New World Development Plans to Triple its Land Bank to Boost Hong Kong Housing Supply

HONG KONG SAR –
Media OutReach – 30 September 2022 – New World Development Company Limited (“NWD” or “the Group”; Hong Kong stock code: 00017) announced today that the Group plans to triple its land bank in Hong Kong by 12 million square feet of Gross Floor Area (GFA) in the next few years to help increase housing supply by speeding up farmland conversion in the city.

“A series of measures announced by the Hong Kong Government will help speed up the conversion and development of farmland,” said Adrian Cheng, CEO of New World Development. “These include a standard farmland premium, a 20% increase in plot ratio, and the setting up of a Steering Committee on land and housing supply.”

NWD has around 15 million square feet of farmland near the North Metropolis. “Among these, we are actively exploring the development of 12 million square feet of farmland in Fanling North and Yuen Long,” Cheng said.

In the next three years, six to seven plots of farmland that amount to 3 million square feet in GFA will be transferred to its land reserves.

In the medium to long run, a few more plots of farmland can be converted, making up nearly 9 million square feet of GFA.

In the near future, the entire Northern Metropolis will be connected to the MTR’s Northern Link, while the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop will help attract talent, and increase the demand for housing in the area.