The Government is planning to conduct detailed studies on the Lantau Tomorrow plan, thus there is currently no formal estimate on the costs for its reclamation works and transport infrastructures.
Secretary for Development Michael Wong made the statement at the Legislative Council today, saying the Government’s preliminary cost estimate on reclamations for the artificial islands in Kau Yi Chau is at about $13,000 to $15,000 per square metre.
This is similar to the cost of resuming private agricultural land at $14,500 per square metre.
He also said the Kau Yi Chau artificial islands will bring benefits to Hong Kong, including revenue arising from the sale of private residential and commercial land.
It will also create substantial social and economic benefits, coming from the 105,000 to 180,000 public housing units, and 200,000 job and business opportunities from the third Core Business District.
Mr Wong added the Government will carry out detailed financial assessments and fiscal risk management by taking into account factors like fiscal sustainability to ensure the project expenditure is affordable.