NEW WORLD DEV (00017.HK) and the state-owned China Merchants Shekou Industrial Zone Holdings have finalized the premium price of 1,600 HKD per square foot for the land premium of Fanling Ma Shi Road, involving an area of over 1.11 million square feet for residential development, with a total investment of approximately 1.78 billion HKD.

A spokesperson for NEW WORLD DEV responded to media inquiries, stating that the group has land reserves of 15 million square feet in the Northern Metropolis, many of which are located in prime areas adjacent to San Tin Technology City. The joint commercial and residential project in Fanling District 14 (Ma Shi Road) with China Merchants Shekou has completed the payment of the land premium and will commence construction early next year.

The project benefits from its railroad advantage with comprehensive transportation facilities and sufficient commercial public amenities, providing approximately 2,300 residential units. The group will continue to leverage various means to accelerate the release of agricultural land value and will actively seek strategic partners to collaborate, using each company's strengths to further enhance overall development potential and accelerate capital turnover.

The project received building plans approval from the Buildings Department in May this year to construct four 32-story commercial and residential buildings, utilizing modular construction methods. It is expected to provide around 2,300 medium and small-sized units with an average area of about 417 square feet, with a tentative completion date in 2029.