New World Development Partners with China Resources Land (Overseas) on Northern Metropolis Development Residential Project in Yuen Long South Breaks Ground Expected to Provide 1,800 Units in Total
New World Development Company Limited (“New World Development” or “NWD” or the “Group”) is actively advancing the development in the Northern Metropolis while accelerating the unlocking of its agricultural land value. The Group and China Resources Land (Overseas) Limited (“CR Land (Overseas)”) jointly develop two residential projects in Yuen Long South, Northern Metropolis. The projects are expected to provide approximately 1,800 homes, addressing the growing demand for quality housing in the market. The first site recently completed the land premium payment and ground-breaking ceremony.
The ground-breaking ceremony for a residential project in Yuen Long South, located in the Northern Metropolis, was officiated by Mr. Chang Ying, Jack, Vice President of CR Land and Chairman of CR Land (Overseas); Ms. Huang Shaomei, Echo, Executive Director and Chief Executive Officer of NWD; Mr. Wai Siu-Fan, Johnson, Deputy Managing Director of CR Land (Overseas); Mr. Sitt Nam-Hoi, Executive Director and Head of Property Development of NWD; Mr. Ng Chu-Wa, Elliott, Project Director of CR Land (Overseas); Mr. Lau Fu-Keung, Edward, Executive Director, Chief Financial Officer and Joint Company Secretary of NWD; Ms. Li Xin, Jenny, Finance Director of CR Land (Overseas); Ms. Chiu Wai-Han, Jenny, Executive Director and Head of Corporate Services of NWD; Mr. Kong Jian, Sales and Marketing Director of CR Land (Overseas); Mr. Chan Chi-Wai, Edwin, Head of Projects, Project Management Department of NWD; Mr. Lam Ho-Man, Thomas, Director of Asset and Portfolio Management of NWD; alongside other members of the senior management teams.
Bringing in strategic partners to accelerate the unlocking of agricultural land value
Ms. Huang Shaomei, Echo, Executive Director and Chief Executive Officer of New World Development, said, “New World Development currently has approximately 15 million square feet site area of agricultural land bank, much of which is situated in prime locations within the Northern Metropolis. This ground-breaking ceremony marks an important step in the Group’s advancement of development in the Northern Metropolis. As we maximise shareholder value, we also fully support the nation’s planning of Northern Metropolis development. The Group will continue to accelerate the unlocking of agricultural land value through various means, while also seeking strategic partners to enhance overall development potential and speed up capital recycling.”
Mr. Chang Ying, Jack, Vice President of CR Land and Chairman of CR Land (Overseas) stated, “The Northern Metropolis is the new engine for Hong Kong’s future development and a crucial cornerstone for the Guangdong-Hong Kong-Macao Greater Bay Area initiative. As a company rooted in Hong Kong, CR Land (Overseas) has been actively responding to the national strategic initiatives and the planning of the HKSAR Government. CR Land (Overseas) and New World Development have now made a leap forward in the Yuen Long South Project. We are committed to contributing to Hong Kong’s economic development and improvement of people’s livelihoods, as well as to accelerating the development of the Northern Metropolis.”
The residential project in Yuen Long South, jointly developed by New World Development and CR Land (Overseas), is strategically located within the Northern Metropolis’ High-end Professional Services and Logistics Hub. Adjacent to the well-established Yuen Long town centre, the site enjoys comprehensive amenities and excellent railway connectivity. The project covers a total gross floor area of approximately 720,000 square feet and will be developed in phases. The first site, which has completed the land premium payment, will provide a gross floor area of approximately 280,000 square feet, providing around 700 residential units with sales expected in the fiscal year 2027.