Secretary for Development Michael Wong today announced a ballpark estimate of $624 billion for building the Kau Yi Chau Artificial Islands and related key projects under the Lantau Tomorrow Vision plan.
Announcing the details at a press conference, Mr Wong said the cost for the construction of Kau Yi Chau Artificial Islands, reclamation at Sunny Bay and Lung Kwu Tan, and the Tuen Mun coastal area development is estimated to be $351 billion in September 2018 prices.
The cost for building the priority transport network would be $273 billion.
Mr Wong said: “This is a preliminary estimate. We’ve explained why. The detailed estimate will be subject to the coming studies, so it can be revised upwards or downwards.”
He said the projects will bring benefits to Hong Kong including direct economic contributions and social benefits.
According to the Hong Kong Institute of Surveyors, the ballpark estimate on the land sale revenue of private residential and commercial developments on the Kau Yi Chau Artificial Islands is about $974 billion to $1.14 trillion.
With hopes the projects will provide land for Hong Kong’s third core business district, Mr Wong said about 200,000 jobs will be created.
He estimated the islands will be capable of providing 150,000 to 260,000 flats, 70% of which will be public housing.
“We will continue to communicate with the public as to why this is worth our while. This is a good investment, this is good for Hong Kong, this resolves many of our problems,” Mr Wong said.
He added the Government will seek funding approval from the Legislative Council for related studies as soon as possible.