Singapore firms keen to tap Northern Metropolis’ ‘massive potential’, envoy says

Singaporean businesses are expressing interest in exploring the vast potential of Hong Kong's Northern Metropolis, following a visit by the country's prime minister to the site earlier in the year, according to the city's top envoy to Hong Kong. In an interview with the South China Morning Post, Singapore's consul general to Hong Kong, Eric Teo Boon Hee, said the country's business chambers are considering fact-finding missions to investigate opportunities in the 30,000-hectare development project.

Teo noted that the Prime Minister Lawrence Wong's March visit to the 87-hectare Hong Kong park, part of the larger Northern Metropolis scheme, sparked significant interest among Singaporean firms. The consulate is encouraging companies to visit the site, as the business chambers in Singapore plan to organize study trips in the near future.

Teo also mentioned that universities in Hong Kong and Singapore are in preliminary discussions about potential collaborations within the megaproject's planned university town. While Teo did not single out any specific sector as the most promising for Singaporean firms, he emphasized that all areas hold potential, including AI, biotech, and other research and development fields.

The Northern Metropolis encompasses an innovation and technology zone, a commerce and industry zone, and a high-end professional services and logistics hub. The Hetao area, in particular, is critical to advancing Greater Bay Area cooperation under Hong Kong's five-year plan from 2026 to 2030. In August, a consortium of mainland state-owned and private companies, along with a major Hong Kong developer, secured the first "large-scale land disposal" project for HK$1.03 billion (US$132 million) in the area.

However, development faces challenges, including significant capital requirements, insufficient transport infrastructure, and limited interest from local property developers. Teo described the Northern Metropolis as Hong Kong's leading medium- to long-term development project, which is why his team encouraged Prime Minister Wong to visit.

He added that the city's south-north dual-engine strategy, combining its traditional financial-services sector with the new innovation and technology hub, is complementary to Singapore. Teo explained that Shenzhen, where the Northern Metropolis is located, excels in advanced manufacturing, while Hong Kong offers its unique advantages as an open financial center with a common-law legal system.

Teo believes that if Shenzhen and Hong Kong can leverage their respective strengths, the project has significant potential. When questioned about whether Singapore views the Northern Metropolis as a competitive opportunity, Teo stated that it is not a zero-sum game, and Singaporean companies should explore areas where they can contribute.