New World Development Partners with China Merchants Shekou to Develop Northern Metropolis’ First Large-Scale Commercial and Residential PAVILIA COLLECTION Project Construction of 2,300 Homes Sets to Begin, Accelerating the Release of Farmland Value
New World Development Company Limited (“New World Development” or “NWD”) and China Merchants Shekou Industrial Zone Holdings Co., Ltd. (“China Merchants Shekou”) are jointly developing the first-ever commercial and residential project under the PAVILIA COLLECTION in the Northern Metropolis, with its groundbreaking ceremony held today. The project complements the development of the boundary commerce zone and emerging industries base, and is expected to provide approximately 2,300 residential units. It is set to create synergies with the San Tin Technopole while also accelerating the release of farmland value.
The groundbreaking ceremony was officiated by Mr. Jiang Tiefeng, Chairman of China Merchants Shekou; Ms. Huang Shaomei, Echo, Executive Director and Chief Executive Officer of NWD; Mr. Yu Zhiliang, Chief Financial Officer of China Merchants Shekou; Mr. Sitt Nam-Hoi, Executive Director and Head of Property Development of NWD; Mr. Li Yao, General Manager of the Overseas Development Business Division of China Merchants Shekou; Mr. Lau Fu-Keung, Edward, Executive Director and Chief Financial Officer of NWD; Mr. Wong King Yuen, General Manager of the Hong Kong Company under the Overseas Development Business Division of China Merchants Shekou and Mr. Chan Chi-Wai, Edwin, Head of Projects, Project Management Department of NWD.
Accelerating the Release of 14M Sqft of Land Bank Value
Ms. Huang Shaomei, Echo, Executive Director and Chief Executive Officer of NWD, said, “The Group currently holds a land bank of 14 million square feet within the Northern Metropolis. Today's groundbreaking ceremony marks a significant milestone in the Group’s Northern Metropolis development. We will continue to accelerate the release of farmland value through various means. Much of this land bank is situated in prime locations, adjacent to development hubs such as the San Tin Technopole. The Group is actively seeking strategic partners to develop long-term master plans, leverage complementary advantages, enhance overall development potential, and expedite capital recycling.”
Mr. Jiang Tiefeng, Chairman of China Merchants Shekou, said, “The Northern Metropolis stands as an important initiative for Hong Kong’s integration into the National Development. It serves as a new economic engine for Hong Kong’s future development, and a long-term initiative that provides opportunities for Hong Kong to explore new directions for its development, and to seek new impetus as well as an expanded scope for such development. Since the announcement of the vision of the Northern Metropolis, China Merchants Shekou and New World Development have actively echoed its development, and are among the first enterprises to formalise collaboration agreements with the Hong Kong SAR Government under its development framework. The groundbreaking ceremony of this project not only serves as another landmark partnership between China Merchants Shekou and New World Development, but it also emphatically showcases our shared dedication to the prosperity of Hong Kong. It further underscores our commitment to contributing to the development and the industrial upgrading of the Northern Metropolis.”
‘PAVILIA COLLECTION’ to Debut in the Northern Metropolis
The commercial and residential project jointly developed by New World Development and China Merchants Shekou is situated on Ma Sik Road, Fanling. Adjacent to well-developed New Towns in the area, the project benefits from a well-connected railway network, comprehensive transportation infrastructure, and state-of-the-art commercial facilities. It has also been included in the “Boundary Commerce and Industry Zone” under the “Northern Metropolis Action Agenda” as the Northern Metropolis’ first new development area to enter the construction phase.
This project will be New World Development’s first PAVILIA COLLECTION masterpiece in the Northern Metropolis, continuing the architectural vision of the series. It goes beyond an ideal home for residents and doubles as a collectible work of art. The project spans a gross floor area of over 1.1 million square feet, providing approximately 2,300 residential units and featuring the largest shopping mall in the area, set to inject fresh vitality into the Northern Metropolis development.