiaries of several major firms and Sino Land. The 11-hectare Hung Shui Kiu/Ha Tsuen site will yield about 3,000 residential flats and create 6,000 jobs.
Despite the consortium's involvement, the government will oversee the development of the remaining two tech parks on the parcel. This may signal caution among investors regarding the infrastructure project. The government employed a "two-envelope" system in assessing the tenders, weighing monetary value at 30% and non-monetary benefits such as job creation and attracting high-quality enterprises at 70%.
The consortium will also develop a large-scale modern logistics hub within the park, with JD.com as the anchor tenant. The joint venture will have 50-year leases for the residential sites and the enterprise and technology park. The winning bidder will also prepare another plot for government use by the end of 2028. Former lawmaker Edward Lau noted that the tender outcome demonstrates confidence in the Northern Metropolis, despite the government overseeing the other tech parks.
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