New World Development Discloses Northern Metropolis Land Bank, First Project to Offer 2,300 Units
AM730 · 1 SOURCESabout 2 hours ago3 MIN
Summary
New World Development disclosed in its annual results that the group possesses approximately 12.4 million square feet of attributable agricultural land awaiting conversion as of June 30, 2026, with roughly 10.3 million square feet located within the Northern Metropolis boundary . The company's first development project in the Northern Metropolis—a joint venture with China Merchants Shekou Industrial Zone Holdings at Ma Sik Road in Fanling—is slated for launch in fiscal year 2027, offering 2,300 residential units complemented by the largest retail complex in the district exceeding 1.1 million square feet of gross floor area . A second residential project at Yuen Long South Phase 1, developed in partnership with China Resources Land (Overseas), has achieved further milestones, with Phase 2 securing crucial planning approval in June 2026 and targeting completion by 2030 . The rezoning of land at Wing Ning Tsuen for residential use was approved in May 2026, while multiple additional projects including Long Tin Village Phase 5 and Tai Shu Tut East Road are expected to complete land premium procedures within the next one to two years . CEO Wong Siu-mei noted that while short-term factors including US rate hikes and mainland capital controls may introduce market volatility, the long-term fundamentals of Hong Kong as an international financial centre remain robust .
Key Points
- New World Development holds 12.4 million sq ft of agricultural land awaiting change of use, with 10.3 million sq ft in Northern Metropolis
- Fanling Ma Sik Road project—first Northern Metropolis development—will offer 2,300 units and district's largest mall exceeding 1.1 million sq ft
- Yuen Long South Phase 2 received planning approval in June 2026, targeting 2030 completion; Wing Ning Tsuen rezoning approved in May 2026
- Converted and planned land reserves expected to provide approximately 10.6 million sq ft GFA, comprising 3.4 million sq ft short-term and 7.2 million sq ft medium-long term
- CEO Wong Siu-mei sees robust long-term fundamentals despite short-term market headwinds from US rate hikes and mainland capital controls
Why It Matters
This disclosure positions New World Development as the single largest private-sector agricultural land holder in Hong Kong's Northern Metropolis, a flagship government initiative to address the city's chronic housing shortage and drive regional economic growth . The accelerated conversion of these reserves—targeting approximately 2.9 million square feet of attributable gross floor area within the next two years alone—signals a substantial pipeline of new private residential supply that could reshape the property landscape in the northern New Territories while supporting the broader policy objective of adding housing stock to meet growing demand .
This disclosure positions New World Development as the single largest private-sector agricultural land holder in Hong Kong's Northern Metropolis, a flagship government initiative to address the city's chronic housing shortage and drive regional economic growth . The accelerated conversion of these reserves—targeting approximately 2.9 million square feet of attributable gross floor area within the next two years alone—signals a substantial pipeline of new private residential supply that could reshape the property landscape in the northern New Territories while supporting the broader policy objective of adding housing stock to meet growing demand .