THE Lantau Tomorrow Vision (明日大嶼願景) will cost HK$624 billion – this is the first time the government has put a figure on the massive reclamation-development project.
Announcing the estimate at a press conference, Secretary for Development Michael Wong Wai-lun (發展局局長黃偉綸) assured that the project will not deplete financial reserves as the land sale revenue of HK$1,000 billion should cover the costs.
The project’s total cost is more than half of the total financial reserves of HK$1.1 trillion.
The Lantau Tomorrow Vision has two main parts: building a 1,000-hectare artificial island at Kau Yi Chau (交椅州) and another 700-hectare artificial island at Hei Ling Chau (喜靈州). The announcement focused on the Kau Yi Chau site.
Development of the Kau Yi Chau artificial island is estimated to cost HK$256 billion. Reclamation at Sunny Bay (欣澳) and Lung Kwu Tan (龍鼓灘), as well as the Tuen Mun (屯門) coastal area development, will cost HK$95 billion.
There will be six rail and road corridors and links to connect the artificial island with Hong Kong Island, Lantau Island, Sunny Bay and New Territories West, altogether costing HK$273 billion.
The first group of residents may move in by 2032. The Kau Yi Chau island will provide 150,000 to 260,000 flats, 70 percent of which will be public housing. The remaining 45,000 to 78,000 flats will be private housing.
(This article is published on Junior Standard on 27 March 2019)
Lantau Tomorrow Vision leaflet
Lantau Tomorrow Vision Legco Q&A