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Hong Kong development chief says Northern Metropolis supply targets I&T
The official said the Northern Metropolis megaproject will provide 1 million square metres of economic floor space over the next five years.
Hong Kong’s development chief dismissed concerns that the Northern Metropolis megaproject will add more supply to the city’s struggling office market, saying the planned space is mainly intended for innovation and technology.
Secretary for Development Bernadette Linn Hon-ho told the Legislative Council that 1 million square metres, or 10.8 million square feet, of economic floor space will be provided in the project near the Shenzhen border over the next five years and is not meant to function like traditional office supply.
Her comments came after real estate and construction lawmaker Augustine Wong Ho-ming warned during debate on the city’s first five-year plan and annual policy address that additional commercial floor space could worsen already high office vacancy rates in non-prime locations.
Linn said the incoming supply is tied to the I&T sector, addressing the question raised in Parliament on Thursday.