March 21, 2019
Waterfront projects expect participation from the private sector
Hong Kong’s Financial Secretary Paul Chan Mo-po said recently that the city’s waterfront expansion welcomes in creative input from private operators in Hong Kong and abroad. He also announced that a new promenade connecting Tamar and Wan Chai would be opened by the end of 2020, completing a 3-km waterfront walk from Sheung Wan to the Hong Kong Convention and Exhibition Centre. In February, Mr Chan said the government would set aside HK$6 billion (US$764 million) in the 2019-20 budget for new waterfront promenades and open spaces, and to improve facilities in the harbour area.
Financial Secretary Paul Chan Mo-po said in his budget speech earlier that this year’s land sale programme would contain only 15 residential sites, but he pointed out that the sale of a prime commercial site would make up for the loss in government revenue. The number of government-owned sites to be sold to private home developers in the coming financial year will hit a 10-year low, but experts in the field said the drop will have little impact on the local property prices.
Chan also said the government was “financially capable” of pushing forward with a mega reclamation project near Lantau Island to boost the city’s long-term land supply. A HK$500 million (US$64 million) funding is proposed to take forward a feasibility study.
Central harbourfront development proposal presented by 10 DESIGN in 2015
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