According to local media reports, New World Development (00016.HK) previously exchanged land for the land in the Beishan District with a compensation amount of about 0.52 billion yuan and is required to build a large public recreation space and public transport hub according to the agreement. The government assessed that the construction cost is about 0.27 billion yuan. Based on the compensation for the first stage, it can build a total floor area of 0.308 million square feet for residential and commercial development. The cost per square foot is about 2,500 yuan.

New World Development said that it is pleased to have completed the first land exchange agreement with the government under the revised arrangement of the "Enhanced Version of Traditional New Town Development Model". The company expects this agreement to help accelerate and improve the development of the northern metropolitan area.

This land exchange agreement involves the first stage land lease of New World Development in the Beishan District, with a land area of nearly 0.1 million square feet, and a total floor area of about 0.308 million square feet for residential and commercial development. The compensation amount is approximately 0.52 billion yuan. In addition to building residential and commercial premises, the company is required to build a large public recreation space of 0.087 million square feet on the adjacent lot and a public transport interchange of 0.054 million square feet on the ground floor of the project according to the agreement. The government assessed the construction cost at approximately 0.2678 billion yuan.