Hong Kong’s government has announced that about US$80bn will be spent on building a series of artificial islands and related projects as part of the Lantau Tomorrow Vision plan.
Michael Wong, Hong Kong’s development secretary, said construction of the Kau Yi Chau Artificial Islands, reclamation work at Lung Kwu Tan and Sunny Bay, and development in the Tuen Mun coastal area would cost around $45bn.
Land reclamation work for the artificial islands is expected to come to $13,000 to $15,000 per sq m. Construction of a transport network serving the project may add a further $35bn to that bill.
Michael Wong, taken from a video from the Hong Kong government
The development is designed to become Hong Kong’s third business district, with the creation of 200,000 jobs. An estimated 150,000 to 260,000 flats will be built as part of the project, 70% of which will be public housing.Â Â Â Â
The Hong Kong Institute of Surveyors predicts that the revenue for the combined residential and commercial sales to be at least $124bn.
Wong said: "This is a preliminary estimate, the detailed estimate will be subject to the coming studies, so it can be revised upwards or downwards. 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."
The government will seek funding for further studies into the development.
Top image: A Buddhist Monk in Lantau Island, Hong Kong (Teddy Nguyen/CC0)