Hong Kong confident in mega-project bids amid economic headwinds

The bidding for three pilot areas in a Hong Kong mega-development near the border will be successful despite rising economic uncertainties caused by escalating tensions between the United States and China, the development chief has stated, adding that two of the projects would be tendered this year with initial construction results delivered and completed within two years.

Secretary for Development Bernadette Linn Hon-ho dismissed on Saturday the possibility of a failed tender for the first three developments within the Northern Metropolis. She explained that the government would formulate tender conditions acceptable to the market to attract investors, following the expression of interest by potential bidders.

“We hope to complete tendering for at least one or two projects within the second half of the year. For the tendering of San Tin Technopole, we will have until next year at the earliest for the government to acquire land by resumption,” she told a radio programme.

“Having collected two rounds of expressions of interest, we can draft precise tender terms to cater to their needs. I am confident that we can successfully tender out the projects.”

Linn said that she expected developers to deliver some results within two years after the commencement of their projects, with a total time frame of six to seven years for completion.

“Once they start, I believe there should be some results within two years, whether it’s buildings or land levelling, which should be progressively completed,” she said.